Mumbai, April 8 (Commoditiescontrol): For the week ended April 8, the spot market prices of White Pea declined due to thin buying from local outstation traders and stockiest at higher rates. The domestic markets witnessed sluggish as trade volume due to truncated tading sessions. Markets were shut on occasion of Mahavir Jayanti and Good Friday.
The price of White Pea in Kanpur decreased by Rs 100-125 to settle at Rs 4,450-4,650 per 100 kg by the end of the week. However, the prices of Vatana dal and besan closed unchanged at Rs 5,500 per 100 kg and Rs 3,750 per 50 kg, respectively, for the week.
International update:
US Pea Planting and Output Expected to Rise in 2023-Pea growers in the United States plan to increase sowing by 9% in 2023, from 919,000 acres in 2022 to 1.00 million acres. The increase in planting is expected in Idaho, Montana, and North Dakota. If the growers follow through with their plans and the yields are average, the output for all classes of peas could go rise from 682,900 to 773,000 metric tons. However, the NASS does not provide separate data for the seeded area or yellow and green peas production.
A surge in White/Yellow Pea Shipments from Canada in Feb 2023-In February, the shipments of yellow peas from Canada increased significantly compared to the previous month. The movement during the month reached 175,831 metric tons, up from 70,317 metric tons last month. As a result, the total shipments during the marketing year rose to 1,028,342 metric tons, 32% higher than the previous year. During the month, Bangladesh was the largest importer, buying 91,965 metric tons, followed by China, which imported 77,906 metric tons. Thailand was the third-largest importer, with 1,414 metric tons.
As per technical chart - White Matar Kanpur (U.P line) - Positive short term trend / next resistance at Rs 5,000. Click here.
Trend: White Pea prices are expected to be supported by regular buying from local and outstation traders and stockists. The trend is expected to remain firm until mid-April due to low stocks. The current price range of Rs 4,450-4,650/100 kg is still lower than the price at the beginning of last season, which was around Rs 5,500. Additionally, White peas are likely to receive support due to their lower prices than other pulses. Furthermore, it is expected that multinational companies will continue their purchases which is likely to keep the market firm.
(By Commoditiescontrol Bureau: 09820130172)
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