MUMBAI (Commoditiescontrol) - The National Australian Bank is predicting that Australian chana (chickpeas) will fall below AU$700 a tonne by September of 2017.
Australia chana for October-November shipment for India was last called at $810 per tonne (CNF) and $790 per tonne for November-December shipment.
This season, growers have seen chickpea and lentil prices soar to $1200 a tonne due to strong demand from India, the world's largest pulse consumer.
Indian farmers have battled to maintain local production with a string of poor monsoon seasons, while favourable conditions in Australia have seen more growers turn to pulses.
But now a report from the National Australia Bank (NAB) warns that in addition to Indian production returning to normal levels, and Canadian production rises, the outlook for Australian prices is poor.
Over 90 percent of the chickpea and lentil crop is shipped to India, where strong demand has seen local production of chickpeas this season jump 8 percent to 1.1 million tonnes.
(By Commoditiescontrol Bureau; +91-22-40015533)