Wholesale markets remain under pressure for gram, lentil, moong and tur even as urad reflects tightening supply fundamentals

India’s pulse markets are sending mixed signals as the kharif season gathers momentum. Despite concerns over below-normal monsoon rainfall and expectations of tighter supplies later in the season, wholesale mandi prices for four of the five major pulses continue to trade below the government’s Minimum Support Price (MSP). Latest market data as of July 6, 2026, shows that only urad is commanding a premium over MSP, while gram, lentil, moong and tur remain below official procurement prices, highlighting the disconnect between market fundamentals and policy benchmarks.

Among the five major pulses, urad stands out as the strongest performer. Wholesale mandi prices averaged Rs 8,186.33 per quintal, comfortably exceeding the MSP of Rs 7,800 per quintal by Rs 386.33, or nearly 5 per cent. The seven-day average wholesale price was even higher at Rs 8,227.72 per quintal, suggesting sustained buying interest and relatively tight market availability. The premium reflects concerns over lower opening stocks and weather-related production risks in key growing states, making urad the only pulse currently delivering returns above the government’s support price.

In contrast, gram (chana) continues to trade below MSP despite being India’s largest pulse by production. Wholesale mandi prices stood at Rs 5,665.36 per quintal, approximately Rs 210 below the MSP of Rs 5,875, while the seven-day average price was even lower at Rs 5,545.05 per quintal. The market discount of nearly 3.6 to 5.6 per cent indicates comfortable domestic supplies and limited upward price momentum despite seasonal demand.

Lentil (masur) is exhibiting a similar trend. The mandi wholesale price of Rs 6,615.93 per quintal remains around Rs 384 below the MSP of Rs 7,000, representing a discount of nearly 5.5 per cent. The seven-day average wholesale price of Rs 6,863.76 per quintal narrows the gap but still falls below the procurement benchmark, suggesting that market prices have yet to fully reflect anticipated production uncertainties.

The widest gap between market prices and MSP is visible in moong, where wholesale mandi prices are significantly below the government’s support level. The average mandi price stood at Rs 6,686.45 per quintal, compared with an MSP of Rs 8,768, leaving a difference of over Rs 2,080 per quintal or nearly 24 per cent. The seven-day average wholesale price of Rs 6,657.47 per quintal reinforces the trend, indicating that abundant supplies or weak market demand continue to outweigh weather-related concerns. Among all major pulses, moong currently offers the weakest market realisation relative to the MSP.

Tur (arhar), another key kharif pulse, is also trading below government support prices. Wholesale mandi prices were recorded at Rs 7,468.34 per quintal, approximately Rs 532 below the MSP of Rs 8,000, while the seven-day average remained virtually unchanged at Rs 7,464.20 per quintal. The discount of around 6.6 per cent suggests that despite expectations of tighter supplies later in the season, market participants remain adequately supplied in the near term.

The comparative analysis highlights a clear divide within India’s pulse economy. While urad has already responded to supply-side concerns and tightening inventories, the remaining pulses continue to trade below procurement prices, reflecting relatively comfortable market availability. The disparity is particularly striking in moong, where market prices remain substantially below MSP despite widespread concerns over weather-related production risks.

Going forward, the trajectory of pulse prices will depend largely on the progress of the southwest monsoon and kharif sowing. A prolonged rainfall deficit during critical crop growth stages could tighten supplies of urad, moong and tur, potentially narrowing the gap between mandi prices and MSP. For now, however, the data suggests that procurement agencies may continue to play a crucial role in supporting farmer incomes for most pulses, while urad remains the only crop where market forces are currently delivering prices above the government’s guaranteed support level.

— Suchetana Choudhury (suchetana.choudhuri@agrospectrumindia.com)