Mumbai, 21 May (Commoditiescontrol): Tur prices are expected to remain high due to strong miller demand, dwindling domestic stocks, and rising international freight rates, according to the Indian Pulses and Grains Association's weekly outlook. However, the upside is capped by the availability of cheaper substitutes and reduced demand for tur dal due to its high prices.
The report noted that tur prices surged last week, driven by "robust miller demand, dwindling domestic stocks, and elevated international CNF (cost net freight) quotes." These factors have supported the commodity's prices. Exports from the new crop in Africa are expected to begin in late July or early August, limiting Indian imports until then.
India imported 771,025 tonnes of tur in 2023-24 (Apr-Mar), down from 894,221 tonnes in 2022-23, according to major exporters. Concerns over lower production and limited supply in most markets have further supported prices. The government's second advance estimate pegged tur production in India for 2023-24 (Jul-Jun) at 3.3 million tonnes, largely unchanged from 2022-23, but 21% lower than the 4.2 million tonnes produced in 2021-22.
Last week, tur prices in Akola, Maharashtra, a key wholesale market, increased by Rs 500 per 100 kg to Rs 12,400 - 12,450. Prices of tur dal also rose by Rs 500 per 100 kg in the Akola market.
Despite the high prices, the report mentioned that the availability of cheaper substitutes and mandatory pulse stock disclosures enforced by the government, with senior officials monitoring the situation to control inflation, will likely limit further price increases.
Prices of pulses and related products rose by over 16% in April, a slower rate compared to previous months but still significantly high. This prompted the government to implement measures such as scrapping import duties on chickpeas and extending duty-free imports of yellow peas to curb inflation.
(By Commoditiescontrol Bureau: 09820130172)
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