Week Ahead: Moong may remain weak as kharif crop arrivals increases

MUMBAI, 13 Aug (Commoditiescontrol): Moong prices declined, as per quality, during the week ended to 13th Aug 2022 due to thin mills buying as offtake in processed Moong was slow at higher rates and new kharif arrivals began at Karnatak.

India 2022-23 Kharif Moong acreage was down 0.34 %(as compared to the same period last year), as on Aug 12 at 31.78 Lakh Ha Vs 31.89 Last Year.



At the Jaipur market, Moong's price fell by Rs 100 at Rs 4,500-6,900/100Kg as per quality.



Gadag-Bagalkot, Raichur and Yadgir market of Karnataka sees increased arrival of new Kharif Moong.

New Kharif Moong traded at Rs 7,000-7,900/100Kg, as per quality on 11th August with arrivals of 3000 bags at Gadag market.

At Bagalkot market, new Kharif Moong traded at Rs 6,800-7,850/100Kg as per quality on 12th August, arrivals were of 2800 bags.

Madhya Pradesh origin summer crop new Moong traded weak by Rs 50 at Rs 6,700-7,000/100Kg, as per quality, at Naya bazaar pulses market of Delhi.

Uttar Pradesh origin summer crop new Moong priced lower by Rs 50 at Rs 6,600-7,000, as per quality at Naya bazaar pulses market of Delhi.

Ranchi origin summer crop new Moong also dropped by Rs 50 at Rs 7,000, as per quality at Naya bazaar pulses market of Delhi.

As per the technical chart - Moong Jaipur - Until we see a breakout above resistance near Rs 7,100, the trend remains negative/next support at Rs 6,800. Click here

Trend - Moong prices may remain under pressure due to availability of sufficient stock and also arrivals of new Kharif Moong crop has begun in few markets of Karnataka-Maharashtra, such as Gadag-Bagalkot, Raichur, Yadgir & Solapur. Arrivals may increase in the coming days. Moong sowing in Rajasthan was higher by 7.24 percent. So far, the Punjab government has purchased 4807 MT of summer moong. Procurement yet not started deespite announcement of summer crop procurement to began in Madhya Pradesh from 8th August. Meanwhile, the weather is favorable for standing Moong crop at producing belt. Price movement will depend on the weather at the time of harvesting. The chance of crop loss will be high if rainfall arrives during the harvesting period.

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