Weekly: Tur Posts Strong Gains; Green Pea Plunges

MUMBAI (Commoditiescontrol) – Tur, Urad, Masoor, Chana, Kabuli Chickpea moved higher during the week ended Saturday (November 19-24) due to fresh buying support from mills. While, Green Pea remained weak on slackened demand and fresh supply from overseas. While, Moong and White Pea traded flat on slow buying activity.

Meanwhile, appreciation in rupee from 74.27 to 70.70 against USD may benefit pulses importers.

Week Highlights

# Maharashtra Agri Dept: Rabi Crop Sowing Down 45% At 15.51 Lakh Ha Vs 28.35 Last Yr. Water Level In Reservoirs At 54% Vs 73% Last Year.
# Import restrictions on pulses are likely to be extended till March as the government looks to ensure that farmers get remunerative prices for their produce.
# India May Resume Buying Masoor From Canada.



Burma Lemon Tur:
Tur Lemon variety of Burma origin posted sharp gains of Rs 650 to end the week at Rs 4,600/100Kg in Mumbai amid improved buying support from mills and competitive pricing as compared to domestic Tur.

Similarly, domestic tur in bilty trade at Akola moved up by Rs 550-575 at Rs 5,000-5,050/100Kg on better millers trade activity.

Prices were also supported by good demand and sale counters in processed tur, tightening supply due to slow liquidation of stocks by the government agencies and very limited stock left with private traders, making availability for millers difficult.

Moreover, stockists who had purchased Tur from government agency earlier at lower rates are not interested to liquidate due to lower crop outlook amid prevailing dry weather conditions.

However, quantum of gains in processed tur was less as compared to raw tur due to thin buying from retailers in the wake of limited requirement. Stockists are still not active in the market due to liquidity crunch. Latur origin Phatka variety traded sharply higher by Rs 350-400 at Rs 6,650-6,850/100Kg for Mumbai delivery on good trade volume. Khamgaon origin phatka variety gained by Rs 350 at Rs 6,500-6,700/100Kg, Jalna origin phatka variety at Rs 6,800-7,200/100Kg, Gujarat origin Wasat Phatka variety at Rs 6,700-7,200/100Kg (Mumbai Delivery).

New Tur arrival is gradually improving at many markets of Maharashtra and Karnataka, but the produce coming at markets is of average quality with higher moisture content. Thus, millers preferred to crush old good quality tur.

However, upcoming supply from overseas and increase in inflow of new crop from December may limit gains. Overall, prices may remain firm for the long term on concerns over fall in output than last year. Movement in Tur prices will also depend on government approach as far as procurement of new crop at MSP of Rs 5,675/100Kg is concerned.

Burma Urad:
Burma urad FAQ variety gained by Rs 100 to Rs 4,700-4,750/100Kg at the Mumbai market due to fresh buying support from mills at lower rates amid good quality supply as compared to new domestic urad and shortage of ready imported stock in Mumbai.

Sellers were also not interested to liquidate at lower rates due to lower output of domestic urad than last year and also on lower stock left with government.

Meanwhile, millers are preferring to crush imported urad as they are facing difficulty in getting good quality of domestic urad stock.

Similarly, in Chennai, Urad FAQ new traded higher by Rs 250 at Rs 4,500/100Kg in ready delivery as per condition amid fresh buying by mills at lower rates despite regular supply from overseas. While, Urad SQ new remained flat at Rs 5,600/100Kg in ready business as per condition.

Meanwhile, the Madras High Court has extended further the date of hearing till November 26 on a plea challenging the DGFT notification to restrict import.

However, demand for processed urad from consumption centres remained limited at prevailing prices.

Bikaner origin branded Urad dal ruled at Rs 6,500-6,800/100Kg for Mumbai delivery, Tiranga brand of Mumbai at Rs 6,800/100Kg for Mumbai delivery and Parivar brand of Jalgaon at Rs 6,600/100Kg for Mumbai delivery.

Moreover, regular supply from overseas at Chennai port and upcoming arrivals of domestic crop from Chandausi (Uttar Pradesh ) and southern markets (Andhra Pradesh and Tamil Nadu) in December may limit the gains. Overall, prices may be attractive at lower rates due to lower output, not much carry over stock left with government and particularly tight availability of good quality urad.

Chana Kantewala (Indore):
After sharp decline in the previous week at Indore market, Chana moved up by Rs 250 at Rs 4,600-4,650/100Kg on fresh physical buying support at lower rates and on lower rabi sowing. However, demand and sale counters in processed chana and besan remained limited.

Australia origin Chana in ready business at Mumbai and Mundra ports gained by Rs 150 at Rs 4,600/100kg and Rs 4,650, respectively.

Burma origin chana also traded higher by Rs 50-100 at Rs 4,600/100Kg on millers' buying support.

