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Informist, Monday, Nov. 25, 2024

MUMBAI – Urad prices may stay low this week due to pressure from Myanmar imports, the India Pulses and Grains Association said in its weekly report released Monday. The forward contracts for December shipments of urad from Myanmar are being sold at a discount, the association said. Traders have already made heavy bookings of shipments of the pulse arriving in December while attempting to fulfil forward contracts made in November.

In Apr-Sept, urad imports rose 65% to 396,391 tonnes from 240,298 tonnes a year ago. Imports from Myanmar were at 377,386 tonnes during the same period.

Moreover, weak demand from millers, and the availability of cheaper domestic urad in Uttar Pradesh, West Bengal, and Odisha, is weighing on market sentiments.

Prices of both domestic and imported urad fell in the week ended Saturday due to new domestic arrivals in Uttar Pradesh, West Bengal, and Odisha. Millers' demand was low due to slow purchases of the processed and gota variety of the pulse, further pushing prices down, the association said. 

Demand from millers, though weak, was directed more towards cheaper urad from these states than imports from Myanmar, affecting prices of the latter negatively. With demand diverting away from Myanmar imports, the cost and freight quotes for shipments from the country were lowered, which put further pressure on prices, it said.

In the week ended Saturday, prices of urad in Chandausi, Uttar Pradesh, fell by INR 500 to INR 7,600 per 100 kg, and prices in Guntur, Andhra Pradesh fell by INR 250 to INR 8,400 per 100 kg, according to the association. Prices of urad imports in key ports such as Chennai fell by INR 150 to INR 8,200 per 100 kg, it said.

According to the first kharif estimates for the current crop year (Jul-Jun) published by the Ministry of Agriculture, urad production could drop 25% on year to 1.2 million tonnes from 1.6 million tonnes last year. End

Reported by Shreya Shetty

Edited by Tanima Banerjee

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