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Summary
The global black matpe (urad) market is experiencing significant price fluctuations as Myanmar's new harvest approaches. While prices in Indian APMC yards have shown an upward trend, reaching ₹85,190 per tonne, Myanmar's export prices have dropped substantially to $850 FOB per tonne. This analysis explores the key factors influencing these market dynamics and their implications for traders and processors.
The black matpe (urad) market is at a crucial juncture as Myanmar prepares for its new harvest season. The past six weeks have witnessed sharp price corrections in the global market, creating both challenges and opportunities for traders and processors alike.
In the Indian market, prices have shown remarkable resilience. APMC yard prices have climbed steadily from ₹74,348 per tonne in late November to the current level of ₹85,190 per tonne. This upward trajectory can be attributed to two key factors: the impact of December's unexpected wet spell and the effects of Cyclone Fengal on crop prospects.
However, the imminent Myanmar harvest is exerting downward pressure on global prices. The Myanmar Pulses, Beans, Maize and Sesame Seeds Association reports that superior quality black matpe is now being offered at $850 FOB per tonne, a significant decrease from the mid-December price of $1,080. In contrast, Brazil, another major player in the global black matpe market, continues to maintain prices above $1,000 per tonne.
The Myanmar harvest outlook appears promising, with initial production estimates hovering around one million tonnes and reports indicating good crop quality. However, the market faces an interesting challenge in India, where substantial yellow pea imports are affecting pulse prices across the board. The Indian Grain and Pulses Association reports that India imported 3 million tonnes of yellow peas in 2024, creating downward pressure on prices of various pulses, including black matpe.
The price disparity is significant - yellow peas are retailing below ₹40 per kg, while black matpe wholesale prices exceed ₹105 per kg. This price differential creates interesting market dynamics that traders need to monitor closely.
Looking at fundamental factors, the outlook for black matpe remains generally positive. The current price trends are primarily influenced by the anticipation of Myanmar's new crop. The market expects to gain clearer direction by April, coinciding with India's winter harvest. However, weather conditions will play a crucial role in the interim, especially considering that major parts of India have experienced below-average rainfall since the conclusion of the South-West monsoon in mid-October.
Conclusion:
While current market movements suggest uncertainty, several factors point to an interesting period ahead for black matpe trading. The combination of Myanmar's promising harvest, India's weather conditions, and the impact of yellow pea imports creates a complex trading environment. Traders and processors should closely monitor these factors while making procurement decisions, particularly focusing on the April harvest period in India for clearer market direction. The current market dynamics underscore the importance of data-driven decision-making and careful timing in pulses trading.