Login ID:
Password:
Partner Login
Contact Us : 7066511911

Weekly: Urad/Moong/Chana Extend Losses For 3rd Week In A Row

7 Mar 2020 6:23 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) – Major imported raw pulses, such as Urad, Chana, Kabuli Chana, White Pea and Moong continued to lose, for the third straight week. Pulses were pressurised by crop arrivals, negligible buying amid liquidity crunch and dullness in demand and sale counters.

Green Pea managed a positive weekly close amid fresh low level buying on shortage of ready stock. While Tur prices settled, the week, on a mixed note.

Masoor prices were steady, owing to limited buying by the millers.

Week Highlights

# Canada's Red Lentil Export Ups 79% M/M In January. Red lentil exports for January 2020 stood at 127,896 metric tons (MT), up from 71,423 MT in December 2019.
#
Canada's Field Pea Export Dips 44% In January. Field Pea Exports for January stood at 195,675 metric tons (MT), down fom 346,846 MT in December 2019.
# Govt Extends Deadline For Importing Additional Urad, To April 30.
# Unseasonal Rain, Hailstorms likely Damaged Wheat, Mustard, Gram.

Burma Lemon Tur:

Tur Lemon variety of Burma-origin declined by Rs 50 at Rs 4,750/100Kg in Mumbai amid slack millers' trade and regular new domestic arrivals. Negligible buying from mills in imported Tur is the major reason, as millers' preferred new domestic Tur. Availability of other origin Tur, such as Mozambique, Arusha and Malawi, kept a lid on Burma Tur prices, as well.

Malawi-origin Tur traded at Rs 3,950/100Kg, Mozambique Tur at Rs 4,300 and /Arusha Tur at Rs 4,350.

New domestic Tur in bilty trade at Akola traded higher by Rs 150-175 at Rs 5,225-5,250/100Kg due to fresh buying support at lower rates.

Regular demand and sale counter witnessed some activity in Tur dal at prevailing rates.

Pace of Tur procurement by Government, from producing states, has upped providing cushion to the prices.

Latur-origin new Phatka variety traded in the range of Rs 7,500-7,700/100kg, for spot. Gujarat-origin Wasat new Phatka variety at Rs 8,100-8,300/100Kg, Jalna-origin new Phatka variety at Rs 7,800-8,100 (Spot), Khamgaon-origin new phatka variety at Rs 7,300-7,400/100Kg and Solapur-origin new phatka variety at Rs 7,450-7,550/100Kg (Spot).

Mozambique-origin Tur dal Phatka variety traded at Rs 6,250/100Kg and Sava No variety at Rs 6,050.

As per trade view, Tur prices are likely to get support due to low carryover stock and empty pipeline. The millers/traders have been trading hand-to-mouth due to liquidity crunch and Government policy. Some buying from stockiest was reported. However local market players were active in purchasing new Tur for outstation traders and millers. Bulk buyers are yet to be seen.





Burma Urad:

Burma-Urad FAQ new/old variety continued to trade lower by Rs 100, each, at Rs 5,950/100Kg and Rs 5,800 respectively, at the Mumbai market.

Similarly In Chennai, Urad FAQ/SQ varieties moved southward, each by Rs 200, to trade at Rs 5,900/100Kg and Rs 6,300, respectively in ready delivery, as per condition.

Reasons behind the weakness lies in regular overseas supply against import quota at lower landing cost, sluggish offtake in Urad dal/gota and new domestic arrivals in districts of Andhra Pradesh.

Market is observing caution in ready trade at prevailing rates, tracking weak prices in forward deals in Chennai.

Meanwhile, Jaipur High Court postponed the hearing on pulses import restriction till March 18, 2020.

Even Supreme Court has pushed the date of hearing on pulses import restriction till March 16, 2020.

The hearing is regarding non-issuance of Customs clearance to containers of urad imported against the stay order.

Meanwhile, Supreme Court postponed the hearing on pulses import restriction/Licence Cancellation till March 20, 2020.

Bikaner-origin branded Urad dal traded lower at Rs 8,200-8,400/100Kg for spot. Tiranga brand of Mumbai was priced at Rs 8,700/100Kg for Mumbai delivery, Parivar brand of Jalgaon was quoted at Rs 8,300/100Kg for spot.

