Mumbai, 20 Mar 2024 (Commoditiescontrol):Chana (chickpea) prices in major markets across India have weakened for the second consecutive session as arrivals increase. Prices are currently trading below the government-declared Minimum Support Price (MSP).
Favorable dry weather has boosted arrivals in key markets. Buyers are reportedly taking a wait-and-see approach since they have adequate stocks, and market activity is slowing ahead of year-end closing. Additionally, an early crop maturity caused by premature wilting has led to smaller grain size and inferior quality, further contributing to the downward price trend.
Prices in Kareli experienced a substantial decline of Rs 300 per quintal following a sudden surge in arrivals compounded by inferior quality. Market observers anticipate trading activity will remain subdued until the first week of April, likely pressuring prices further.
Harvesting is currently at its peak, with roughly 60-70% complete. Prolonged dry weather in the primary chickpea growing states of Madhya Pradesh, Rajasthan, and Uttar Pradesh has hastened harvesting and improved the quality of recent arrivals. Market sources expect arrivals to continue rising, potentially putting additional downward pressure on prices in major markets. However, the decline in prices may be limited due to a significant reduction in overall chickpea production this season and goverment procurment to rplenish its buffer stock.
Spot Chana Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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