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Week Ahead: Moong may witness narrow range movement in prices on need based mills buying

2 Oct 2022 5:15 pm
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MUMBAI, 1 Oct (Commoditiescontrol): Moong prices have dropped, as per quality, during week ended to 1st October 2022 amid improved arrivals of new Moong at Rajasthan, thin mills purchase as offtake of Moong dal-mogar was witnessed slow.

As per local traders, new Moong arrivals increased at Sriganganagar district. Superior quality, good crop condition reported at the region after many years. Currently, the market has a negligible carry over old Moong stock.

As per Merta based local trader, stockiest are not interested to maintain stock at current prices. Arrivals may increase & likely to continue 15000-20000 katta daily basis. Moong prices are expected to correct by Rs 200-300/100Kg as government is actively selling old stock. Here, local Mills along with Jaipur-Jodhpur, Delhi, MP & Gujarat buyers remain active. Government procurement is likely to begin from November.

At Raichur (Karnataka), acreage of Moong was less around 60-70% compared to last year as farmers have shifted to Cotton, Paddy & Sunflower.

At Tandur (Telngana), new Moong crop arrival was low as acreage is 60-70% less compared to last year. Buyers from Andhra Pradesh-Chhatisgarh were active.

Meanwhile, the latest Kharif crop sowing update remains slightly discouraging. India 2022-23 Kharif Moong acreage was down 3.88% (as compared to the same period last year), as on Sep 30 at 33.45 Lakh Ha Vs 34.8 Lakh Ha last year.

As per technical chart - More near term weakness appears probable/ we see next potential support at Rs 6,400. Click here

Trend - Need based millers buying for crushing likely to support Moong prices at lower rates. Moreover, per acre yield of new kharif Moong reported less in Maharashtra-Karnataka & Rajasthan. Stockiest have maintained stock at Karnataka in anticipation of price rise during festive period. But, at the same time upside is limited due to the government agencies selling old procured Moong and increasied arrivals of new crop at Rajasthan. Here, stockiest are unlikely to take risk and add new stock at current prices given the liquidity crunch . The government procurement is likely to begin from November will provide some support to prices. Prices are likely to witness rangebound trade at current levels on need based buying from mills for crushing.

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

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