MUMBAI, March 18 (Commoditiescontrol): In the week ended on March 18th, witnessed a modest rise in the prices of both local and imported types of Masoor, which amounted to an increase of Rs 75-100/100Kg. The reason for this increase was due to various factors, such as mills buying according to their needs, a lower arrival of new local crops than expected due to bad weather, a rise in activity from stockists and bulk buyers due to limited carryover stocks, and finally, stable global prices.
A ship carrying 26,500 tons of Australian Masoor is unloading cargo at Kolkata, while another vessel carrying approximately 28,000 tons are expected reach Kolkata by the end of March.
At the benchmark markets of Indore, Kanpur, and Delhi, price of domestic origin Masoor increased by Rs 100-200/100 kg as millers and bulk buyers were actively purchasing the new crop. Additionally, the arrival of new crops was lower due to rain, hailstorms, and strong winds in the key growing states.
Furthermore, Masoor dal, produced from domestic origin Masoor, rose in the range of Rs 50-150 to Rs 6,650-7,150/100Kg at Katni due to increased demand. Similarly, the commodity produced from Canadian origin Masoor also traded steadily at Rs 7,150-7,350, an increase of Rs 50.
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International Updates:
The estimated seeded area for Canada Masoor in 2023 is between 3.60 million and 4.28 million acres, with the average estimate being 4.10 million acres. If yields bounce back to the five-year average of 1,310 pounds per acre, supplies could range from 2.38 million tonnes to 2.77 million tonnes. This compared to the 2022/23 supplies at 2.57 million tonnes. The total usage of lentils in 2022/23 is estimated at 2.37 million tonnes, and the acreage outcome will determine the lentil market's future. At the low acreage number, lentils would be produced in 2023/24 to meet demand, but with no carryover, while the high-end would provide some breathing room but not be excessive
As per technical chart - Canada Masoor (Mumbai) - Counter-trend Rally / Next resistance at Rs 6,300. Click here
Trend: Trend: Masoor prices will likely remain bullish over the upcoming week for various reasons. Firstly, there has been unfavourable weather in the regions where Masoor is cultivated, which may negatively impact crop yield. Furthermore, as the prices of Tur dal have increased, there has been an uptick in demand for Masoor as a substitute. Additionally, the government plans to start procuring Masoor at a minimum support price of Rs 6000 per 100 kg in Uttar Pradesh from April 1, which is expected to support Masoor's price. Finally, the current spot prices are lower than the landed cost of Masoor. All these factors are expected to keep Masoor prices bullish in the upcoming week. However, the Bullish trend may lose momentum as new crop arrivals gain pace in the forthcoming weeks.
(By Commoditiescontrol Bureau; +91-9820130172)
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