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Week Ahead: Moong may find support at lower rates on mills buying

29 Jan 2023 1:08 am
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MUMBAI, January 28 (Commoditiescontrol): Moong prices fell during the week ended January 28, 2023, due to thin mills buying at higher rates and slow offtake in Moong dal. At the Jaipur market, Moong traded weak by Rs 150 at Rs 6,600-8,100/100 kg as per the condition. Similarly, the Moong of Rajasthan origin fell by Rs 100, trading in the range of Rs 8,100-8,300/100Kg depending on quality, at Delhi's Naya Bazaar market. Due to slow offtake, the price of Moong dal in Jaipur fell by Rs 200, trading at Rs 8,700-9,500/100Kg. During the Kharif harvest, torrential rains in Maharashtra and Karnataka harmed grain quality because farmers were forced to harvest despite wet fields. As a result, there is a scarcity of good quality moong but an abundance of lower quality moong, resulting in a wider spread between minimum and maximum prices; for example, the best quality moong costs Rs 8100/quintal in Jaipur while lower quality moong costs Rs 6600/quintal.

As per market estimates Moong stock in Rajasthan is around 2.5-3 lakh tons & approximately 5-6 lakh tons in Madhya Pradesh with both Nafed & private traders. Rs
As of January 27, the acreage planted with Rabi Moong in India during 2022-23 was 22.55% higher than the same period in the previous year at 5.76 Lakh Ha compared to 4.7 Lakh Ha.

Trend: Moong prices are in a correction mode after a sharp rise of about 800-1,000 per quintal from the last week of December. According to traders, the rally in moong was caused by a scarcity of high-quality moong in the market. They anticipate the rally in good quality moong to reach 8,800-9,000 before the arrival of the Rabi moong crop. On the other hand, there is abundant supply of medium to lower-quality moong, which may result in lower-quality moong underperforming in terms of price, further widening the gap between superior and lower quality. Moreover, NAFED's regular selling (mostly of lower quality) will keep medium to lower quality moong prices in check.

(By Commoditiescontrol Bureau; +91-9820130172)

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