Mumbai, 03 Apr 2024 (Commoditiescontrol): Urad prices in Indian markets traded mixed today after witnessing an increase in the past two sessions. This fluctuation is primarily attributed to price declines in Myanmar markets and CNF (Cost and Freight) India trade in Chennai.
The recent uptrend in the Indian urad market was spurred by rising prices in Myanmar. This was a consequence of Indian importers stocking up ahead of the closure of Myanmar markets for the water festival. Additionally, stockists in Myanmar were holding back on sales with the anticipation of currency devaluation affecting export proceeds.
Yesterday, the Myanmar government announced a new exchange rate of 3160 Kyat per dollar, up from the previous 3000 Kyat. This move could motivate renewed selling by stockists as their sales realization increases in Burmese currency.
Urad prices in Myanmar markets declined by 5000 MMK/Mt for SQ (Superior Quality) urad and 20000 MMK/Mt for FAQ (Fair Average Quality) urad. However, prices in CNF India trade remained steady for these qualities. In Chennai reseller markets, both FAQ and SQ urad prices fell by $10/Mt.
Within India, FAQ urad prices increased by Rs 25/quintal in Chennai and Delhi, and by Rs 50/quintal in Kolkata. In Mumbai, the price decreased by Rs 25/quintal due to weaker demand. SQ urad prices remained steady in Chennai but declined by Rs 25/quintal in Delhi.
Desi urad remained mostly steady in bilty trade, with a notable exception in Jalgaon where prices dipped by Rs 100/quintal. Mandi trade prices stayed consistent.
According to the Ministry of Agriculture's latest report, urad acreage has expanded to 2.1 lakh hectares, a significant jump from last year's 1.65 lakh hectares. This growth is primarily due to a surge in Odisha's urad acreage. Sowing activities are currently underway and are scheduled to conclude by mid-April.
Urad prices are projected to remain firm in the short term, supported by steady domestic demand for the wedding season and seed requirements for summer sowing. Supply disruptions caused by the closure of markets in Burma for the water festival from April 12th to 22nd will further bolster prices. Nevertheless, any significant upward movement is expected to be capped as seasonal demand for urad tends to decline with rising temperatures during the summer.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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