MUMBAI (Commoditiescontrol) - Urad was the major gainer among the pulses during the week ended Saturday followed by chana and moong, whereas matar edged lower this week due to continuous supply from overseas.
Key Highlight Of The Week
--India Kharif Pulses Sowing Reaches At 145.84 Lakh Ha
--India Kharif 2016-17 Pulses Production Likely At 87 Lakh Tonnes
--South Africa Ready To Export 1 Lakh Tonnes Tur To India By 2018
--Madhya Pradesh Kharif 2016-17 Pulses Output Likely At 22.25 LT
--Govt Extends Stock Limit On Pulses, Oilseed For 1 Year
--Maharashtra 2016 Kharif Pulses Crop Likely Up 236% Y/Y
--Govt Procures 3,273 MT Moong At MSP As On Sept 19
--Moong Procurement Starts In Rajasthan At MSP
Urad: Burma urad FAQ variety at the benchmark Mumbai pulses market surged 7.34 percent this week supported by slow supply of new domestic crop due to heavy rainfall in key growing regions of Maharashtra, Karnataka and Andhra Pradesh. Further prices were also supported by negligible arrivals from Burma.
New urad supply has already started in most producing states of Maharashtra, Karnataka, Madhya Pradesh, Uttar Pradesh, Rajasthan and Andhra Pradesh. And supply pressure is likely to increase after Dussehra.
According to trade sources south India based millers are mainly preferring imported or Maharashtra origin urad for crushing due to better quality, however since supply is tight due to empty pipeline due to slow supply from Burma, they are buying even at the higher rates, but for fulfilling their near term commitments only as they are bearish in the commodity in the anticipation of supply to be in full force after 'Dussehra'.
New urad supply is slow from South India due to recent rainfall. Further there are some concern about the crop in the regions. According to trade sources quality and quantity was hurt by recent rainfall. However since the new crop is huge, any nominal production loss is unlikely to put any major impact on prices, but in quality term price difference between the inferior and premium grade is likely to widen.
India government in its first 2016-17 kharif advance estimate projected urad crop at 2.01 lakh tonnes, sharply up from 1.39 lakh tonnes last year. Earlier the government set urad kharif production target at 1.45 lakh tonnes.
Urad prices in the near term may be supported by good festival demand, tight overseas supply. However long term outlook in the commodity is not very encouraging due to expectation of bumper production.
Chana: Chana of Rajasthan origin at the key Lawrence road market of Delhi rose by 7.34 percent due to increased demand from millers for crushing to meet festival demand. Slow supply and possibility of delay in chana shipment from Australia due to adverse weather also lent support to the prices.
Millers are buying chana regularly, but in limited quantity as they are cautious as well at the higher level due to fear of government action in case processed pulses rise above Rs 100-110/kg. Demand in chana dal is said to be good, as well in besan since its a peak consumption period. Domestic chana consumption increased during September-October period due to many festivals like Ganesh Chaturthi, Navratri, Dussehra & Diwali.
According to trade experts chana is strong among pulses since domestic crop supply will be available only by March, whereas rain in Australia has raised concern about the crop and shipment is also likely to get delay. Thin availability of chana in the country due to lower crop last year is also likely to keep prices supported in the coming months.
However demand in chana dal is likely to slowdown after end of festival and with increased kharif pulses supply may pressure on prices. But chana prices are likely to react less in proportionate to matar, urad, moong and tur due to tight supply-demand balance sheet.
Australia agriculture department (Abares) projected Australia chana production at 12.34 lakh tonnes for 2016.
Tur: Lemon tur of Burma origin was least gainer during week ended Saturday, however demand for tur said be decent due to strong demand in tur dal from wholesalers and retailers due to empty pipeline. Supply of tur is thin, but ahead of expectations of bumper production, buyers, mainly millers are buying raw material only as per their immediate requirement. New tur supply is expected to start from November.
Tur crop in the country is developing under favorable conditions, however recent heavy rainfall in many parts of major producing states may raise some concern, but since government expects tur production in the country could 42.9 lakh tonnes and any nominal loss will not help prices.
Tur price may trade with volatility stuck between demand for festival and bumper production prospects, however long term outlook seems to bearish.
Moong : Moong prices in Jaipur market of Rajasthan traded mostly flat this week, recovering from 2016 low of 4,200 after government directed agencies to start procurement at MSP. However government agencies so far procured only 3,273 tonnes of moong, which is just 4.5 percent of total arrival received in the country during September month indicating slow buying by agencies. According to Agmarknet data the country has received supply of 71,517 tonnes so far during September.
According to report received from markets Nafed is buying moong with moisture condition with 12 percent or below and reject to procure beyond the limit.
Since domestic production is likely to be huge this kharif season, moong prices are unlikely to get any major support unless government agencies procure it extensively. Government projected kharif moong production at 13.5 lakh tonnes against 10 lakh tonnes last year.
Moong supply has started in Andhra Pradesh, Karnataka, Maharashtra, Rajasthan, Telangana and Madhya Pradesh. Further flow of moong is likely to pick up after Dussehra or Diwali, which may keep prices under stress. Continuous flow of moong from overseas also likely to weigh on market sentiments.
Matar : Matar edged lower by 5.31 percent this week due to persistent supply from overseas market and slow demand. Outlook in matar is said be bearish as Canada is likely to harvest record 46.11 lakh tonnes in 2016-17 against 32.01 lakh tonnes a year ago.
Matar prices is mainly pressured by continuous flow from France, Canada, Russia and Ukraine. Further the commodity is available at attractive discounted rates of 2251-2300/100kg against present rate of 2700-2800, which acts as negatively for Matar. Domestic demand is slow as well, as many cargoes are already reached and about.to reach domestic ports which will keep availability ample.
Masoor - Masoor performed in red during the week due to limited activity from consumption centres and projected bumper crop in Canada and U.S. Canada crop for 2016-17 projected at 32.34 lakh tonnes against 23.73 lakh tonnes last year.
(By Commoditiescontrol Bureau; +91-22-40015533)
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