News You Can Use

  • Urad prices have been trading sluggish since last 10 days at the major markets across the country in the absence of any encouraging sentiments.

  • Shrinking demand in physical market triggered with cash shortage in result of withdrawal of higher denomination notes by Indian government is likely to keep Pulses prices subdued in near term.

  • The government move is likely to weigh on commodity and Urad prices may decline in the days to come with other Pulses followed by flows from overseas markets and domestic crop.

  • However, traders in the Indian spot market have started to use the alternatives transaction methods like cheque, online payment, etc to execute trade between buyers and sellers in the wake of ban on high denomination currencies.

  • Myanmar will export about 100,000 tonnes of Pulses to India annually and a Memorandum of Understanding is being established in this regard.

  • The emerging scenario is clear. With the festival season behind us, demand has peaked. Urad from Myanmar have begun to arrive on Indian shores and likely to gather pace in the days to come which is likely to pressurize Urad prices.

  • Among Pulses, Urad production is seen 45% higher at 2 million tonnes this season.

  • The government agency National Agricultural Cooperative Marketing Federation of India Ltd (Nafed) has procured over 50,000 metric tons of Moong and Urad from the current Kharif crop as on November 10.