Mumbai, 10 Sep 2024 (Commoditiescontrol): Urad prices strengthened in Burma’s markets on Tuesday as buying emerged at lower levels, while domestic markets in India saw a steady-to-weak trend due to waning festival-linked demand and ample supplies. Expectations of increased Kharif arrivals in the domestic market kept many buyers on the sidelines.
In Myanmar, Superior Quality (SQ) Urad prices rose by K20,000 per metric ton, while Fair Average Quality (FAQ) Urad prices gained K40,000 per metric ton as stockists restocked their inventories. However, Cost and Freight (CNF) quotes remained unchanged, with exporters remaining inactive. In Chennai’s resale market, SQ and FAQ prices declined by $10 per metric ton.
In Chennai, FAQ Urad prices dropped by ₹25, while SQ Urad prices eased by ₹50 per quintal. In Delhi, FAQ prices remained unchanged, though SQ Urad fell by ₹50 per quintal. Meanwhile, the FAQ variety held steady in Mumbai but weakened by ₹50 in Kolkata.
According to the latest sowing report, the area under Urad cultivation for the Kharif season has slightly decreased by 1.7% to 30.01 lakh hectares as of September 6, 2024. Myanmar’s Urad exports have remained stable, averaging 78,502 metric tons per month in 2024, with total exports reaching 628,018 metric tons from January to August. In Maharashtra, 9,650 bags of Urad were traded, with prices ranging between ₹6,500 and ₹8,900 per quintal.
While Myanmar’s firm market is lending support to Urad prices, domestic sentiment remains weak. Harvesting in key Urad-producing states is expected to begin by mid-September, which could put further pressure on prices. However, heavy rains forecast for September and October pose a risk to crop yields, potentially supporting prices. Additionally, peak demand during the upcoming festival season from September to November may help limit further price declines.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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