Guntur-origin Urad gota traded weak at Rs 8,000/100kg in spot.

As per trade sources, Urad prices are likely to remain under pressure after Government extends deadline, for importing additional Urad, to 30th April 2020. Nearly 2.5 lakh tonnes of Urad is likely to reach India as per given quota.

Ongoing arrivals in Andhra Pradesh, following summer crop arrivals from Madhya Pradesh in near future will keep the prices from rising.



Chana Kantewala (Indore):

Chana prices traded steady-to-weak at Rs 3,950-4,000/100Kg in Indore, amid thin purchases from local millers.

Weak Futures market, higher output estimates and cautious buying by millers is weighing upon the prices.

NAFED is selling its old stock, in selected states, whilst availability of new domestic Chana is pressurising buyer sentiments.

Even demand for chana dal and besan was lukewarm at wholesale/retail counters.

In Mumbai, Tanzania-origin Chana fell by Rs 150 to Rs 3,850, while Burma-origin chana was unchanged at Rs 3,800/100Kg.

Chana for March delivery on National Commodity and Derivatives Exchange (NCDEX) settled 1.4 percent or Rs 56 weak at Rs 3,946/100kg. Earlier, in the day, the contract hovered in the range of 3,939 and 4,009 on Friday.

Open interest for NCDEX March contract decreased to 9780 lots against 14040 lots.

Similarly, open interest for April contract dipped to 25180 lots against 26730 lots.

Open interest of top 10 trading clients in the long side was 19340 MT, whereas the short position of top ten clients was 29140 MT. The position of top 10 clients was net short by 9800 MT.

Chana stocks at NCDEX accredited warehouses was reported to be nil.

New Domestic chana dal of Pistol brand was quoted weak at Rs 4,950 for Spot, Angel brand at Rs 5,200 for Spot, Samrat brand at Rs 5,200 for Spot. Similarly, Chana besan traded lower at Rs 2,960/50Kg.

In Mumbai, Sudan and Ethiopia-origin kabuli chana fell by Rs 25-100 each at Rs 3,875/100Kg and Rs 3,850, respectively, due to dull trade activity and new arrivals in selected markets. Liquidity crunch owing to lesser interest shown by besan flour millers and weak trend in Chana prices are weighing on imported Kabuli Chana prices. While, Russia and Burma Kabuli Chana remained unchanged, each, at Rs 3,900 and Rs 3,850 respectively.

On the other hand, Kabuli chana of 40-42, 42-44 and 44-46 counts moved higehr by Rs 100 each at Rs 6,350/100Kg, Rs 6,150 and Rs 6,000, respectively at Indore market amid slack local buying activity.

While, Dollar-variety Kabuli Chana priced flat at Rs 5,200-5,800/100Kg at Indore.

As per market view, Government is likely to raise its procurement target of Chana, at MSP, this year due to bumper crop. Arrival pressure of new domestic Chana will be witnessed after holi in Maharashtra, Madhya Pradesh and Rajasthan.

Chana prices will depend on Government's stock liquidation to make space for fresh procurement. Meanwhile, medium-term outlook for Chana is bearish. Sell on rise is reckoned to be the best strategy for trade.





Imported Masoor (Mumbai):

Canada crimson variety Masoor at Mumbai, Hajira and Mundra port, along with Australia Masoor in Mumbai ruled steady to firm.

Millers buying support at lower rates, weather concern, limited stock of ready imported Masoor, lends much support.

It is to be noted that pulses import will become costlier due to depreciation in Indian currency against USD.

Canada-origin red Masoor, in container, traded at Rs 4,700/100Kg.

Similarly, Australia-origin red Masoor traded at Rs 4,725/100Kg.

Canada crimson variety Masoor traded at Rs 4,575/100Kg and Rs 4,575 at Mundra and Hajira port, respectively.

However, arrivals of new Masoor were reported at major markets of Madhya Pradesh/Uttar Pradesh. This is likely to keep the gains under check. Arrivals are likely to pick up pace after Holi.

Meanwhile demand in processed masoor from consumption centres was reported to be thin.

