MUMBAI (Commoditiescontrol) – Major pulses, such as Tur, Urad, Masoor, White and Green Pea declined during the week ended Saturday (Aug 26-31) due to sluggish millers trade activity as Nafed active to liquidate stocks, also demand for processed pulses was reported thin due to liquidity crunch. While, Chana and Moong prices ruled steady ton weak on limited buying at lower rates.
Sentiments in pulses were dampened after The revenue department on Friday said the 2 percent tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1. The Central Board of Direct Taxes (CBDT) further said that if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019, in the current fiscal, the two percent TDS shall apply on all subsequent cash withdrawals.
Week Highlights
# India Kharif Pulses Sowing Down 2.70 % As On Aug 30 At 127.99 Lakh Ha Vs 131.54 Last Year.Tur : 44.36 Vs 44.42, Urad : 37.09 Vs 37.76, Moong : 30.14 Vs 33.50, Other Pulses: 16.12 Vs 15.40.
# India's GDP Growth Slumps To 7-Year Low Of 5% In April-June Quarter.
# Agriculture Ministry Not In Favour Of Relaxing Import Cap On Yellow Peas.
# India Gets 14% Below-Average Monsoon Rains In The Week Ended Aug 28; Overall Surplus Narrows To 1%.
# The Union Minister of Consumer Affairs, Food and Public Distribution, Ram Vilas Paswan said that there is no shortage of pulses in the country.
Burma Lemon Tur:
Tur Lemon variety of Burma origin widened losses for second straight week by Rs 150 to Rs 5,050/100Kg in Mumbai amid lack of trade activity even at lower prices due to cash crunch and also demand and sale counters in processed Tur from wholesale/retail counters are still dull.
Moreover, market is fearful that Nafed will liquidate old procured stock in selective states. However, lower bids were rejected by Nafed.
Similarly, domestic tur in bilty trade at Akola also traded lower by Rs 25 at Rs 5,800-5,825/100Kg.
Recovery in acreage, supply from overseas and regular sale by NAFED in open market and supply to state agencies for the conversion is keeping a constant flow of supplies in the market had pressurised the sentiments.
In Burma, around 7 containers of Tur Lemon Old (2017 & 2018) was traded at $610 per metric ton on FOB basis for India.
As per Burma based local trader, both direct and via vessel had already departs for India last week and another direct vessel is expected on 10th September.
Around 1000 containers of Pulses had been loaded in vessels from Burma. 80% cargo of total in vessel is carrying Urad and rest 20% Tur.
As per sources, Tur Arusha traded at $615-620 per ton on CNF basis for September shipment, Matwara Tur at $580, Mozambique White Tur at $585-590 and Malawi Tur at $550. Around 1 lakh ton Tur expected to arrive in September-October month.
Latur origin new Phatka variety also traded weak by Rs 50 at Rs 8,050-8,250/100Kg for spot. Gujarat origin Wasat new phatka variety at Rs 8,450-5,650/100Kg, Khamgaon origin new Phatka variety at Rs 7,950-8,150/100Kg (spot), Jalna origin new phatka variety at Rs 8,250-8,450/100Kg (spot) and Solapur origin new phatka variety at Rs 7,950-8,150/100Kg (Spot).
India 2019-20 Kharif Tur Sowing Down 0.1 % As On Aug 28 Vs Last Yr (LAKH HA).Karnataka:11.53 V/s 9.84, Maharashtra:12.05 V/s 12.12,Uttar Pradesh:3.5 V/s 3.47, Gujarat:2.07 V/s 2.49, Madhya Pradesh:4.89 V/s 6.25,Telangana:2.75 V/s 2.72,Andhra Pradesh:2.04 V/s 1.8,Chhattisgarh:1.21 V/s 1.27. Total:44.36 V/s 44.42.
As per market talk, prices of Tur is likely to get support at lower rates as supply from overseas is slow as imports of Tur from overseas is not viable if government sale procured Tur at lower rates. Government is holding stock of Tur which is around comsumption of two months. Further depreciation of Rupee from current level will also make import costlier. Consumption demand is also to be increased during festive period. New crop will be harvested from December end.
Burma Urad:
Burma Urad FAQ old/new variety traded weak by Rs 50-100 each to Rs 4,400/100Kg and Rs 4,500, respectively at the Mumbai market as buyers were not interested to purchase at higher rates due to cash crunch, further supplies from Burma and thin demand for processed Urad.
Sentiments were also pressurised as Nafed is active to liquidate old/new procured stock in selective states.
Moreover, arrivals of new Urad witnessed in some markets of Maharashtra.
