OfBusiness Pulses Dailies

8^th May’23

Price

• Prices of all count grades of Kabuli Chana remained steady in the Indore market, with trades happening at Rs 9400-12400 per quintal.
• Indore market saw stable prices for domestic Masoor crops at Rs 5600 per quintal, while Kanpur market maintained prices at Rs 5850 for UP line and Rs 5800 for MP line crops. Imported Masoor varieties in Mumbai market were also steady, with Canada shipments at Rs 6050 per quintal and Australia shipments at Rs 6100 per quintal.
• Urad prices in Mumbai ports rose by Rs 50 per quintal with FAQ selling at Rs 7800 per quintal. In Chennai port, prices increased by Rs 50 to Rs 100 per quintal, with trades happening at different rates for SQ ready, June shipments, and July shipments. Currently ready FAQ rose by Rs 25 and is selling at Rs 7650 per quintal.

Demand and Supply

• Last week, imported Tur prices from Africa and Burma rose due to active buying from mills, low domestic supply, and increased import disparity. Although CNF prices for Burma are slightly weak, spot prices in Chennai port are still high. Most of the crops in Burma are held by strong hands with expectations of further price increases.
• Delhi market for Desi Chana from Rajasthan and Madhya Pradesh was weak due to millers buying only on a need basis. Slow offtake in the consumer market was observed for chana dal and besan. Arrivals were slightly up with about 11 truckloads compared to the previous session’s 10 truckloads.

News

• El Nino is predicted by scientists to occur in June 2023, leading to increased global temperatures and disruptions in precipitation and temperature patterns. The event is expected to cause more rainfall in some regions, such as South America and the Horn of Africa, and droughts in others, including India, Southeast Asia, and Australia, as the impact of climate change exacerbates the effects of El Nino.
• NAFED’s Desi chana procurement has reached 1721796 MT for this season with respective states at 78570 MT for Karnataka, 294297 MT for Gujarat, 62200 MT for Andhra Pradesh, 616977 MT for Maharashtra, 5225 MT for Uttar Pradesh, 568723 MT for Madhya Pradesh, 45566 MT for Rajasthan and 50238 MT for Telangana.
• Chennai spot market for Urad is expected to see short-term positive trend with the next resistance of prices expected at Rs 8750 per quintal.

OFB’s Opinion

• Tur prices may decline in the near future due to lower demand resulting from high pricing for both domestic and imported crops. The government may also consider alternative measures to regulate the market as mandating stock disclosure did not yield the expected outcomes.