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Informist, Monday, Sep 2, 2024

By Shreya Shetty and Anjali Lavania

MUMBAI – Prices of chana rose in Indore, Madhya Pradesh, due to strong festival demand, traders said. Prices of most other pulses, including tur, urad, moong and masur were unavailable as major markets across India were shut for Somvati Amavasya, they added.

CHANA prices in Indore were up by 50 rupees from Friday at 7,950 rupees per 100 kg, Lakhan Goyal, a local trader, said. Arrivals were the same at 1,200 bags (1 bag = 100 kg), Goyal said.

Prices of chana are expected to remain high due to strong demand during the festival season, low supply, and limited selling, the India Pulses and Grains Association said in a weekly outlook. The movement in chana prices was mixed throughout the week ended Saturday. "Some markets saw prices drop due to low buying interest and cheaper alternatives, while others remained strong as sellers held back stocks, expecting prices to rise with upcoming festival demand," the association said. 

Chana demand is likely to taper off once festival needs are met, it said.

TUR prices in Vidisha, Madhya Pradesh, were unavailable as the market was closed for Somvati Amavasya, Pradeep Sahu, another Madhya Pradesh based-trader, said. Prices are likely to recover due to need-based demand from millers ahead of the festival season, the association said in a weekly market outlook. Moreover, ongoing purchases by the government amid limited domestic inventory will also support prices, it said. 

Prices of MOONG in Akola, Maharashtra were unavailable as the market was shut, Ankit Kedia, a local trader, said. Similarly, prices of URAD and MASUR were unavailable as key markets like Vidisha and Ashok Nagar in Madhya Pradesh were also closed, traders said. 

The association said urad prices could rise from next week due to concerns about damage to the kharif crop. Anticipation of lower production due to a 5.7% decline in acreage in Madhya Pradesh, Rajasthan, and Odisha may also support prices, it said. Even though crop yields are good in Maharashtra, Karnataka and Andhra Pradesh, heavy rains in these areas have led to concern about the crop, the association said.

The India Meteorological Department has predicted above-normal rainfall in September, which could affect standing crops. The kharif urad harvest in Madhya Pradesh, Rajasthan and Uttar Pradesh is expected to start in October.  End

Edited by Avishek Dutta

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