Week Ahead: Week Ahead: Moong prices may stay weak on rising Rabi crop arrivals.

Mumbai, April 15 (Commoditiescontrol): The Jaipur market saw a decline in prices for superior quality Moong for the week ending April 15, 2023. This was due to thin mills purchases, as there was a slack offtake of processed Moong. However, the prices for average-quality Moong remained unchanged.

Likewise, at the Jalgaon market, the superior quality Moong prices traded down by Rs 600/100Kg, as millers were inactive at higher rates due to a dull offtake of Moong dal. However, the prices for average-quality Moong remained steady.

For Rajasthan origin average and good quality Moong, prices increased by Rs 200/100Kg for Delhi delivery due to the select millers' demand for crushing operations.

In the bilty trade for Vijaywada delivery, the new Rabi Moong from the Guntur line traded higher by Rs 100 at Rs. 7,550-7,600/100 kg compared to the previous week. However, new Moong polish from Krishna district traded down by Rs 100-200 at Rs 8,000-8,100/100 kg, depending on quality.

For Gulbarga delivery, Guntur line new Moong traded at Rs 7,900-8,000/100Kg in the bilty trade.

In Jaipur, the prices of Moong dal processed from both average and superior quality continued to fall by Rs 200-300, reaching Rs 9,300/100kg and Rs 10,000, respectively, due to dull offtake.Similarly, in Gulbarga, the prices of Moong dal processed from both average and superior quality declined by Rs 200-300 each, trading at Rs 10,500/100Kg and Rs 10,600/100Kg, respectively.

According to the latest sowing data, Moong sowing for the summer crop in Gujarat has decreased by 34.32%, with only 44,363 hectares being cultivated this year. This is significantly lower than the 67,548 hectares sown last year. Instead, sesame seeds have taken over the area of cultivation previously used for Moong. In contrast, India as a whole has seen a 74% increase in Moong sowing for the summer crop as of April 14. This year, 10.73 lakh hectares have been covered compared to 6.17 lakh hectares during the same period last year.

As per technical chart - Desi Moong (Jaipur) - Any near term weakness may find good support near Rs 8,500. Click here

Trend:Trend: The prices of Moong are expected to decline further due to the increasing arrival pressure of the new crop from the Guntur and Krishna districts of Andhra Pradesh. This pressure is expected to rise further in May with the arrivals of the new crop from Gujarat, followed by the new crop from Madhya Pradesh in June. Moreover, the sowing of India's summer crops has seen a significant 74% rise, which is likely to result in an even greater increase in Moong supply in the near future. As a result, Moong prices are expected to remain under pressure.

(By Commoditiescontrol Bureau: 09820130172)