Mumbai,04 Apr 2024 (Commoditiescontrol):Urad prices in the Indian domestic market have experienced a significant increase, mirroring a similar trend in Burmese urad prices. The rise in Burma's Yangon market is attributed to strong demand from India ahead of the Burmese market closure for the Water Festival.
Domestically, urad prices are supported by several factors. Firstly, the upcoming wedding season is expected to drive higher demand. Additionally, there is increased demand for urad seeds for summer planting.
The Ministry of Agriculture's latest update indicates a rise in urad acreage, reaching 2.1 lakh hectares compared to last year's 1.65 lakh hectares. This increase is primarily attributed to a surge in acreage in Odisha. Sowing activity is currently at its peak and is anticipated to conclude by mid-April.
In Burma, local market prices for urad have improved, while CNF quotes and the resale market have witnessed an increase of USD 10-15 per MT. This upward trend is fueled by strong demand ahead of the market closure for the Water Festival.
Urad prices are expected to remain firm in the immediate future due to steady domestic demand for upcoming wedding season and ongoing seed requirements for summer sowing. The temporary market closure in Burma for the Water Festival (April 12th to 22nd) will further tighten supply and support prices. However, as temperatures rise during the summer months, seasonal demand for urad tends to decline, potentially limiting any major upward price movement.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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