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Canada-Australia origin Masoor hold steady tone in Mumbai, Kolkata

8 Aug 2022 4:08 pm
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Mumbai, 8 Aug (Commoditiescontrol): Canada-Australia origin Masoor priced unchanged at Mumbai, Mundra, Hajira and Kolkata on thin activity and tracking weak CNF quotes for Canada-origin Masoor. Many buyers seems to have adopted wait and watch strategy as they expect prices to settle lower levels once new crop arrivals starts in Canada.

Domestic Masoor declined by Rs 50-100/100Kg at select markets, such as Bina, Ganj Basoda, Katni, Bareilly and Orai market on thin mills buying support.

On the other hand, commodity moved higher by Rs 50/100Kg, as per quality at Indore and Dewas market due to mills purchase at lower rates on immediate requirement for crushing.

Canada is expected to harvest a much bigger crop of 24.6 lakh tons than last year's 16 lakh tons. Given the prospect of huge increase in production, it was expected to match with the rise in exports as well, but that possibility failed to materialise.

The overseas trade activity failed to show required pick up. As per the latest data, Canada's exports for lentils were down by 35% for the period Aug21-May22 to 13 lakh tons. At the same time exports to India, the biggest buyer of lentils from Canada were down by 56% to 2.32 lakh tons. With such a huge increase in production Canadian exporters need to bring down the prices substantially so as to attract Indian buying.

North America's Masoor production is likely to be much bigger than last year as production recovered modestly due to favorable weather. But demand has failed to pick up on the contrary it is lower than last year for (Aug-May period).

In the prevailing conditions, the only way to dispose off the additional production will be to lower the price quotation for the new crop. Prices are likely to find the bottom in the next few days when arrivals of New Canadian crop gathers pace. But it seems that there is still some lower side before the bottom is formed.

Spot Raw Lentils (Masoor) Prices In Key Indian Market:

(By Commoditiescontrol Bureau; +91-22-40015513)

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