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Weekly: Pulses Weak On Profit Taking, Liquidity Crunch

25 May 2019 5:52 pm
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MUMBAI (Commoditiescontrol) – Major pulses such as Tur, Urad, Masoor, Chana, Kabuli Chickpea, White Pea and Green Pea slipped during the week ended Saturday ( May 20-25) on dull buying support at higher rates. While, Moong remained almost unchanged due to limited trade activity.

Trading activity was also reported to be thin during the week due to liquidity crunch and Lok Sabha election results as buyers opted for wait and watch, awaiting upcoming government policy.

Week Highlights

# Odisha Govt Procurement Of Pulses, Oilseeds To Begin Under PSS From Farmers Starting May 24 AT MSP. Moong: 14,210MT / Urad:1,103MT . The procurement will continue till July 27.
# Markets regulator Sebi allowed portfolio managers to invest in exchange traded commodity derivatives (ETCDs) on behalf of their clients with an aim to deepen the participation in the segment.
# Farmers may shift towards soybean from cotton and pulses this crop year as at current prices, oilseed is more lucrative than other crops.The appeal of sowing soybean fields could also be boosted by forecasts the next monsoon will arrive late and deliver less rainfall than average.

Burma Lemon Tur:

Tur Lemon variety of Burma origin declined by Rs 200 to Rs 5,600/100Kg in Mumbai amid dull buying support at higher rates. Demand and sales counters in Tur Dal from consumption centres were reported slack.

Similarly, domestic tur in bilty trade at Akola also traded weak by Rs 200-225 at Rs 6,100-6,125/100Kg.

Tur prices were traded above MSP of Rs 5,675/100Kg in local markets. Buyers also cautious as domestic Tur is still lying with government and private traders.

Arrivals in few local markets were increased as small traders/millers were active to liquidate stock and profit taking. While, bulk buyers were still holding stock in anticipation of prices may rise further in near future due to lower output, decreasing arrivals, forecast of delay and less monsoon these season.

Government has invited applications for importing 2 lakh ton of tur, and the quotas will be allotted by June 10.

It is reported that Indian buyers were active in purchasing Tur in Burma market these week to stock it in Myanmar. Total 3000 containers had been traded. 2000 containers old Tur in the range of $535-$600 per ton and 1000 containers new Tur in the range of $650-$700 per ton.

NAFED has successfully procured 275252.78 MT of Tur at Minimum Support Price of Rs 5,675/100kg as on May 22, 2019. Telangana:70300, Karnataka:110610.75, Gujarat:32275.9, Maharashtra:53953.97, Tamil Nadu:399.9, Andhra Pradesh: 4935.95, Madhya Pradesh:2776.31.

Latur origin new Phatka variety also slipped from higher rates by Rs 100 at Rs 8,400-8,600/100Kg for spot. Gujarat origin Wasat new phatka variety ruled at Rs 8,900-9,200/100Kg, Khamgaon origin new Phatka variety at Rs 8,300-8,500/100Kg (spot), Jalna origin new phatka variety at Rs 8,700-8,900/100Kg (spot) and Solapur origin new phatka variety at Rs 8,400-8,600/100Kg (Spot).

Millers were not interested to liquidate their dall at lower rates despite some declined in the prices of raw Tur from higher rates.

Traders expect further hike in coming days due to uncertainty over rains.

Burma Urad:

Burma Urad FAQ variety slipped by Rs 150 to Rs 4,900-4,925/100Kg at the Mumbai market amid dull trade at existing rates, weak cues from Chennai and liquidity crunch.

Similarly, In Chennai, Urad FAQ/SQ variety quoted lower each by Rs 100-150 at Rs 4,950/100Kg and Rs 6,200, respectively in ready delivery as per condition as seller were active.

Buyers opted for wait and watch, awaiting upcoming government policy after election results.

Nafed was also active to liquidate old/new procured stock in selective states.

Moreover, demand in processed urad remained dull during summer period from consumption centers.

Bikaner origin branded Urad dal ruled at Rs 6,300-6,600/100Kg for spot. Tiranga brand of Mumbai also traded at Rs 7,100/100Kg for Mumbai delivery, Parivar brand of Jalgaon at Rs 6,600/100Kg for spot.

NAFED has successfully procured 12474.72 MT of Urad 1n Rabi-2019 Season at Minimum Support Price of Rs 5,600 as on May 22, 2019. Tamil Nadu:3378.07, Andhra Pradesh:8660.65, Telangana:436.

As per market sources, recent rise in last few days was speculative in Chennai as some cartel is active in the market to push the prices higher as they were holding stock at lower rates.

However, delay in further imports, limited stock of imported Urad with the progress of the monsoon will support the prices at lower rates.

Chana Kantewala (Indore):

New Chana traded weak by Rs 150-175 at Rs 4,500-4,525/100Kg in Indore amid thin millers buying support as per quality and increased arrivals.

Similarly, Australia origin Chana in ready business at Mumbai and Mundra port fell by Rs 50 each at Rs 4,650/100kg, respectively amid slack trade activity, following weak cues from domestic markets and also availability of very limited stock.

Burma origin chana also ruled weak by Rs 100 at Rs 4,550/100Kg.

Market players were fear that Nafed will liquidate old procured balance stock in near future.

NAFED Procured 552971.70 MT Chana In Rabi-2019 Season as on May 23,2019.Telangana:34500, Rajasthan:75291.43,Maharashtra:15088.97, Madhya Pradesh:411198.76,Andhra Pradesh:2153.4, Gujarat:14531.54, Haryana:207.6.

