Mumbai, 05 Apr 2024 (Commoditiescontrol):After a period of firm trading, Burma urad prices stabilized in today's trading, as a result of decreased demand at higher price levels. Within the Burma market, FAQ urad prices saw minor gains, while CNF India prices in Yangon remained constant. However, the resellers market in Chennai experienced a moderate decline in CNF India prices caused by profit-taking at higher levels.
Domestically, Burma urad prices were largely steady. The only exception was SQ urad in Chennai, which increased by Rs 25/quintal. Bilty Urad prices across major markets remained stable, except for Chandausi where a Rs 50/quintal increase was observed. These prices are being supported by a combination of increased demand and lower supply.
The Ministry of Agriculture released an update on April 6th, showing urad acreage has increased to 2.23 lakh ha, up from 2.11 lakh ha previously. This expansion is primarily due to increased acreage within the state of Odisha. Sowing activity is nearing completion and is expected to finish by mid-April.
Reduced availability within the domestic market, coupled with strong demand, continues to support spot market prices. However, recent sharp price increases may limit further surges in the short term. Additionally, seed demand for summer sowing has largely been fulfilled. As a result, near-term urad prices are expected to remain stable or slightly weaken, though the overall trend remains bullish.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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