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Weekly: Urad/White Pea Plunge Most This Week; Chana Gains

5 Oct 2019 7:40 pm
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MUMBAI (Commoditiescontrol) – Urad and White Pea slipped during the week ended Saturday (Sep 30 - Oct 05) on dull buying and amid concerns over upcoming supply. While, Chana, Kabuli Chana and Moong traded mixed as per requirement. On the other hand, Tur and Masoor remained unchanged in thin trade activity. While, Green Pea moved higher on fresh trade activity.

Week Highlights

# Production of tur in Karnataka in 2019-20 is estimated to decline 25% on year to 732,000 tonnes, according to the state agriculture department's first advance estimates.
# Madhya Pradesh CM Kamal Nath Meets PM Modi, Demands Relief Package Of Rs 16,000 Crores to compensate losses due to heavy rains and floods.
# Heavy Rains In Madhya Pradesh Cause Damage To Kharif Crops In 6.1 Million Hectares.
# RBI Cuts Repo Rate By 0.25% To 5.15%; Lowers GDP Growth Forecast.
# India Receives Highest Monsoon Rains In 25 Years.
# Pulses Importers May Be Debarred From Imports If They Miss Oct 31 Deadline.

Burma Lemon Tur:

Tur Lemon variety of Burma origin traded almost flat at Rs 4,825/100Kg in Mumbai amid thin millers trade activity due to average quality supply from Burma, upcoming supply from Africa in near future, cash crunch and also as demand and sale counters in Tur dal remained slow.

On other hand, domestic tur in bilty trade at Akola traded weak by Rs 125 at Rs 5,575-5,600/100Kg.

Latur origin new Phatka variety traded unchanged at Rs 7,900-8,100/100Kg for spot. Gujarat origin Wasat new phatka variety at Rs 8,300-8,500/100Kg, Khamgaon origin new Phatka variety at Rs 7,700-7,800/100Kg (spot), Jalna origin new phatka variety at Rs 8,100-8,300/100Kg (spot) and Solapur origin new phatka variety at Rs 7,700-7,800/100Kg (Spot).

As per market view, prices of Tur likely to get support for short term period as supply pressure from overseas will be lower against government allocated quota of four lakh tonnes to import till October 31 as imports are not viable. Moreover, Nafed so far has not sold old procured stock and rejected all lower bids. Buying is also likely to increase ahead for the short term with rise in consumption demand during festive period till Diwali.

As per trade sources vessel VIL DARDANELLES carrying tur may not reach Indian shores before October 31st deadline given for import of pulses allocated under millers quota.

Burma Urad:

Burma Urad FAQ new/old variety declined by Rs 100-150 each to Rs 5,350/100Kg and Rs 5,200, respectively at the Mumbai market due to thin millers buying support at prevailing rates as demand and sale counters in Urad Dal reported slow.

Buyers were also cautious as party of Jaipur has taken stay order to import 30,000 tons Urad.

Moreover, ongoing arrivals of new domestic Urad coupled with upcoming supply from Burma in near future at Chennai prompted buyers to keep themselves on the sidelines at higher rates.

Meanwhile, Nafed is also active to liquidate old/new procured stock in selective states.

Similarly, In Chennai, Urad FAQ/SQ new variety traded lower by Rs 150-200 at Rs 5,550/100Kg and Rs 6,550, respectively in ready delivery as per condition.

Bikaner origin branded Urad dal traded at Rs 6,700-7,000/100Kg for spot. Tiranga brand of Mumbai also traded at Rs 7,500/100Kg for Mumbai delivery, Parivar brand of Jalgaon at Rs 6,800/100Kg for spot.

As per market talk, prices of Urad depends on supply from Burma and also weather in Madhya Pradesh, Uttar Pradesh and Rajasthan as harvesting of new Urad begans. If rain further continues it even more damages to crops.

Chana Kantewala (Indore):

Chana prices gained by Rs 100-125 at Rs 4,375-4,400/100Kg in Indore following firm cues from futures and on fresh millers buying at lower rates to meet their immediate rquirement for crushing.

Moreover, actual demand in chana dal and besan from consumption centres was seen good in the market.

Physical buying had increased with rise in consumption demand during festive period till Diwali.

On other hand, Australia origin Chana in ready business at Mumbai traded flat at Rs 4,275/100kg amid limited millers trade and also due to very limited availability.

Similarly, Burma origin chana also ruled unchanged at Rs 4,200/100Kg.

Chana for October delivery on National Commodity and Derivatives Exchange (NCDEX), was ended higher by 1.7 percent or Rs 70 at Rs 4,289/100kg. Earlier, in the day, the contract hovered in the range of 4,212 and 4,315 on Friday.

Open interest for NCDEX Chana October contract decreased to 33280 lots against 37770 lots.

On other hand, open interest for November contract increased to 52910 lots against 48460 lots.

Open interest of top 10 trading clients in the long side was 48770 MT whereas the short position of top ten clients was 48460 MT. The net position of top 10 clients was net long by 310 MT.

Chana stocks at NCDEX accredited warehouses stood at 34763 metric tonnes (Indore: 30, Bikaner 20,429, Jaipur 14,304) as on 3rd October, down from 46171 metric tonnes in the previous session, the exchange data showed.

