Green pea prices in Canada strengthen due to talks of reduction in import duty in India

05-Sep-2024 05:37 PM

Winnipeg. Although duty-free import of yellow peas is being done in India since December 2023, which will continue till at least 31 October 2024,

many other conditions along with basic customs duty of 50 percent are applicable on the import of green peas, Doon peas,

Kaspa peas and Maple peas etc. Once again there is a discussion (rumor) in the domestic market that the Government of India may consider withdrawing the customs duty of 50 percent imposed on green peas because its price has started rising very high and rapidly.

With the spread of this information, the price of green peas in Canada started strengthening and it increased to $ 14 (US $ 10) per bushel for September-October delivery.

Many buyers also started trying to buy it in large quantities. Although no clear indication has been given by the Government of India, but the demand of buyers has definitely increased in Canada.

According to trade analysts, it is also being reported that Philippines is now going to enter the market for the purchase of green peas, which is giving strong support to the Canadian market, but it is considered less important than the Indian news.

As far as yellow peas are concerned, its price has remained stable at the old level. Its delivered price is being reported to be $ 10 per bushel and free on board farm price is $ 9.00-9.50 per bushel.

Traders are showing some interest in the purchase of Maple peas, due to which its price has improved again to $ 20 per bushel.

The price of peas of other varieties and categories is being reported to be around $ 17 per bushel. The activity of buyers is likely to increase in the coming time.

A huge import of yellow peas has already taken place in India and a good stock of it is also present in the country,

but the stock of green peas has decreased considerably. New crop has arrived in both the top producing countries of peas to India - Canada and Russia.