Mumbai, 19 Apr 2024 (Commoditiescontrol):Urad prices across India's major wholesale markets (mandis) remained stable for a second consecutive trading session. Limited demand from millers and modest arrivals contributed to the price stability.
Imported urad prices, however, showed mixed trends. Prices dipped in Delhi but remained steady in other centers. Importers in Chennai engaged in profit-taking, resulting in a decline in CNF (Cost and Freight) India prices. Myanmar's urad market remains closed due to ongoing festive celebrations.
The National Food Security Mission (NFSM) released updated figures for summer urad acreage. The planted area has increased slightly to 2.76 lakh hectares, compared to 2.34 lakh hectares during the same period in previous season. Odisha and Uttar Pradesh reported the most significant acreage gains. In contrast, Tamil Nadu reported lower acreage due to water scarcity concerns.
Urad prices are likely to retain support in the near term. Domestic supplies remain tight due to lower production figures. The arrival of the summer crop which is expected in late May or early June only , should keep price supported. However, significant price increases are unlikely. Steady supplies from Myanmar and cautious buying strategies adopted by mills and traders, in response to government price monitoring, will limit any upward trend in prices .
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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