The farmers and traders welcomed the decision to purchase 225 thousand tonnes of mung bean by the Madhya Pradesh government. But, on the other hand, the price of black gram is also expected to increase. It is because there is no stock in the pipeline for the commodity in the country.
Current Scenario
Mung Bean
The summer mung bean production in Madhya Pradesh is expected to be 500 thousand tonnes.
The MP government has increased the MSP to $0,06 per kg. It has resulted in the price hike of the commodity in the last two days by $0,03 – $0,04 per kg.
MP has decided to give 15 kg mung beans for free in schools, which can decrease the price in the future.
Black Gram
The trend for black gram had been a week in April and May. However, from the first week of June, the price has started to pick up.
The government has increased the MSP for black gram by $0,04 per kg.
Currently, the arrival of black gram has started in some spot markets of Saurashtra, Jabalpur, and a few districts of Maharashtra.
There is also no new arrival of the pulse from Myanmar. Hence the stock of black gram in the Chennai Port is declining fast.
Future
The technical chart for mung bean is firm at $0,83 per kg, which will help the price of the pulses in the coming days.
On the other hand, with the reducing stock along with an increase in demand and no supply in the pipeline, the price of black gram will also increase in the coming days.