Pigeon pea weak, prices of other pulses stable
Wheat prices soften, guar gum and seeds soften
New Delhi. Due to increased price and reduced demand from mills, gram prices became stable in Delhi. However, the pressure of arrivals of gram is not being created in the producer markets, because the production estimate in the current season is low. While stockists increase purchases of chana at lower prices, at higher prices mills are purchasing only as per requirement, hence there will be limited rise and fall in prices. If the weather remains favorable in the producing states, the arrival of gram will continue, and in view of the arrivals, pulse mills are purchasing gram only as per the requirement. In such a situation, buy gram only when the price comes down. In Delhi, the price of new gram from Rajasthan was quoted at Rs 6,275 to Rs 6,300 per quintal, while the price of new gram from Madhya Pradesh was quoted at Rs 6,250 per quintal. The daily arrival of gram was 5 to 6 motors.
Pigeon pea prices have weakened by Rs 50 in Solapur. Its prices had increased in the last two days, and the price of lemon had also increased in dollar terms. According to traders, pigeon pea imports are expensive, hence importers want to increase the prices. However, the central government is strict regarding the high prices of pulses in the domestic market. In such a situation, pulse millers are purchasing only as per requirement. In the coming days, the arrival of lemon from Myanmar will increase, along with the shipment of new pigeon pea will come from Sudan. Due to increased prices of Arhar dal, retail as well as wholesale subscription is weaker than normal. According to experts, the arrival of local pigeon pea in the producer markets has decreased compared to earlier. Therefore, one should not trade assuming a big rise in its price right now. In Solapur market, the price of desi pigeon pea was quoted at Rs 10,000 to Rs 11,900 per quintal.
Prices of imported urad remained stable in dollar terms in Chennai, while the SQ had declined by $5 on Tuesday. According to traders, the demand for urad dal in wholesale and retail is weaker than normal, hence there is no possibility of a big one-sided rise in the prices of urad dal. Anyway, the arrival of urad is still continuing in Telangana as well as Andhra Pradesh and due to the strictness of the Central Government, the pulse mills are purchasing urad only as per the requirement. Anyway, the import of urad from Myanmar will increase in the coming days, and the production estimate in Myanmar is high. In such a situation, due to the activity of stockists in the domestic market, there may be a slight rise in the prices of urad but there is no possibility of a big rise. However, imports are still expensive. In Chennai, urad SQ remained steady at $1,170 per tonne and FAQ at $1,080 per tonne.
Moong prices had softened in the producer markets on Monday, whereas today the prices have stopped. Traders are not in favor of a big rise in the prices of moong right now. The arrival of summer moong has started in the mandis of Madhya Pradesh and if the weather remains clear, the daily arrival of new moong in the mandis of producing states will increase as compared to before. Due to the consumption season, the demand for moong dal will still remain, and the production estimate of moong is likely to be low. Therefore, its price is expected to remain limited bullish and bearish. Arrival of summer moong has started in Madhya Pradesh and Gujarat. In Chhindwara mandi, warehouse moong was traded at the rate of Rs 6,800 to Rs 8,050 per quintal.
Prices of local lentils became stable in Delhi. According to traders, if the weather remains favorable in Madhya Pradesh as well as Uttar Pradesh, the arrival of new lentils will increase further. Record production of lentils is estimated in the current Rabi. The central government is also reviewing the prices of pulses every week. Therefore, its price is expected to soften further. According to experts, the demand for lentils in the consuming states of Bihar, Bengal and Assam is expected to remain the same. In Delhi, the price of local lentils was Rs 6,275 per quintal.
The prices of paddy as well as Basmati rice remain stable. According to traders, demand from exporters for Basmati rice is expected to remain, hence there may be a slight improvement in the price. 1,509 steam rice from Haryana line was traded at Rs 7500 and PR 14 variety Sela from Haryana was traded at Rs 4211 to 4225 per quintal.
Wheat prices weakened by Rs 15 to Rs 2,445 per quintal from Rs 2,430 at Lawrence Road. The weather has cleared in the states of North India, so the arrival of new wheat will increase in the coming days. Therefore, its price may soften in future. There has been an increase in arrivals of new wheat in Madhya Pradesh and Rajasthan. The arrival of wheat in Delhi was 5,000 bags.
Maize prices remain stable even today. According to traders, the arrival of Rabi maize has been continuously increasing in the mandis, hence its price is expected to soften in future. In Sangli, the price of starch maize was Rs 2,385 per quintal.
The prices of millet have become stable, the arrival of millet is decreasing significantly in the markets, hence there will not be much recession. In Charkhi Dadri, millet was traded at the rate of Rs 2,280 to Rs 2,300 per quintal.
Barley prices remain stable. According to traders, the arrival of barley in the producer markets has remained the same and the purchases from the stockists have also remained the same. However, a big rise in its price is not expected right now. The price of barley in the mandis is ranging from Rs 1550 to Rs 1750 per quintal.
Sugar prices have remained stagnant. Traders are not too bearish on sugar as of now, as it is the summer season, the demand for sugar is expected to remain. However, initial estimates for sugar are expected to increase. Till April 15, 310.93 lakh tonnes of sugar has been produced in the country.
The price of mustard has softened. Although there has been a slight improvement in palm oil in Malaysia, but the prices of soy oil have opened weak in Chicago. According to experts, if the weather remains favorable in the producing states, the arrival of new mustard will remain the same. In such a situation, there may be a slight rise in its prices but there is no possibility of a big rise yet. Subscription to mustard oil and mortar is also weak.
In the domestic market, the prices of palm oils opened weak by Rs 5, while the prices of other oils remained stable. In Malaysia, palm oil prices for the July futures contract rose by 5 rigints to 3,976 rigints per tonne. There has been a decline in soy oil in Chicago also. According to experts, there is little chance of a big rise in edible oils in the world market. Therefore, their prices are expected to remain limited bullish and bearish in the domestic market.
Soybean prices became stable in producer markets. According to traders, the daily arrivals in the producer markets will remain the same, while the plants are purchasing only as per the requirement. Soybean and meal prices have opened higher in Chicago, while soy oil is in a declining trend.
Cotton prices became stable in the domestic market for the second day. Cotton prices have opened weak in the world market today, due to which purchases from domestic mills remain limited. According to experts, the outstanding stock of cotton with the spinning mills in the domestic market is less, hence the mills will have to purchase cotton. However, the rise or fall in its prices will depend on the price of ICE cotton futures.
There has been a softening in the prices of cottonseed and cotton cake, according to traders, the subscription is weaker than normal, while the daily arrivals of cotton in the producer markets have decreased compared to before, and the arrivals will further decrease in the coming days, hence their prices will remain unchanged. There may be slight uptick and recession.
Guar seed and guar gum prices opened weak. According to traders, export demand for guar gum products is weaker than normal and the outstanding stock with the plants is high. Monsoon rains are expected to be normal in the current season. In such a situation, one should not do business considering the huge rise in guar gum and seeds. However, there has been a decrease in the daily arrivals of guar seeds in the producer markets as compared to earlier.