Mumbai, April 23 (Commoditiescontrol): Moong prices in Jaipur, Rajasthan, remained relatively stable for the week ending April 22, 2023, with both average and superior quality prices remaining unchanged due to limited mills' purchases and slack in processed Moong offtake.
Similarly, in the Jalgaon market, there was limited trade activity for both average and superior quality Moong, resulting in unchanged prices. In Delhi, the prices for average and good quality Moong from Rajasthan origin also remained flat for delivery.
However, in the bilty trade for Vijaywada delivery, the new Rabi Moong from the Guntur line experienced a decline of Rs. 100, trading at Rs. 7,450-7,500/100 kg compared to the previous week. Similarly, new Moong polish from Krishna district traded down by Rs. 250-300 at Rs. 7,700-7,850/100 kg, depending on quality.New Moong was traded at Rs 7,599/100Kg in the Harda market with arrivals of 40 quintals.
Due to thin offtake, the prices of Moong dal processed from both average and superior quality in Jaipur ruled unchanged at Rs. 9,300/100kg and Rs. 10,000, respectively. Meanwhile, in Gulbarga, the prices of Moong dal processed from both average and superior quality declined by Rs. 100 each, trading at Rs. 10,400/100Kg and Rs. 10,500/100Kg, respectively.
Based on the most recent sowing data, Moong sowing for the summer crop in Gujarat has decreased by 33.48%, covering only 46,435 hectares this year compared to the 69,801 hectares sown last year.
On the other hand, India as a whole has experienced a 38.45% increase in Moong sowing for the summer crop as of April 21. This year, a total of 11.56 lakh hectares have been sown, which is a significant increase from 8.36 lakh hectares sown 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: Moong prices are anticipated to face downward pressure due to the continuous influx of new crops from the Guntur and Krishna districts of Andhra Pradesh. At the same time, stockists have been actively selling their Moong stocks in Madhya Pradesh's markets, such as Indore, Khargone, Pipariya, and Hoshangabad, to clear their inventory ahead of the new summer crop arrivals. This pressure is expected to increase further in May with the arrival of the new crop from Gujarat, followed by Madhya Pradesh. Additionally, the significant 38.45% surge in India's summer crop sowing will likely result in a further increase in the supply of Moong soon.
(By Commoditiescontrol Bureau: 09820130172)
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