Week Ahead: Moong prices unlikely to see fall from current rates

MUMBAI, 25 June (Commoditiescontrol): Moong prices extended fall, as per quality, during the week ended to 25th June 2022 due to thin mills purchasing as offtake in processed moong reported slow.

Meanwhile, no arrivals pressure of summer crop moong seen as farmers are busy with Kharif sowing activity.

However, moong prices are likely to get support at lower rates as the government is gearing up summer crop procurement.

Monsoon advance in producing belt has provided a breather in the current scenario for moong sowing done earlier, but rainfall remains below expectation in the rest of the area where sowing is yet to be done. It may be noted that the sowing window for Moong is open till June end in major Moong producing and till July 15 in some areas.

Interestingly, the area under pulses during the Kharif season is likely to be less as farmers have opted for sowing other crops that are likely to offer higher returns.

India's 2022-23 Kharif Moong acreage was down 34.11% (as compared to the same period last year), as of June 24 at 3.38 Lakh Ha Vs 5.13 last year.

At the Jaipur market, Moong's price dropped by Rs 100 at Rs 6,000-6,600/100Kg as per quality.

Similarly at Harda market, summer crop new Moong also fell by Rs 50 at Rs 4,500-6,100/100Kg.



At Rajkot market, summer crop moong traded in the range of Rs 5,000-6,700, as per quality on limited mills purchase from local and outstation (Rajasthan).

Madhya Pradesh origin summer crop new Moong traded lower by Rs 100 at Rs 6,200-6,450/100Kg, as per quality, at Naya bazaar pulses market of Delhi.

Uttar Pradesh origin summer crop new Moong priced weak by Rs 50 at Rs 6,200-6,550, as per quality at Naya bazaar pulses market of Delhi.

Ranchi (Bihar) origin summer crop new Moong traded down by Rs 50 at Rs 6,550, as per quality at Naya bazaar pulses market of Delhi.

As of June 25, 2022, NAFED has procured 5,288 MT of Moong at MSP of Rs 7,275 under PSS during the 2022 Rabi season. Tamil Nadu:3,963 MT, Andhra Pradesh:745 MT, and Odisha:580 MT.

Trend - Moong prices are unlikely to fall from the current level due to various factors such as rainfall deficiency, less summer crop arrivals pressure, procurement of summer crop Moong at MSP in Madhya Pradesh and Punjab, and reports of the shift in acreage for Kharif moong crop. At the same time, there is limited upside due to enthusiastic summer crop, government selling to clear old procured stock, and free distribution of moong dal by the MP government to students is reducing the demand for Moong in the open market.

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