India's Black Gram Bean Prices Skyrocket 43.67% YoY in W52 Amidst Supply Shortages

In W52, Black Gram bean prices in India increased by 43.67% YoY. Despite a slight decrease MoM and WoW, 2023 prices remained higher than in 2022, peaking in W32. Urad dal prices rose due to lower stocks, reduced sowing, and less supply from Myanmar, exacerbated by Indian farmers shifting to high-value crops. Importers reportedly hoarded 550 thousand mt of pulses in Myanmar, causing a 20% YoY decline in urad imports to 340 thousand mt from Jan-23 to Apr-23.
In W52, soybean prices in Argentina declined by 41.27% year-on-year (YoY), up from USD 0.55 per kilogram (kg) in 2022 to USD 0.33/kg in 2023. Additionally, there was a month-on-month decrease of 46%, and prices have been consistently declining since W47 when they were at USD 0.67/kg. This is in contrast to the upward trend observed in 2022, where prices were up 8% MoM in W52. The decline in soybean prices follows the announcement of the Argentine government's plan to increase export duties on soybean meal and oil. The Secretary of Agriculture disclosed this as part of measures to achieve a "zero deficit" in the national public administration, with a proposed two-point increase in the current rate of soybean flour and oil rising from 31% to 33%. The Argentine oilseed industry, the primary buyer of beans in the local market, has already purchased 84% of the 16.5 million metric tons (mmt) of 2022/23 soybeans. However, the imminent tax increase has diminished competitiveness, leading to a significant drop in future soybean price.