Week Ahead: White Pea likely to trade firm; marriage demand holds the key

MUMBAI, 26 Nov (Commoditiescontrol): White Pea prices moved higher during the week ending 26th November, as per quality at Kanpur market on fresh buying from local and outstation traders as well as millers on expectation of increased demand during the ongoing marriage season. Further, firm trend in Chana prices extended the support.

Two competiting commodities, the White Pea and Chana, receives a boost from the onset of winter season and the year-end festivity, which leads to increased consumption. Hence, its apparent impact is visible in prices.

White Pea prices at Kanpur market traded higher by Rs 150 at Rs 4,650-4,900/100Kg, as per quality. On the other hand, Vatana besan and dal traded steady at Rs 3,900/50Kg and Rs 6,000, respectively.



Progress on the crop front remains a worrisome factor, given the fall in area under cultivation. India's 2022-23 Rabi Pea acreage was down 9.8% (compared to the same period last year) as of Nov 25 at 6.35 Lakh Ha Vs 7.04 Last Year.



International markets

International field pea markets maintained their relatively firm tone through the past week, against relatively good export movement and reluctance among growers to sell some classes.

Markets are also benefited from the speculation that Canada's production estimates will be lowered in the country's December 3 final crop report. Some processors assert seeded area was lower than initially estimated, though there is no third party support.

Trend: White Pea prices may trade firm due to ongoing marriage season and following firm trend in Chana. Demand expected to continue till 10th Dec, 2022, as per Kanpur based trader. Overall, prices are unlikely to sustain its movement on higher side as farmers and stockiest are active to liquidate in anticipation of higher sowing acreage this year amid bumper crop prospects due to favourable weather conditions. Currently, the sowing activity remains slow, which could undermine future supply growth. Moreover, regular arrival of green pea vegetable crops and also the Government distributing free ration under the PMGKAY scheme during the week, has tamed white pea demand. Meanwhile, domestic arrivals of White Pea continue in the local market. On the monthly trend, the White Pea price declined by around 4.39% and on an annual basis, the commodity slipped by 19.67%. But, is up by 3.16% on weekly basis.

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