Mumbai, 02 Apr 2024 (Commoditiescontrol):Urad prices in India experienced a significant increase on Tuesday, mirroring gains in the Burmese urad market. Both FAQ and SQ urad prices rose in Burmese local trade and CNF (Cost and Freight) India trade. This upward trend was also reflected in Chennai reseller markets.
Burma's domestic urad market also saw price increases, although the gains were less pronounced compared to the Burmese export market and Chennai resellers. Desi urad prices in India similarly registered gains in line with the overall Burmese market trend.
The primary driver of this price surge in Burma is strong demand. Buyers are actively securing their positions before the Burmese market closes for the water festival on April 12th. This intensified buying activity is boosting both Burmese domestic and CNF export prices. Indian imported Urad markets reacted accordingly, with prices rising by Rs 25-50 per quintal and in Chennai CNF India resale market prices increasing by USD 25 per MT.
In major Indian markets across Andhra Pradesh, Uttar Pradesh, and Maharashtra, urad prices climbed by Rs 50-100 per quintal. Markets in Rajasthan remained relatively stable. Demand is robust in South India due to the peak wedding season, while North India is experiencing high demand for urad seeds for summer sowing, further supporting prices.
According to the Ministry of Agriculture's latest update, the acreage under urad cultivation stands at 2.1 lakh hectares, exceeding last year's figure of 1.65 lakh hectares. This increase is largely attributed to a significant rise in acreage in Odisha. Sowing activity is currently at its peak and is expected to be completed by mid-April.
Given India's reliance on Burmese imports to meet its urad demand until the next major harvest (Kharif crop) arrives in September/October, Indian urad prices are likely to remain closely linked to Burmese market fluctuations.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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