Mumbai, May 27 (Commoditiescontrol):During the week of May 27th, Imported and domestic variety Masoor remained weak at major market due to thin millers buying activity due to slow offtake in Masoor dal, regular domestic arrivals and average quality cheaper supply of Australia Masoor at Kolkata port. Also, Government agencies were also actively liquidating imported Masoor.
At Kolkata, The ready stock availability at Kolkata was approximately 1,00,000 tonne of Australia Masoor and 10,000 MT of Canada Masoor. Upcoming supply around 70,000 tonne expected from Australia in three vessel from 29th May to 10th June.
In Kanpur markets, the price of domestic-origin Masoor decreased by Rs 50/100Kg ton thn demand from mills. The prices of Madhya Pradesh-origin Masoor for Delhi delivery also weak by Rs 75/100Kg. On the other hand, the domestic Masoor market saw a firm trade of Rs 25/100Kg in Indore market on need-based mills purchasing for crushing purposes.
Due to sluggish offtake, Masoor dal prices from domestic-origin Masoor at Katni witnessed a decline of Rs 25-50 at Rs 6,400-6,900/100Kg on dull offtake. On other hand, the commodity produced from Canadian-origin Masoor in Mumbai stay unchanged at Rs 7,000-7,200/100Kg.
As of May 25th, 2023, Nafed has procured 67,097 metric tons of Masoor at the Minimum Support Price (MSP) of Rs 6,000 per quintal under the Price Support Scheme (PSS) during the 2023 Rabi season.
International Updates:
International lentil markets concluded the week with firm immediate delivery terms driven by increased buying by processors and exporters. By the end of March, 69% of the available supply of lentils on farms had been delivered to elevators and processors, compared to just 48% at the same time in 2022. The substantial disappearance of lentils from Canadian and US farms is anticipated to be reflected in upcoming seeded area estimates. The land dedicated to lentils is expected to surpass initial intentions, particularly in Canada, where the green lentil area is predicted to rise. In contrast, the red lentil area may remain steady or decline.
As per technical chart - Mumbai Canada Masoor (Lentil) - Counter trend rally / Net resistance at Rs 9,200. Click here
As per technical chart - Kolkata Masoor (Lentil) - Correction underway / Next support at Rs 5,500. Click here
Trend: In conclusion, the current market conditions indicate that the prices of Masoor are expected to continue facing downward pressure in the coming weeks. The primary factors contributing to this situation are the high influx of domestic arrivals, resulting from a record crop this year, and the sluggish pace of government procurement at the minimum support price (MSP). Furthermore, the consistent supply of imported Masoor, particularly from Australia, has exacerbated the situation due to its lower prices caused by quality issues. Additionally, the selling of previously procured Masoor by government agencies in the open market has contributed to the surplus supply. Consequently, the supply-demand imbalance has intensified, putting further strain on both raw Masoor and Masoor Dal prices. However, it is anticipated that by June, the market will absorb a significant portion of this surplus, coinciding with the expected rise in seasonal demand for Masoor from mid-June to July. These factors are likely to stabilize the bottom of Masoor prices, offering some relief to the market.
(By Commoditiescontrol Bureau; +91-9820130172)
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