Stability seen in lentil market this week but prices in the market are still less than MSP (6700 rupees)
23-Nov-2024 10:11 AM
Stability seen in lentil market this week but prices in the market are still less than MSP (6700 rupees)
The lentil market has maintained stability this week, but prices are still below the Minimum Support Price (MSP) of ₹6,700, which could lead to challenges for farmers. Here's a detailed update on the market trends:
Market Trends & Price Movements
Madhya Pradesh Mandis:
Key mandis like Ashoknagar, Bina, Ganjbasoda, Indore, Jabalpur, Javra, and Sagar have seen stable prices for lentils.
Uttar Pradesh Mandis:
In Lalitpur mandi, prices dropped by Rs. 50-100 per quintal this week, while in Bareilly and Kanpur, prices remained unchanged.
Mumbai & Ports:
Canada container price: Stable at Rs.6,125-6,150 per quintal.
Mundra Vessel: Rs.5,900 per quintal.
Hazira: Rs.5,900-6,000 per quintal.
Bihar Mandis:
Prices fell by up to Rs.50 per quintal this week, continuing the downward trend seen in some other regions.
International Prices:
Canada Lentil CNF: Stable at $675 per ton, but down by $30 compared to last week.
Australia Lentil CNF: Remained stable at $700 per ton.
Impact on Sowing:
Lentil sowing is currently underway, but farmers might be discouraged by the prices being lower than the MSP.
With more profitable crops like gram and wheat offering better returns, there is a concern that farmers may shift away from lentil sowing.
Outlook:
The market will likely remain dependent on sowing data and how it unfolds in the coming weeks. If sowing data indicates a significant shift to other crops, it could further influence prices and market dynamics.
Key Takeaways:
Price Stability: While there is stability in prices, they remain below MSP, affecting farmer sentiment.
Sowing Trends: With better returns from other crops, farmers may reduce lentil cultivation, which could impact future supply and market conditions.
Global Prices: The decline in Canada’s CNF price by $30 could signal a slight softening in global demand or supply conditions.
Farmers and traders should monitor sowing trends closely, as shifts in planting decisions could lead to significant changes in the market outlook.