Mumbai, 18 Apr 2024 (Commoditiescontrol):Masur prices in India's major wholesale markets (mandis) have remained stable for the second consecutive day, despite lower arrivals. This comes as processors report sluggish demand following a recent price increase. In consuming centers, prices have seen a decrease of Rs 25-50 per quintal.
The market's stabilization has been influenced by the government's recent notification directing updates on stock positions, which has made stockists more cautious and discouraged them to increase their exposure resulting in reduced demand.
Arrivals of masur remain low, as farmers are reluctant to sell at mandi prices that are currently trading Rs 400-500 per quintal below the Minimum Support Price (MSP).
Meanwhile, in Canada, red lentil (FOB) prices have settled at $540 per metric ton, a slight increase of $2 compared to the previous trading session. This uptick is attributed to lower stock levels in Canada. Recent data indicates record Canadian exports of 1.68 million metric tons in 2023, with strong exports continuing into 2024, resulting in significantly reduced stockpiles.
Despite a larger domestic masur crop and increased imports, experts predict that prices will likely remain rangebound for the foreseeable future. This stability is partially due to a consumer shift towards the more affordable masur, as prices of tur dal remain higher. Furthermore, stockpiling by farmers anticipating government purchases at the MSP of Rs 6425 is expected to counterbalance the increased supply and keep prices supported.
Spot Masur Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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