Heavy Indian Moong Arrivals Cap Bean Prices Despite Firm FOB Levels
Indian moong prices in Rajasthan stay below MSP amid heavy arrivals and NAFED sales, while Chinese FOB mung, kidney and adzuki beans trade mostly steady to slightly firmer.
Prices
In Rajasthan, average new-season moong prices started September near ₹7,000 per quintal before recovering to roughly ₹7,960 by September 17, still clearly below the ₹8,780 MSP (about 80–91% of MSP depending on date). NAFED sales of older stocks around ₹6,500 per quintal continue to anchor market expectations on the downside.
Global reference values are more stable. In China (FOB Beijing), mung beans are quoted at EUR 1.55/mt for organic 99.5% and EUR 1.48/mt for conventional 3.8 mm up, both unchanged from the previous quotation. Kidney beans show a mixed but generally sideways pattern: dark red, organic at EUR 1.54 (up from EUR 1.52), large white at EUR 1.64 (flat), and black at EUR 1.02 (down from EUR 1.04). Adzuki beans (red 5.0 mm up) are at EUR 1.39 organic and EUR 1.31 non-organic, both marginally firmer.
| Product | Origin | Delivery | Latest price (EUR) | Prev. price (EUR) |
|---|---|---|---|---|
| Mung beans organic 99.5% | CN | FOB Beijing | 1.55 | 1.55 |
| Mung beans 3.8 mm up 99.5% | CN | FOB Beijing | 1.48 | 1.48 |
| Kidney beans dark red, organic 99.5% | CN | FOB Beijing | 1.54 | 1.52 |
| Kidney beans black 99.5% | CN | FOB Beijing | 1.02 | 1.04 |
| Adzuki beans red, organic 5.0 mm up 99.5% | CN | FOB Beijing | 1.39 | 1.37 |
Supply & Demand
Rajasthan remains the epicentre of India’s kharif moong, contributing roughly 1.389 million tonnes in 2025, or about 72% of national output. This season’s acreage is estimated near 2.317 million hectares, around 13% below the targeted 2.65 million hectares, but robust yields and rapid harvesting are still bringing substantial volumes to market in a short window.
Approximately 63,000 tonnes of new moong have already arrived in state mandis, on top of NAFED’s liquidation of previously procured stock around ₹6,500 per quintal. This combination of fresh supply and government disposals is temporarily overwhelming local demand and storage capacity, capping prices despite the reduced area. Internationally, steady FOB levels in China and stable offers out of Brazil and the UK suggest that global balance sheets for other bean classes (kidney, fava, alubia) remain comfortable.
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Fundamentals & Policy
The key fundamental in Rajasthan is the relationship between market prices and MSP. With mandi prices consistently below the ₹8,780 per quintal support, producers are increasingly dependent on government procurement to prevent distress selling. The presence of NAFED as both a seller of old stocks and a potential new-crop buyer creates policy uncertainty but also a clear lever for price stabilisation.
On the global side, marginal upticks in organic kidney and adzuki bean FOB prices in China point to firm underlying demand for specialty beans, while slight softness in some conventional kidney categories indicates adequate supply. For importers, India’s discounted moong could become attractive if policy allows open-market exports, but current dynamics are primarily domestically driven.
Short-Term Outlook & Weather
During the October peak arrival period, the Rajasthan moong market is likely to remain under downward pressure as more volumes reach mandis and NAFED continues to offload older stocks. Without a clear ramp-up in procurement, spot prices risk staying below MSP, encouraging only limited stockholding by traders.
Weather over the next days is expected to be mostly favourable for harvesting and post-harvest drying in north-western India, implying few disruptions to arrivals. As a result, any upward price correction in Rajasthan is likely to be modest and driven mainly by administrative decisions rather than weather or short-term supply shortfalls.
Trading Outlook
- Importers and buyers: Use the current stability in Chinese FOB mung and kidney beans to secure near-term coverage, but keep some flexibility in case India’s discounted moong becomes export-competitive later in the season.
- Indian traders: Focus on basis and quality spreads; with mandi prices below MSP and NAFED selling at ₹6,500, selective buying of higher-quality moong for medium-term storage may offer value if procurement ramps up.
- Producers: Where possible, stagger sales and monitor government procurement announcements closely, as changes in buying intensity could quickly lift local prices from current sub-MSP levels.
3‑Day Directional View
- Rajasthan mandis (moong): Bias slightly lower to sideways as arrivals stay heavy and NAFED old-stock sales continue.
- FOB Beijing mung beans: Sideways; prices at EUR 1.55 (organic) and EUR 1.48 (conventional) are expected to hold near current levels.
- FOB Beijing kidney & adzuki beans: Mostly sideways with a mild firm tone in organic lines, reflecting steady international demand.