MUMBAI, 19 Oct (Commoditiescontrol):Urad prices have remained within a broader trading range since peaking at ₹10,200 per quintal(Burma urad SQ) in Chennai in October 2023, after a sharp rise from ₹6,600 per quintal in February 2023. The rally was initially driven by crop failures across key regions like Madhya Pradesh, Uttar Pradesh, and Maharashtra. However, government interventions, such as stock limits and increased imports from Burma, helped stabilize the market.
Due to last year's domestic crop shortfall, imports from Burma surged to bridge the supply gap. India imported approximately 5.93 lakh MT of urad in the first nine months of 2024, exceeding the total imports during the same period last year. Notably, imports in August and September were significantly higher than in previous years, ensuring robust supply from Burma, which has kept prices stable. Monthly imports this year have consistently surpassed the five-year average, preventing major price spikes and maintaining a range-bound trend since October 2023. At the same time, strong demand has helped sustain prices within this range.
The Ongoingh Kharif crop arrival is keeping urad prices under pressures. However, a decline in imports from Burma over the next two to three months, as stocks deplete, may lend support, especially with domestic inventories running low. Kharif acreage has declined by about 8%, and prolonged rains have led to yield and quality losses, particularly in northern India. Analysts estimate a 20% drop in production from the previous Kharif crop, which could lead to a renewed uptrend in prices once Kharif arrivals are absorbed by the market.
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(By Commoditiescontrol Bureau; +91 98201 30172)
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