News You Can Use

  • Urad prices last week mostly witnessed a steady to positive trend at the major Indian markets amid steady buying from millers to meet festival demand.

  • Demand from mills was mostly hand-to-mouth as supply of the commodity is excess. Further, major buyers are sideline and not getting into big deals in the anticipation that prices would decline as supply after Diwali may pick up pace.

  • South India based millers are buying premium quality Urad due to empty pipeline as crop was lower last year and slow supply from Burma. Poor supply from Burma was mainly due to producers reluctant to sell their produce at the lower rates.

  • Nafed as on October 23 procured 11415 tonnes Urad from various Indian states under minimum support buying programme for buffer stock. It has sourced 3441 tonnes from Indian state of Rajasthan, highest among Indian states followed by 3384 tonnes from Indian state of Maharashtra.

  • Urad arrivals in Maharashtra are affected by heavy rains in September-end and the crop in the state is also expected to be damaged. Almost 60-70% of the crop was harvested before the rains began. Hence the standing 30-40% of the crop has been affected by rains.

  • As result of which, market is witnessing arrivals of both good and inferior quality Urad. Due to the rain damaged crop, the variation in prices between inferior and good quality has become very wide.

  • Urad prices in the near term may trade steady with negative bias due to good supply from producing states amid better production.