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Informist, Monday, Sep 2, 2024

MUMBAI – Tur prices are likely to recover due to need-based demand from millers ahead of the upcoming festival season, the India Pulses and Grains Association said in the weekly market outlook. The ongoing purchases by the government amid limited domestic inventory will also support prices, it said. 

Slow supplies from Africa will also support prices, it said. Market participants are also closely monitoring the weather in September, as the India Meteorological Department has forecast above normal rainfall, which could threaten crops in major tur producing areas, according to the report.

However, a surge in supplies from Africa in October and arrivals of domestic new crop during mid-November are expected to cap the gains, according to the report.

During the previous week, tur prices increased due to less supply, as there were only a few willing sellers when prices were low, according to the association. Prices also increased, driven by demand from millers, rising cost and freight quotes, and mixed crop conditions in Maharashtra and Gujarat in areas hit by excessive rainfall, it said. 

Tur prices in Akola, Maharashtra, were up 100 rupees at 15,300-15,500 rupees per 100 kg, during the previous week, according to data by the pulses body. Arrivals were steady at 500 bags (1 bag = 50 kg).  End

Reported by Taniva Singha Roy

Edited by Deepshikha Bhardwaj

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