On other hand, In Chennai, Urad SQ/FAQ new variety traded steady to firm each at Rs 4,750/100Kg and Rs 6,025, respectively in ready delivery as per condition as millers were interested to purchase at lower rates for immediate crushing requirement. Moreover, no quotes of Urad FAQ/SQ old was available due to negligible stock.
India 2019-20 Statewise Kharif Urad Sowing Down 1.77 % As On Aug 28 Vs Last Yr (LAKH HA).Maharashtra:2.88 V/s 3.62, Karnataka:0.69 V/s 0.84, Rajasthan:4.57 V/s 4.72, Madhya Pradesh: 16.5 V/s 15.52, Uttar Pradesh: 7.02 V/s 6.88, Gujarat:0.86 V/s 1.06,Telangana:0.23 V/s 0.23, Andhra Pradesh:0.07 V/s 0.16, Tamil Nadu: 0.13 V/s 0.27, Uttrakhand: 0.3 V/s 0.29, Total:37.09 V/s 37.76.
Bikaner origin branded Urad dal traded at Rs 5,850-6,050/100Kg for spot. Tiranga brand of Mumbai also traded at Rs 6,600/100Kg for Mumbai delivery, Parivar brand of Jalgaon at Rs 6,100/100Kg for spot.
As per market view, rices are likely to get support due to fears of lower output due to decline in kharif sowing and also likely to affect standing pulses crops of Urad because of recent rain, resulting in lower yield and degradation in quality. Moreover, further depreciation of Rupee from current level will also make import costlier.
Chana Kantewala (Indore):
Chana prices remained almost unchanged at Rs 4,200/100Kg in Indore because of thin millers trade activity only to meet their immediate requirement for crushing amid cash crunch. However, demand and sale counters in Chana dal and besan were reported slow.
Undertone is weak in Chana as Nafed started liquidating old procured stock at lower rates and also and government holding major stock of old Chana around 1276489.55 MT.
Similarly, Australia origin Chana in ready business at Mumbai priced flat at Rs 4,175/100kg due to average quality supply despite very limited availability. On other hand, Burma origin chana traded higher by Rs 50 at Rs 4,150/100Kg on millers buying and less domestic arrivals.
Chana for September delivery on National Commodity and Derivatives Exchange (NCDEX), settled weak by 0.3 percent or Rs 12 at Rs 4,015/100kg. Earlier, in the day, the contract hovered in the range of 3,994 and 4,029 on Friday.
Open interest of top 10 trading clients in the long side was 45510 MT whereas the short position of top ten clients was 69570 MT. The net position of to top 10 clients was net short by 24060 MT indicating large players have a negative view on the market.
Open interest for NCDEX Chana september contract down to 74050 lots against 76430 lots. Players with long position were liquidating their position.
On other hand, open interest for October contract increased to 74190 lots against 74020 lots which indicates that some players were rolling from September to October contract.
Chana stocks at NCDEX accredited warehouses stood at 76600 metric tonnes (Indore: 121, Bikaner 50,343, Jaipur 26,136) as on 29th August, down from 77403 metric tonnes in the previous session, the exchange data showed.
Australian chana dal remained weak by Rs 50 at Rs 5,200/100 Kg for spot on slow trade activity. Domestic chana dal of Pistol brand also ruled weak at Rs 5,450 for Spot, Angel brand at Rs 5,650 for Spot, Samrat brand at Rs 5,750 for Spot. On other hand, Chana besan remained flat at Rs 3,120/50Kg, Vatana besan at Rs 3,200/50 Kg and Vatana dal at Rs 5,900.
In Mumbai, Russia/Sudan/Ethiopia/Burma origin kabuli chana traded each at Rs 4,100/100Kg, Rs 4,200, Rs 4,150 and Rs 4,275, respectively on limited trade activity by besan flour millers, against regular supply from overseas.
Kabuli chana of 40-42, 42-44 and 44-46 counts drifted down by Rs 50 each at Rs 5,850/100Kg, Rs 5,650 and Rs 5,450, respectively at Indore market amid dull local buying and having sufficient stocks.
In forward business, Russia Kabuli Chickpea offered at $400 per ton in container on CNF basis JNPT for ready shipment.
As per market talk, prices of Chana likely to be under pressure further if Nafed continue to sell Chana at lower rates. But, prices may get support at lower rates for short term period as consumption demand has shifted to chana/kabuli chana from white pea due to cheaper rates and easy availability of Chana/Kabuli Chana. Buying is also likely to increase ahead with rise in consumption demand during festive period till Diwali.
Imported Masoor (Mumbai):
Canada crimson variety Masoor in both vessel/container along with Australia Masoor priced lower by Rs 50-75/100Kg at Mumbai due to dull millers trade activity, cash crunch, regular supply in containers, availability of imported stock and weak trend in other pulses.