Canada Masoor dal Khopoli spot ruled at Rs 5,550/100Kg.

In forward business, Canada crimson variety Masoor new is being offered at $510 per ton in container on CNF basis JNPT for April/May shipment and Australia Nugget variety Masoor at $530 per ton for March/April/ shipment.



Imported White Pea (Mumbai):

Canada-origin White Pea at Mundra port, fell Rs 50-100 to Rs 5,550-5,600/100Kg, amid dull buying, weak trend in Chana and increased arrivals of White Pea in Uttar Pradesh. Arrivals are likely to pick up pace after Holi.

On the other hand, Uttar Pradesh/ Madhya Pradesh-origin new White Pea traded at Rs 4,550/100Kg and Rs 4,450, respectively in Kanpur. Buying was witnessed at lower rates, due to weather concerns and report of local crop damage.

The reason behind this dullness lies in the shift of White pea's trading volume, as the preference stays with Chana/Kabuli Chana due to cheaper prices and easy availability.

Consumption in Chana dal/besan was reported to be thin, despite lower prices.

The peas could not find support, despite tightness in ready stock.

However, imports are unlikely as Government imposed the CIF value of Rs 200 per kg as Minimum Import Price for peas.

Meanwhile, Supreme Court postponed the hearing on pulses import restriction till March 16, 2020.

Jaipur High Court has pushed the hearing on pulses import restriction till March 18, 2020.

The hearing is regarding non-issuance of Customs clearance to containers of White Pea imported against the stay order.

White Pea dal/besan traded range bound amid thin activity. Vatana dal traded at Rs 6,800. Vatana besan of second quality priced at Rs 3,560/50 Kg.



Moong (Jaipur):

Moong prices traded lower by Rs 200 at Rs 7,700-7,800/100Kg, as per quality, at Jaipur market due to slack buying activity. Even moong dal prices dipped by Rs 200 at Rs 8,500/100Kg, for different varieties.

Trade activity was reported to be slow, following weak sentiments in other pulses.

Demand and sale counters in processed Moong was reported to be thin, as well.

NAFED has been actively selling procured Moong in selected states.

At Naya bazaar market of Delhi, Rajasthan new kharif Moong traded at Rs 7,700-8,000/100Kg.

Ongoing arrivals of Moong was reported at Srikakulum district of Andhra Pradesh.

As per trade sources, prices of Moong are likely to stay rangebound on slow demand at higher rates and the arrival of summer crop from various states (Odisha, Bengal and Bihar).



Canada Green Pea (Mumbai):

Canada-origin Green pea moved higher by Rs 500 at Rs 11500/100Kg at Mumbai.

Postponement of Supreme Court’s hearing, limited ready stock and fresh buying activity at lower rates pushed Pea prices Northward.

Meanwhile, Jaipur High Court postponed the hearing on pulses import restriction till March 18, 2020.

The Customs Department is yet to issue clearance to the containers stuck at Mumbai ports, lending support to the pea.

Also, Government had imposed the CIF value of Rs 200 per kg as Minimum Import Price for peas.




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


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Special Reports
Weekly: Pulses Drop On Listless Demand In Dals, Crop Ar...
Canadian Lentil Prices To Rise Sharply On Firm Demand, ...
Weekly: Urad/Masoor Declines Most In Pulses Complex, M...
Weekly: Tur/Chana Plunge Most This Week, Masoor Trades ...
Weekly: Most Pulses Weaken Amid Thin Activity Due to Lo...
more
Top 5 News
Cotton Yarn Prices Set To Slide About 9%; Buying Oppor...
Indian COTTON Market intelligence and Price Outlook: F...
veg oil Complex Fundamental Analysis Report
Weekly: Pulses Drop On Listless Demand In Dals, Crop Ar...
USD/MYR
Top 5 Market Commentary
Major Pulses Remain Weak In Delhi On Dull Activity
M.P Cotton Quotes Steady Amid Weak trade
M.P Cotton Quotes Steady Amid Weak trade
Cotton Firms Up Rs 100 In Lower Rajasthan
Tocom/ Shangahi Rubber Price (PM) 26 MAY 2020
Copyright © CC Commodity Info Services LLP. All rights reserved.