Tur prices soar on supply woes
SUPPLY constraints and firm trend in international markets have pushed up prices of tur (pigeon peas) in the domestic market. Prices have jumped by about 20% in the past 15 days. Despite a ban on futures trade in this commodity since mid-January — a move attributed to rein in inflation, the strong fundamentals are back in action. Prices of lemon tur (FAQ) that were at Rs 1,930 per quintal a fortnight ago have soared to Rs 2,300 per quintal. According to market watchers, prices are expected to rise further in the coming days. The firmness in the prices is on account of low estimated domestic production for the Indian crop along with a crop failure in Myanmar, a major producer of tur. As per the average estimates, taking into account estimates by the trade and the government, the country is expected to produce around 22 lakh tonnes of tur this year as against last year’s 25 lakh tonnes. There may be overall shortage in pulses this year with the Economic Survey projecting output at 14.5 million tonnes as against a target of 15.1 million tonnes. When contacted, KC Bhartiya, president of the Pulses Importers Association, agreed that there is a pressure on prices. He said the “government needs to further scale up its efforts to import the commodity”. Mr Bhartiya expects the government to import nearly five lakh tonnes of pulses this year and 25 lakh tonnes by private importers. Meanwhile, the international price of the commodity has also scaled up from $450-$480 per metric tonne a month ago to $550. This has also impacted the prices in the domestic market. A Jalgaon-based trader and miller Satish Mittal said that the domestic price has increased by Rs 200 to Rs 300 per quintal and may further rise due to a severe shortage. “The tur production that was hovering around 25 lakh tonnes is expected to come down to 15 lakh tonnes this year and even the crop production in Myanmar was not good,” he said. Mr Mittal said the production may further dip as farmers are shifting towards growing two crops in a season as against tur which is a nine-month crop.
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