Pulses body sees urad prices stable to low this wk on weak demand, low sales
This story was originally published at 20:10 IST on 6 January 2025
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MUMBAI – Urad prices are likely to remain steady to low this week due to weak demand in the domestic market and high selling pressure from Myanmar, the India Pulses and Grains Association said in a report published Monday. Further, low sales of processed urad are likely to weigh on prices.
The association said there is selling pressure from Myanmar exporters as they expect a bumper crop in the country this time. Additionally, upcoming holidays in Tamil Nadu from Jan. 11-19 on account of Pongal will also weigh on demand as millers are expected to shut down processing of urad during these period.
"This is a demand period, and it will be interesting to see how the market reacts to current prices," the report said. However, importers and millers are likely to trade less due to liquidity issues amid concerns over the weakening Indian currency. Market participants may stay cautious till Mar. 31 to avoid further losses, it added.
In the week ended Saturday, urad prices in Guntur in Andhra Pradesh fell INR 250 per 100 kg from the previous week to INR 8,050 per 100 kg, according to the association. Similarly, in Lalitpur, Uttar Pradesh, prices fell INR 100 to INR 5,500-INR 7,400 per 100 kg.
Prices fell last week due to weak buying from millers and traders, along with low demand for urad dal and other varieties, the association said. Lower cost and freight prices from Myanmar and increased export selling also contributed to the decline in prices. End
Reported by J. Navya Sruthi
Edited by Tanima Banerjee
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