Pulses to become cheaper on bumper crop, imports.

MUMBAI: Indian consumers will get relief from protein inflation as pulses and soyabeans are expected to become cheaper by a third within the next few weeks on the back of bumper harvests in the country and ample imports.

“Prices are expected to come down due to prospect of good local arrival and the import support of 7-8 lakh tonne contracted by the government and the private parties, which will come at all the ports,” said Sunil Parakh, chairman and managing director of Poona Dal and Besan Mill. Poona Dal and Besal Mill is one of the largest importers of pulses in the country. Currently, imported whole tur is available for Rs 30-35, Rs 10 per kg cheaper than last month. Dal millers are expecting it to further decline to Rs 25-30 per kg by the end of September.

India’s second-largest producer Maharashtra’s summer pulses harvest is likely to jump 65%, which contributes a fifth of India’s total production.

A likely 50% jump in soyabean production in Madhya Pradesh could correct prices by about Rs 100 per quintal, even though acreage is marginally lower than last year. Industry body Soybean Processors Association of India expects prices to drop by October when the arrivals will begin.

“We are expecting an increase of 5% to 10% in the overall productivity of the crop. The soyabean prices are currently stable but will correct downward with the arrival of fresh crop,” said the association spokesman Rajesh Agrawal. The Maharashtra government expects the overall food grain production to go up by 28% while the cotton and sugarcane production are likely to increase by 49% and 27% respectively.

Source : economictimes.indiatimes.com