MUMBAI, 25 June (Commoditiescontrol): Domestic variety Masoor gained for the week ended on 25th June 2022 as mills remain active in buying the commodity for the immediate crushing requirement. Trade activity was higher in domestic variety as millers preferred buying domestic masoor which was quoted at discounted prices.
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On other hand, Imported Masoor of both Canada-Australia origin is priced almost flat at Mumbai-Kolkata.
Imports of Masoor is likely to increase in the coming days as the landed cost of Canada Masoor has declined to Rs 6,950.
Earlier Importers have purchased Canada Masoor in the range of $860-$865 on a CNF basis July-August shipment in the container for JNPT, Mumbai.
Canada crimson variety Masoor is being offered at $850 per ton bulk in the vessel on CNF basis Mundra for Sep-Oct shipment.
Canada crimson variety Masoor is being offered at $860 per ton bulk in the container on CNF basis JNPT for June shipment. Landed cost is
More supplies of approximately 28,000 tonnes of Canada Masoor have arrived at Mundra port.
Supplies of approximately 27,000 tonnes of Australia Masoor are delayed further by 5-7 days more and expected to arrive on 1st or 2nd July at Kolkata port as 10,000 MT B/L is not released in Bangladesh, traders informed.
Sowing in major Masoor-producing countries is over. As per the latest estimate, Australia is likely to export around 7,00,000 Mt where as the US and Canada are likely to export 2,30,000 Mt and 21,00,000 Mt respectively for crop year 2022-23.
Apparently, it appears that sufficient supply will be available in the forthcoming crop season. But some market participants doubt that North American farmers would have stuck to the above sowing intentions due to adverse weather conditions during the sowing period. Hence market will be closely watching June 30 USDA and July 5 Statistics Canada seeded area estimates.
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Trend: In the near term upside is limited as there is new supply of around 55000 Mt of imported Masoor from Canada and Australian origins. Further landed costs has reduced due to the reduction in CNF prices. But looking into the trend of Kharif pulses acreage it appears that Masoor will be a major substitute for the shortfall in Kharif pulses such as Toor and Moong hence demand for Masoor is likely to remain strong in the coming days which will restrict any major downside.On the International front, the major trends will be decided by USDA report and Statistics Canada seeded area estimates. As per Technical Chart Canada Masoor (Mumbai) if manages to give a breakout above the resistance of Rs 7,250 it may underpin a new leg higher towards Rs 8,000. Click here
(By Commoditiescontrol Bureau; +91-22-40015513)
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