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Week Ahead: White Pea may trade firm on festival demand

6 Aug 2022 9:59 pm
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MUMBAI, 6 Aug (Commoditiescontrol): White Pea prices prices rise, as per quality at Kanpur market last week ended on 6th July 2022 on fresh buying activity from local and outside traders at lower rates, following firm trend in other pulses.

White Pea prices at the Kanpur market traded higher by Rs 250 at Rs 4,700-5,050/100Kg, as per quality.

On other hand, Vatana besan and dal traded unchanged each at Rs 3,700/50Kg and Rs 5,700, respectively.

International markets:

Over the month world prices for yellow peas continued to decrease pressured by the massive harvesting in the EU, Black Sea, and the US. As per market reports, overseas importers are not in a hurry to buy new crops of yellow peas with the expectation of further price decline. The global supply of peas will increase substantially as the current year's global crop is likely to be much bigger than last year.

In Canada nearby quotations of yellow peas fell sharply over the month losing USD 105/mt to USD 400-410/mt CPT Vancouver (Aug) due to higher than expected old crop carryovers and improved weather for new crop formation. New crop price lost USD 40/mt over the month to USD 395/mt CPT (September) as Canadian exporters need to compete with Russian exporters for Chinese demand. Local traders report about the weak demand of buyers, which apparently expect further price losses with massive harvesting.

Trend: White Pea prices to trade firm due to regular buying to meet immediate requirements.The firm trend in Chana prices will support prices. There is a limited downside from current levels as new crop arrivals has decreased, festival season began and also no supply from overseas due to import restrictions.

(By Commoditiescontrol Bureau; +91-22-40015513)

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