Sentiments was also pressurised due to supplies from Vessel M V Medi Astoria carrying about 30500 tonnes of Canada Masoor and M V Kennadi carrying about 38255 tonnes of Canada Masoor at Mundra port.
Recent supply from Vessel M V Amis Wisdom carrying about 35164 tonnes of Canada Masoor at Kolkata port had almost discharged completed.
Canada origin red Masoor in vessel/container new remained weak by Rs 25-50 at Rs 3,825/100Kg and Rs 3,975, respectively.
Similarly, Australia origin red Masoor also quoted lower by Rs 50 to Rs 4,100/100Kg.
Moreover, demand in processed masoor from consumption centres was reported thin. Canada Masoor dal Khopoli spot traded at Rs 5,000-5,050/100Kg.
In forward business, Canada crimson variety masoor new and Australia Nugget variety Masoor offered at $400 per ton in container on CNF basis JNPT for Sept-Oct shipment.
Imported White Pea (Mumbai):
Canada and Ukraine origin White Pea slipped by Rs 50/100Kg in Mumbai because of dull buying support from local and outstation traders/millers at prevailing rates due to cash crunch and recent supply from Vessel M V Aventicum despite overall lower stock.
Canada and Ukraine White Pea traded lower by Rs 50 each at Rs 5,231/100Kg and Rs 5,121, respectively.
Moreover, demand in matar dal/besan was thin at prevailing rates. Crushing in Chana/Kabuli Chana has increased due to cheaper prices and easy availability compared to White Pea.
In forward business, Canada origin White Pea offered at $325 per ton in container on CNF basis JNPT for Sept-Oct shipment.
Moong (Jaipur):
Moong prices stayed steady at Rs 5,900-6,200/100Kg as per quality at Jaipur market amid thin millers trade activity.
Moong dal prices also traded flat at Rs 7,500-7,600/100Kg, depending on the variety.
In Mumbai, Tanzania origin Moong traded at Rs 5,700-5,750/100Kg, Mozambique Moong at Rs 5,400-5,500 and Madagascar Moong at Rs 6,000.
On other hand, prices of new moong was under pressure due to increased arrivals of Kharif crop in Karnataka/Telangana and Maharashtra and thin demand in processed Moong. Moisture had been reduced in new arrivals.
Arrivals of new Moong witnessed at Kekri markets of Rajasthan. The quality of arrived Moong is having moisture content of 8-10%. Rains from last couple of days affecting the standing crop of moong, the overall output could shrink and will hamper the harvesting of Moong. Overall damage around 20% expected.
Karnataka farmers want the government to start making purchases at MSP of Rs 7,050/100Kg as arrivals had pick up the pace.
However, millers were active in purchasing good quality Moong at lower rates.
In Delhi, Madhya Pradesh origin summer crop Moong traded at Rs 6,000-6,200/100Kg as per quality. Kanpur origin at Rs 6,100, Allahabad origin at Rs 6,400-6,450/100Kg. Millers does not prefers to purchase new Moong from Karnataka/Telangana/Maharashtra due to disparity. Mostly they prefers to purchase from Rajasthan, Madhya Pradesh and Uttar Pradesh.
India 2019-20 State wise Kharif Mung Sowing Down 10.03 % As On Aug 28 Vs Last Yr (LAKH HA). Karnataka:2.67 V/s 4.23, Maharashtra:3.22 V/s 3.94, Rajasthan:18.31 V/s 19.02, Madhya Pradesh:1.79 V/s 2.1, Uttar Pradesh:0.82 V/s 0.63, Gujarat:0.69 V/s 0.57, Tamil Nadu: 0.09 V/s 0.11, Andhra Pradesh: 0.06 V/s 0.11, Odisha:1.25 V/s 1.43, Telangana:0.62 V/s 0.71, Total:30.14 V/s 33.5.
As on August 29, 2019, NAFED has successfully procured 7.65 MT of Moong at Minimum Support Price of Rs 7,050. Tamil Nadu:7.65.
Moong for September delivery on National Commodity and Derivatives Exchange (NCDEX), was ended lower by 2.1 percent or Rs 130 at Rs 6,052/100kg. Earlier, in the day, the contract hovered in the range of 6,052 and 6,171 on Friday.
Open interest of top 10 trading clients in the long side was 490 MT whereas the short position of top ten clients was 640 MT. The net position of to top 10 clients was net short by 150 MT indicating large players have a negative view on the market.
Canada Green Pea (Mumbai):
Canada origin Green pea remained weak by Rs 50 at Rs 6,850/100Kg at Mumbai amid dull buying support, overseas supply, following weak trend in other pulses and on availability of sufficient stock in cold storage and godowns.
(By Commoditiescontrol Bureau; +91-22-40015513)
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