MUMBAI (Commoditiescontrol) - Most of the pulses recovered during the week ended January 16-21, barring matar (peas) at the benchmark market across the country supported by low level buying. However, fundamentals remained unchanged for most of the pulses due to expectation of bumper crop with consistent supply from overseas market. The current rise is a relief rally and temporary as buying interest emerged at the lower rates amid empty pipeline.
Burma Lemon Tur (Pigeon Pea) (Mumbai) - Lemon tur gained most in the complex during the week to settle 4.54 percent at Rs 4,600/100kg at the benchmark Mumbai market. It traded within range of Rs 4,550-4,800/100kg. The rise in prices were mainly due to some good demand from millers at the lower level for milling purpose amid empty stocks. Millers have not stocked tur in sufficient quantity due to volatility in prices, stock limit and slow demand in tur dal (processed tur), but since tur was available much below MSP level, millers were encouraged to source the commodity due to low risk at current rates. However, millers are buying tur aggressively as demand in tur dal is not very strong with prices mostly likely to remain below MSP level when supply will be at peak in the coming weeks.
New tur crop supply from Maharashtra, Gujarat, Uttar Pradesh and Madhya Pradesh is yet to pick up momentum. According to trade expert’s tur supply will rise significantly in next few weeks, which may keep price under pressure.
Government agencies has sourced around 46,962 metric tonnes of tur as on January 16 for buffer stocks and to arrest downfall.
The rise in tur is temporary and with peak supply ahead prices are likely to trade flat with negative bias in the coming week.
Technical: Mumbai Lemon Toor - Bounce Likely To Happen (Full Report)
Burma urad FAQ (Black Matpe) (Mumbai) - Burma urad FAQ variety notched gain of 2.56 percent at Rs 6,000/100kg during the last week, however dropped 7 percent so far, this month. Some fresh buying from consumption centers helped prices to trade better in the spot markets, however market participants have doubt about sustainability with new Burmese crop ahead. According to trade source "Papad manufacturers were buying urad followed by some good inquiries from North Indian for Kali urad dal for winter consumption.
Urad price is likely to remain weak as new crop supply from Burma is expected to hit Indian ports by month-end with slow but steady domestic supply.
Government agencies has procured 77,083 metric tonnes of urad as on January 16 from various states at minimum support price level.
Technical: Urad FAQ Mumbai- Correction Is In Progress (Full Report)
India Rabi Urad Sowing Progress As On January 18 (Full Report)
Desi Moong (Green Gram) (Jaipur) - Desi moong also follow the positive trend with ending 2.22 percent higher at Rs 4,600/100kg at the key Jaipur market of Rajasthan. Low level buying with increased demand from millers helped prices to recover. Moong is the only commodity in pulses complex has managed to trade in positive zone during the January month so far mainly due to good demand amid least risk at lower level after bitten hard more than 37 percent in 2016. Further the government agencies have procured moong in good quantity of 188,225 metric tonnes also helped it to trade on the higher side. But upside in the commodity is limited with good rabi crop prospects amid higher sowing. Rabi moong sowing in the country as on January 18 stood at 5.91 lakh hectares against 5.53 lakh hectares last year.
Technical: Moong Jaipur- Reversal Could Be Happening (Full Report)
India Rabi Moong Sowing Progress As On January 18 (Full Report)
Desi Chana (Chickpea) (Indore) - Desi chana managed to recover a tad by 1.56 percent at Rs 6,600/100kg supported by some improved demand processed chana, but down 12 percent so far, this month. Dal millers were doing need-based buying in chana since pipeline with them was mostly dry and scanty domestic chana. Presently chana is shortage item and domestic demand is mainly met through imports, but any sharp rise unlikely with bright prospects of new crop amid good sowing and favorable weather. According to agriculture ministry chana as on January 18 has been cultivated in 98.39 lakh hectares against 89.07 lakh hectares’ same period previous year.
If average yield of chana remained around last five-year level than we may harvest more than 90 lakh tonnes, second higher production after 95.3 lakh tonnes in 2013-14. Government targeted 96 lakh tonnes chana production for 2016-17 season.
Chana may trade range-bound, but new crop expected from next month any major upside is limited. Further overseas supply is likely to continue until February-March may also weigh on market sentiments.
Technical: Chana Indore- Near Term Bounce Is Likely (Full Report)
India Rabi Chana Sowing Progress As On January 18 (Full Report)
Desi masoor (Lentil) (Kanpur) - Desi masoor traded mostly flat at Rs 4,800 last week ended Saturday due to some demand at the lower level, however buyers are sourcing the material only as per near term requirement with anticipation of some correction ahead when new crop supply from Uttar Pradesh, Madhya Pradesh, Bihar and West Bengal commence. Further the market is also flooded by overseas supply, which is likely to keep masoor prices pressure. Domestic buyers to prefer to source overseas material due to cheaper than domestic stocks. Masoor sowing in the country has made new record with area surged at 16.60 lakh hectares against 13.67 lakh hectares last year.
Technical: Masoor Kanpur - Further Weakness Is Below 4700 (Full Report)
India Rabi Masoor Sowing Progress As On January 18 (Full Report)
Canada Matar (Dry Pea) (Mumbai) - Canadian matar edged tad down last week at Rs 2,471/100kg, but managed to gain over 3 percent this month due to better domestic demand as it is cheapest in the pulses complex and used extensively as substitute for chana. Millers are buying matar for manufacturers for matar dal and matar besan as consumption is good. Buyers prefer it over chana dal and chana besan being very competitive rates. Domestic buyers were little aggressive in matar in recent weeks due to lower risk with slow selling by importers as they were reluctant to sell their produce in losses due to higher import cost. Domestic matar stocks in the country was also scanty resulted buyers to source overseas supply helped matar. But upside in matar is limited due to new crop to soon enter (February end). According to government sowing number matar has been sown in 11.20 lakh hectares versus 9.57 lakh hectares a year ago.
Technical: Mumbai Matar Canada - Pullback Being Witnessed (Full Report)
India Rabi Matar Sowing Progress As On January 18 (Full Report)
(By Commoditiescontrol Bureau; +91-22-40015533)
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