At National Commodity and Derivatives Exchange (NCDEX), Chana benchmark December contract on Thursday settled weak by 2.5 per cent or Rs 119 at Rs.4,606/100Kgs. Futurs market was closed on Friday on account of Guru Nanak Jayanti.

Chana stocks at NCDEX accredited warehouses stood at 15,636 metric tonnes (Akola: 14,980, Bikaner 626, Jaipur 30) as on 23rd November, down 18,169 metric tonnes from the previous session, the exchange data showed.

Australian chana dal priced higher by Rs 150 at Rs 5,800/100 Kg for Mumbai delivery amid limited trading volume. Similarly, domestic chana dal of Pistol brand offered higher by Rs 150 at Rs 6,000 for Mumbai delivery, Samrat brand at Rs 6,400 for Mumbai delivery, Angel brand at Rs 6,400 for Mumbai delivery. While, Chana besan traded steady at Rs 3,300/50Kg, Vatana besan at Rs 3,000/50 Kg and Vatana dal at Rs 5,500.

In Mumbai, Sudan origin kabuli rose by Rs 150-200 at Rs 4,550/100Kg amid fresh buying support from besan flour millers at lower rates, following firm trend in Chana and competitive prices as compared to chana & white pea. Similarly, Kabuli chana of Burma traded higher by Rs 150 at Rs 4,750/100Kg.

Kabuli Chana dollar variety at Indore priced firm at Rs.5,000-5,600/100Kgs as per quality at Indore.

The long term outlook of chana will very much depend on progress of rabi crop sowing, which has already begun but is lagging behind as compared to last year. Prices may get further support due to tightening supply of imported chana amid higher duties and quantitative restrictions, and on expectations that the government may extend curbs on import of yellow peas till March 2019.

Imported Masoor (Mumbai):
Canada origin masoor in container/vessel and MMTC procured masoor along with Australia origin masoor gained by Rs 50-100/100Kg in Mumbai amid fresh buying support from mills at lower rates, slow progress in sowing and also due to cheaper prices as compared to Tur.

Canada crimson variety masoor in vessel and container gained by Rs 50-100 at Rs 3,800-3,900/100Kg and Rs 4,000-4,100, respectively. Similarly, MMTC was active in selling old masoor stock, procured earlier at Rs 3,650/100Kg, up Rs 50.

Similarly, Australia masoor nugget variety also quoted higher by Rs 100 at Rs 4,100-4,200/100Kg as per quality amid limited stock availability.

However, demand and sale counters in masoor dal remained limited. Canada Masoor Khopoli spot traded at Rs 5,000/100Kg.

Selling of procured Masoor by Nafed in Madhya Pradesh/Uttar Pradesh and overseas supply from Canada are likely to limit the gains for short term. However, reduced sowing as farmers are focusing on sowing chana and White Pea and avoiding masoor in Uttar Pradesh because of poor returns for the crop and amid, further rise in Tur price may support masoor prices.

Imported White Pea (Mumbai):
Canada origin white pea at Mumbai, Hajira and Mundra ports, Russia White Pea at Mundra port along with Ukraine White Pea at Mundra/Hajira ports almost traded flat as per quality due to limited trade, regular supply in container at Chennai port and upcoming supply in break bulk vessel at Kolkata port.

Canada White Pea traded at Rs 4,700/100Kg at Mumbai, Rs 4,500-4,600 at Mundra and Rs 4,550 at Hajira port. Russia origin Baltic variety quoted at Rs 4,400 in Mundra. Ukraine White Pea ruled at Rs 4,600 at Mumbai and at Rs 4,500 at Mundra and Hajira.

Demand in matar dal/besan remained limited at prevailing rates.

Millers and traders are still preferring to purchase domestic chana or Sudan/Burma origin kabuli chickpea due to cheaper prices as compared to white pea and also amid shortage of white pea ready stock.

In India, government had earlier extended curbs on matar import till December end and likely to extend further til March 31.

Moong (Jaipur):
Moong traded unchanged at Rs 5,300-5,500/100Kg as per quality at Jaipur market amid thin buying by the mills, ongoing arrivals in Rajasthan.

Demand and sale counters in processed moong remained slow at existing rates. Moong dal prices remained flat at Rs 7,000/100Kg, depending on the variety.

Farmers in Rajasthan are purchasing good quality moong from producing centres and selling it to the government agency at higher MSP.

However, government agency is still not active in purchasing moong in big quantity at MSP in Rajasthan.

Canada Green Pea (Mumbai):

Canada origin green pea at Mumbai quoted lower by Rs 250 at Rs 6,750/100Kg as per quality due to dull trade activity and fresh supply from overseas at Mumbai (JNPT) and Chennai port.

(By Commoditiescontrol Bureau; +91-22-40015513)