Price Estimates
Tur prices seen down on rising imports of cheaper variety, says pulses body
This story was originally published at 14:07 IST on 30 September 2024
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MUMBAI – Tur prices are likely to be on the downtrend due to increasing imports of cheaper tur from Africa and anticipation of higher production amid an increase in kharif tur sowing compared to last year, the India Pulses and Grains Association said in a weekly outlook.
Demand, on the other hand, will be need-based and minimal, which will weigh on prices, it said. Stockists and importers are likely to remain active sellers and exhaust existing stocks before the new crop arrives. The domestic crop is likely to be ample by the end of November, according to the report. Tur production is estimated at 3.4 million tonnes, up 3.17% from last year's 3.3 million tonnes, according to final estimates released by the Ministry of Agriculture and Farmers' Welfare on Sept. 25.
In the near term, prices of tur will depend on the pace of supply from Africa, as well as on the weather in major tur producing areas in October, as the crop will be in its flowering stage at that time, the pulses body said.
During the week ended Saturday, tur prices softened in major markets due to weak demand, lower prices for African tur, supplies from Myanmar at the Chennai port, and increased deliveries from September contracts, it said. Demand from millers and retailers was need-based as they anticipated more supplies from Africa and waited for the new crop to come in.
Prices of tur in the benchmark market of Kalaburagi in Karnataka were up by INR 175 from Thursday at INR 10,500-11,429 per 100 kg, according to the association. In Solapur in Maharashtra, they were steady at INR 10,500-10,900 per 100 kg, in the week ended Saturday. End
Reported by Taniva Singha Roy
Edited by Avishek Dutta
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