Balance Stock of procured Chana during Rabi-18 season with Nafed is 1624623.25 MT as on 22 May, 2019.

Chana for June delivery on National Commodity and Derivatives Exchange (NCDEX), settled lower 0.2 percent or Rs 8 at Rs 4,622/100kg. Earlier, in the day, the contract hovered in the range of 4,618 and 4,661 on Friday.

Chana stocks at NCDEX accredited warehouses stood at 94,021 metric tonnes (Indore: 161, Bikaner 68,360, Jaipur 25,500) as on 23 rd May, up 93,639 metric tonnes from the previous session, the exchange data showed.

Australian chana dal priced lower by Rs 100 at Rs 5,550/100 Kg for spot on slow trade activity at higher rates. Domestic chana dal of Pistol brand also ruled weak at Rs 5,750 for Spot, Angel brand at Rs 5,950 for Spot, Samrat brand at Rs 6,050 for Spot. While, Chana besan priced flat at Rs 3,311/50Kg, Vatana besan at Rs 2,980/50 Kg and Vatana dal at Rs 5,400.

In Mumbai, Russia/Sudan/Ethiopia/Burma origin kabuli chana drifted down by Rs 100-150 each at Rs 4,400-4,425/100Kg, Rs 4,500, Rs 4,450 and Rs 4,650, respectively.

Kabuli chana of 40-42, 42-44 and 44-46 counts traded weak by Rs 150 at Rs 6,400/100Kg, Rs 6,200 and Rs 6,000, respectively at Indore market amid local buying and ongoing arrivals.

In forward business, Russia Kabuli Chickpea offered at $415 and Burma FAQ V7 at $650 per ton in container on CNF basis JNPT for ready shipment.

However, crushing in Chana/Kabuli Chana had increased due to cheaper prices and easy availability compared to White Pea. Flour millers were also active in purchasing chana as they were facing difficulty in getting other options, such as Tevda/Batri etc.

As per market talk, prices of chana were almost trading around or above MSP of Rs 4,620/100Kg. Chana prices likely to get support due to cheaper pulses compare to other pulses. Moreover, output of chana is likely to be lower by about 10-15 per cent this season in the country, according to trade estimates. Lower import quota of White Pea for this year may also support chana prices.

Prices may get support at lower rates as procurement is going by government and might not liquidate old balance stock in the market.

Imported Masoor (Mumbai):

Canada crimson variety red Masoor in vessel/container along with Australia red Masoor declined by Rs 25-50/100Kg at Mumbai due to slack millers trade activity, following weak trend in Tur and other pulses, regular imports from overseas and availibility of imported stock.

Canada origin red Masoor in vessel/container new priced lower by Rs 25-50 at Rs 4,100-4,125/100Kg and Rs 4,200, respectively.

Similarly, Australia origin red Masoor also fell by Rs 50 to Rs 4,300/100Kg against limited stock.

However, demand in processed masoor from consumption centres was reported limited. Canada Masoor Khopoli spot traded at Rs 5,000/100Kg.

In forward business, Canada crimson variety masoor new offered at $455 per ton in container on CNF basis JNPT for June-July shipment.

NAFED Procured 34082.66 MT Masoor In Rabi-2019 Season as on May 22,2019. Madhya Pradesh:34082.66.

Overall prices of Masoor are likely to get support on long term basis on further rise in Tur as both are substitutes for each other.

Imported White Pea (Mumbai):

Canada and Ukraine origin White Pea new declined by Rs 25-50/100Kg in Mumbai due to dull buying at prevailing rates.

Canada and Ukraine origin White Pea new traded each at Rs 4,900-4,925/100Kg and Rs 4,750-4,850, respectively.

Around 5274.8 tons White Pea arrived from various origin in April month at JNPT port. Canada White Pea :3206.77, Russia:1387.92, Ukraine:680.11.

Moreover, crushing in Chana/Kabuli Chana had increased due to cheaper prices and easy availability compared to White Pea.

Demand for matar dal/besan remained slack at prevailing rates.

However, prices are likely to get support in near future due to limited imported stock and also Matar quota has restricted to 1.5 lakh tonne/annually. Earlier it was 1 lakh tonne/quarterly resulting in support to the prices.

In forward business, Canada origin White Pea offered at $325 per ton in container on CNF basis JNPT for June shipment.

Moong (Jaipur):

Moong prices traded flat at Rs 5,800-6,700/100Kg as per quality at Jaipur market amid limited millers trade activity and also summer crop arrivals of new moong in selected states.

However, decreasing stock with Nafed will supported the prices. A lot will depend on the monsoon. If it is delayed, then prices will remain firm. Major stock of Moong were witnessed in Rajasthan.

Similarly, Moong dal prices remained unchanged at Rs 8,000-8,100/100Kg, depending on the variety.

NAFED has successfully procured 13620.08 MT of Moong in Rabi 2019 season at Minimum Support Price of Rs 6,975 as on May 22, 2019.Tamil Nadu: 4627.83, Andhra Pradesh:7155.8, Gujarat:1836.45.

Canada Green Pea (Mumbai):

Canada origin Green pea remained weak by Rs 200 at Rs 6,900/100Kg at Mumbai amid dull buying support at higher rates and availability of sufficient stock at Mumbai/Chennai cold storage and godowns.

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


       
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