Mumbai, 29 Apr 2024 (Commoditiescontrol):Urad prices in key markets across Central and Northern India have experienced a decline. This is attributed to shrinking demand for processed urad products, unseasonably high temperatures affecting consumption, and increased government vigilance against potential hoarding.
Market analysts note that rumors of stricter government monitoring in major states have significantly impacted market sentiment, despite an overall tighter urad supply.
International markets are also seeing a downward trend. Reduced price quotes from Myanmar, along with lower resale prices and import costs in Mumbai and Chennai, underscore the subdued demand for urad.
The National Food Security Mission (NFSM) has reported a 5.1% decrease in urad acreage, primarily due to less planting in Madhya Pradesh and Bihar. This decline is linked to delays in wheat harvesting. Further delays could push the urad harvest further into the season, potentially increasing the risk of crop damage due to rains.
Despite the current price drop, experts anticipate a bounce-back in urad prices over the coming days. This is due to anticipated lower domestic output and a reported decline in summer acreage. However, a critical factor remains the volume and pricing of urad from Myanmar, which has the potential to significantly affect domestic markets.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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