Mumbai, April 01 (Commoditiescontrol): In Jaipur, the prices of Moong remained mostly steady for the week ending April 01st, 2023. This was because there was limited buying by mills at higher rates and slow offtake in Moong Dal.
On the other hand, in the Jalgaon market of Maharashtra, the prices of superior quality Moong decreased by Rs 300 to Rs 10,200/100Kg due to low demand from mills at higher rates. However, the price for the average quality Moong remained stable at Rs 9,000.
Meanwhile, in the Delhi market, both average and superior quality Moong from Rajasthan saw a price increase for the second consecutive week, with a hike of Rs 400-500/100kg .
In Jaipur, the prices of Moong dal processed from average quality decreased by Rs 200 to Rs 9,800/100Kg. In contrast, the prices of superior quality Moong remained unchanged at Rs 10,400.
In Gulbarga, the prices of Moong dal processed from both average and superior quality increased for the second week. Price for both the variety rose by f Rs 400 each during the week. This resulted in prices reaching Rs 10,900/100kg and Rs 11,000/100kg, respectively.
According to the latest data on sowing, Moong sowing for the summer crop in Gujarat decreased by 24.11% and covered 38759 hectares this year, which is less than the 51070 hectares sown last year.
On the other hand, India's Moong sowing for summer crop increased by 24.91% as of March 31, with 1.95 Click here lakh hectares being covered this year compared to 1.61 lakh hectares during the same period last year.
As per technical chart -Desi Moong (Jaipur) - Trending higher / Next resistance at Rs 9,000.
Trend: The price of Moong is extremely overbought and is expected to undergo a correction in the near future. The present escalation in Moong rates can be attributed to two reasons. Firstly, there is a scarcity of high-quality Moong. Secondly, millers had previously sold Moong dal in forward trades, and now they are buying it back, resulting in short covering. However, the supply of superior-quality Moong is expected to rise as the Rabi crop is due to arrive soon. Furthermore, most of the forward trade has been settled, and the short covering by the millers is over. Additionally, the supply may increase further due to the liquidation of stocks by the stockiest and NAFED before the arrival of the Rabi crop. The high prices of Moong have caused a decrease in consumer demand, and this may lead to the end of the current rally as selling pressure increases and demand slows down. Moreover, Moong prices may be negatively impacted by the 25% higher sowing for India's summer crop.
(By Commoditiescontrol Bureau: 09820130172)
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