Mumbai, April 22 (Commoditiescontrol): During the week ending on April 22nd, 2023, the prices of Kabuli Chickpeas of the 42-44 and 44-46 counts have maintained steady at Indore benchmark market due to consistent domestic buying activity and stable arrivals. However, the demand for exports was low due to the holidays observed in the international market on account of Eid al-Fitr.
The benchmark market of Indore observed a rise in the prices of both 42-44 count and 44-46 count varieties of Kabuli Chickpeas, with an increase of Rs 100 per 100 kilograms. In contrast, the Free on Board (FOB) prices for Kabuli Chickpeas with 42-44 and 44-46 counts decreased by $5 to $1,530 per metric ton and $1,500 per ton, respectively, indicating a decline of $5.
International Markets:
International chickpea markets remained firm due to concerns about global production levels. North America is confident about higher production, but potential delays in seeding and wet field conditions are emerging as a threat. Output may be lower than earlier estimates in India, Turkey, and Mexico, leading to a stronger Kabuli chickpea market. The latest report on agricultural conditions for Turkey predicts a 9% decrease in overall grain yields compared to last year.
According to the Canadian Grain Commission (CGC), no bulk chickpeas were loaded for export through reporting terminals and primary elevators from March 27 to April 2. As of now, the bulk loadings for export this marketing year total 4,700 MT, which is lower than last year's 8,600 MT.
As per technical chart - Kabuli Chickpea (Indore) - Correction underway / Next support at Rs 10,500. Click here
Trend: Kabuli chickpeas are likely to correct in the near term as Indian arrivals increase and demand from Gulf countries slows down following the conclusion of Ramzan. The market has a financial liquidity crunch, which could restrict buying for stocking purposes. Moreover, the Indian government's strict monitoring of pulses stocks may result in a need-based demand, which is also expected to limit buying.
(By Commoditiescontrol Bureau; +91-9820130172)
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