Australian chana dal traded firm by Rs 50 at Rs 5,250/100 Kg for spot on better trade activity. Domestic chana dal of Pistol brand also ruled higher at Rs 5,500 for Spot, Angel brand at Rs 5,700 for Spot, Samrat brand at Rs 5,800 for Spot. Chana besan also gained at Rs 3,030/50Kg. While, Vatana besan remained flat at Rs 3,200/50 Kg, Vatana dal at Rs 5,800.

In Mumbai, Russia/Sudan/Ethiopia/Burma origin kabuli chana traded mixed each at Rs 4,175-4,200/100Kg, Rs 4,250, Rs 4,200 and Rs 4,350, respectively amid limited buying support from besan flour millers due to cheaper prices as compared to White Pea.

Kabuli chana of 40-42, 42-44 and 44-46 counts moved higher by Rs 100 each at Rs 5,850/100Kg, Rs 5,650 and Rs 5,450, respectively at Indore market amid improved local buying activity despite sufficient stocks.

In forward business, Russia Kabuli Chickpea offered at $383 per ton in container on CNF basis JNPT for ready shipment.

As per market view, prices of Chana likely to move higher further for short term period as buying is to increase with rise in consumption demand during festive period till Diwali. Nafed is not active to liquidate procured stock below Rs 4,400/100Kg and if it liquidate above Rs 4,400/100Kg , additional fare cost will also had to pay by purchaser. Balance stock of Chana with Nafed is upto three month consumption period. Some stock will be there in hands of private traders. New crop will come from January-February.

Imported Masoor (Mumbai):

Canada crimson variety Masoor in vessel/container along with Australia Masoor stayed steady at Mumbai due to limited millers buying support at prevailing rates.

Sentiments are dampened due to regular supply in container at Kolkata port and Supply pressure about 26000 tonnes of Canada Masoor in Vessel M V AQUALEO is expected to arrive at Mundra port on 12 October and another vessel M V JAG RADHA carrying 33000 tonnes expected to arrive at Mundra port on 28 October.

However, consumption of Masoor is increased in Bengal and Southern markets due to cheaper pulses.

Canada origin red Masoor in vessel/container new traded unchanged at Rs 3,900/100Kg and Rs 4,025, respectively.

Similarly, Australia origin red Masoor also ruled steady to Rs 4,125/100Kg.

However, demand in processed masoor from consumption centres was reported limited. Canada Masoor dal Khopoli spot traded unchanged at Rs 4,925-4,975/100Kg.

In forward business, Canada crimson variety masoor new offered at $440 per ton in container on CNF basis JNPT for Oct shipment.

Imported White Pea (Mumbai):

Canada and Ukraine origin White Pea fell by Rs 50-75/100Kg for third straight week in Mumbai because of thin buying support from local and outstation traders/millers at prevailing rates amid cash crunch and upcoming fresh supply at Mumbai port.

Canada and Ukraine White Pea traded lower each at Rs 4,931-4,941/100Kg and Rs 4,831-4,841, 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.

Moong (Jaipur):

Moong prices remained weak at Rs 5,800-5,900/100Kg as per quality at Jaipur market amid thin millers trade activity.

On other hand, Moong dal prices traded higher at Rs 7,500-7,700/100Kg on some good buying from consumption centers, depending on the variety.

New Moong traded mixed at major markets of Karnataka, Telangana, Maharashtra and Rajasthan due to slow millers trade as per quality against increasing arrivals, cash crunch, overseas supply and also Nafed active in liquidating old procured stock in selected states.

In Delhi, Madhya Pradesh origin summer crop Moong traded at Rs 5,700-6,300/100Kg as per quality. Kanpur origin at Rs 6,000-6,100, Allahabad origin at Rs 6,300-6,350/100Kg. Rajasthan new kharif Moong priced at Rs 5,650-6,250/100Kg at Delhi market. Haryana origin new kharif Moong quoted at Rs 6,050-6,200.

At present, moong is trading below the MSP of Rs 7,050 per quintal. Pace of procurement by Nafed is still slow and reported at Tamil Nadu and Telangana.

NAFED has successfully procured 2416.83 MT of Moong Kharif-2019 at Minimum Support Price of Rs 7,050 as on October 3, 2019.Tamil Nadu:22.70, Telangana: 2394.13.

Moong for October delivery on National Commodity and Derivatives Exchange (NCDEX), was settled higher by 1.7 percent or Rs 103 at Rs 6,090/100kg. Earlier, in the day, the contract hovered in the range of 5,920 and 6,090 on Friday.

In NCDEX Moong, Open interest of top 10 trading clients in the long side was 160 MT whereas the short position of top ten clients was 180 MT. The net position of top 10 clients was net short by 20 MT.

Open interest for NCDEX Moong October contract decreased to 130 lots against 175 lots.

In forward business, Mozambique Moong new offered at $760 per ton on CNF basis JNPT for ready shipment.

Prices of good quality Moong likely to get support on concerns about crop damage more as still receiving rains in Moong producing centers, resulting in lower yield and degradation in quality. Buying is to increase ahead for the short term period with rise in consumption demand during festive period till Diwali. However, Nafed's activeness in liquidating old procured stock, but no major stock is left with Nafed.

Canada Green Pea (Mumbai):

Canada origin Green pea traded higher by Rs 150 to Rs 7,000-7,400/100Kg at Mumbai amid buying activity as per quality and requirements against regular supply from overseas coupled with availability of sufficient stock at Mumbai cold storages and godowns.

(By Commoditiescontrol Bureau; +91-22-40015513)

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