Moong prices Drop in Delhi; Many Markets Shut due to Buddh Purnima

Mumbai, 23 May 2024 (Commoditiescontrol): Prices of Moong for the MP line in Delhi witnessed a decline as supply surpassed demand, signaling a shift in market dynamics. Additionally, ongoing harvesting activities have further fueled price reductions in consuming markets. Indore market in Madhyha pradesh witnessed slight deccline in prices

The closure of most mandis in Maharashtra and Madhya Pradesh for Buddha Purnima contributed to the prevailing sentiment. However, Rajasthan markets maintained stability, with prices trading within a narrow range across the state.

Auction trends revealed a continuous uptick in the price of light and best quality Moong, while new summer Moong prices remained stable in trade deals.

Looking ahead, a slight price decline is anticipated as arrival pressure mounts and moisture levels increase in the coming days. However, a significant downturn from the current level is improbable, given the considerable drop in prices already witnessed in recent weeks. Additionally, the demand for seed is expected to prevent aggressive price falls in the short term.

Traders have noted a declining interest in selling by stockists and farmers following the commencement of registrations for selling at the Minimum Support Price (MSP) to the government in Madhya Pradesh. Registration began on May 20th and will continue until June 5th. Due to government procurement in the coming days, prices are expected to find support at current levels.

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(By Commoditiescontrol Bureau; +91-9820130172)