Mumbai, 14 Mar 2024 (Commoditiescontrol):Indore, Madhya Pradesh – Kabuli chana (chickpea) prices in Indore and surrounding markets have eased after a brief rally, coinciding with improved crop arrivals. However, the market outlook remains uncertain due to conflicting signals regarding crop size and potential farmer strategies.
Today's arrivals at the Indore mandi reached approximately 6,500 bags, up from yesterday's 5,000 bags. This has led to a Rs 500 per quintal decrease in mandi prices and a Rs 300 per quintal decline in container prices.
Conflicting Crop Forecasts:
The current harvest season is peaking, but the overall crop size is now projected to be smaller than initial forecasts. While earlier estimates suggested a crop 1.5 to 2 times larger than last year, trade experts now believe the increase may be limited to 15-20%. Current lower arrivals support the revised estimates. A clearer picture will emerge post-Holi when arrivals for Rabi pulses typically increase.
Farmers Strategic Holding and Near-Term Outlook :
Market analysts suggest some farmers may be strategically holding back stock in anticipation of a potential price rebound. In the near term, Kabuli chana prices are expected to be supported by lower arrivals and demand around Ramadan and Holi festivals. However, post-Holi market dynamics will be crucial. If arrivals don't significantly increase, it would confirm a smaller harvest, potentially leading to a sharp rise in Kabuli chana prices.
Spot Kabuli chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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