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Week Ahead: Moong unlikely to sustain at higher rates as Kharif crop arrivals begins

6 Aug 2022 10:39 pm
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MUMBAI, 6 Aug (Commoditiescontrol): Moong prices moved higher, as per quality, during the week ended to 6th Aug 2022 due to fresh mills buying at lower rates for immediate crushing requirements which were triggered by good demand for processed Moong.

India 2022-23 Kharif Moong acreage was up 2.51% (as compared to the same period last year), as of Aug 5 at 30.99 Lakh Ha Vs 30.23 last year.

Madhya Pradesh announced the summer Moong-Urad purchase at MSP, starting from August 8, through 741 procurement centers set up in 32 districts.

At the Jaipur market, Moong's price gained by Rs 100 at Rs 4,500-7,000/100Kg as per quality.

Gadag-Bagalkot market of Karnataka sees increased arrival of new Kharif Moong.

New Kharif Moong traded at Rs 7,800-8,300/100Kg, as per quality with arrivals of 1200 bags at Gadag market.

At Bagalkot market, new Kharif Moong traded at Rs 7,650-8,125/100Kg as per quality, arrivals were of 700 bags.

At Solapur market, new Moong traded at Rs 7,650/100Kg with arrivals of 1 truckload.

Madhya Pradesh origin summer crop new Moong traded higher by Rs 250 at Rs 6,750-7,050/100Kg, as per quality, at Naya bazaar pulses market of Delhi.

Uttar Pradesh origin summer crop new Moong priced up by Rs 150 at Rs 6,650-7,050, as per quality at Naya bazaar pulses market of Delhi.

Ranchi origin summer crop new Moong rise by Rs 150 at Rs 7,050, as per quality at Naya bazaar pulses market of Delhi.

As per the technical chart - Moong Jaipur - Until we see a breakout above resistance near Rs 7,100, the trend remains negative/next support at Rs 6,800. Click here

Trend - Moong prices may face resistance at higher rates as arrivals of new Kharif Moong crop has begun in few markets, such as Gadag-Bagalkot & Solapur. Arrivals may increase in the coming days. Moong sowing in Rajasthan was higher. However, prices may get some support as procurement of summer crop in Madhya Pradesh will begin from 8th August. Meanwhile, the weather is favorable for standing Moong crop at producing belt. Price movement will depend on the weather at the time of harvesting. The chance of crop loss will be high if rainfall arrives during the harvesting period.
(By Commoditiescontrol Bureau; +91-22-40015513)

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