Mumbai, 04 Dec (Commoditiescontrol): Burma-origin urad prices declined in the domestic market due to limited mill demand. In Myanmar's local market, prices of SQ (Special Quality) and FAQ (Fair Average Quality) urad weakened further, attributed to rain-damaged produce. Additionally, new crop urad for March delivery is being quoted at around 3,500,000 MMK, nearly at par with current prices. This has prompted stockists to sell ready delivery stocks and shift to forward trades, reducing their working capital requirements. This trend is expected to exert further pressure on Burmese urad prices. Meanwhile, CIF India trade prices for both varieties recorded a marginal rise of $5, while Chennai’s resale market reported no quotes for Burma SQ and FAQ urad, indicating subdued activity.
In Myanmar, the SQ variety fell by 40,000 Kyat to 3,840,000 Kyat per ton, while FAQ prices declined by 30,000 Kyat to 3,460,000 Kyat per ton. On a CIF basis, SQ was quoted at $1,015 per metric ton, and FAQ at $920 per metric ton, reflecting a slight upward trend despite local market weaknesses.
India's domestic market showed mixed signals. Desi urad prices edged higher in Guntur and Vijayawada, while remaining stable in key mandis like Indore, Jaipur, Jalgaon, and Chandausi. However, slight declines were observed in Delhi, Chennai, and Mumbai, with Kolkata reporting no change in prices.
According to OATA data, Myanmar's urad exports continued their downward trend, with volumes in November 2024 reaching 56,436 MT, a decline from 62,379 MT in October and significantly below the yearly peak of 95,763 MT recorded in August. Year-to-date exports totaled 8,34,180 MT, with a monthly average of 75,835 MT.
Market analysts anticipate urad prices to remain under pressure in the coming months due to increased supplies of Burmese ready-delivery stocks. This will be further supported by a well-supplied domestic market from the ongoing Kharif crop, expected to sustain supply for the next three to four months. Additionally, Brazilian urad shipments are projected to rise to approximately 50,000-60,000 MT, with arrivals at Indian ports expected from April onwards. Historical price trends also point to negative returns for urad during the November to February period, amplifying caution in market sentiment.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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