Mumbai, 22 Apr 2024 (Commoditiescontrol):DesiUrad prices across India's major mandis remained predominantly stable for the third consecutive trading session. However, imported urad prices displayed a slight weakening trend, with FAQ (Fair Average Quality) prices dropping in Chennai and Mumbai but holding firm in other major centers.
Market activity in Myanmar resumed after a week-long closure, with reports indicating mixed price movements.
The National Food Security Mission (NFSM) released updated figures for summer acreage under urad cultivation. The latest report shows a marginal increase to 2.76 lakh hectares, compared to 2.34 lakh hectares in the previous season. The states of Odisha and Uttar Pradesh recorded increased crop acreage. Conversely, Tamil Nadu reported a decrease in acreage attributed to limited water availability.
Urad prices are likely to retain support in the near term. Tight supplies resulting from reduced Indian production and restricted flow from Myanmar as stockiest holdback stocks in anticipation of hiegher prices are supporting the prices. The summer crop isn't anticipated to reach the market until late May or early June, further limiting supply and bolstering prices in the meantime. However, the summer season typically brings a slowdown in demand, making a sharp price increase unlikely.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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