Weekly Review-Peas

28-Dec-2024 08:33 PM

Buying of peas remained calm due to extension of import deadline

Weekly Review – Peas

This week, the pea market saw subdued activity, primarily due to the extension of the import deadline for duty-free peas. The deadline extension by the government has led to a calm buying atmosphere, which has contributed to downward pressure on prices.

Key Developments:

  1. Pea Imports: The import deadline for duty-free peas was extended for the third time in December 2023, leading to continued availability of imported peas at the ports. As a result, export demand for peas remained weak, and there was no significant movement in the C&F (Cost and Freight) prices. Prices remained stable at Canada $400 per tonne and Russia $370 per tonne.

  2. Domestic Market Impact: With the extended import deadline, importers began selling peas at reduced prices, causing a decline of Rs 50 per 100 kg in prices this week. Consequently, domestic prices adjusted to the following levels:

    • Mumbai: Canada Rs 3450, Russia Rs 3375-3400 per quintal
    • Mudra: Canada Rs 3350, Russia Rs 3300 per quintal

  3. Regional Price Fluctuations:

    • Kanpur: Prices for peas decreased by Rs 25 per quintal, settling at Rs 3675-3700 per quintal.
    • Lalitpur: Prices dropped by Rs 25-50 per quintal, with the weekend price at Rs 3200-3300 per quintal.
    • Mahoba: A price decline of Rs 50 per quintal was recorded, with peas priced at Rs 3200-3300 per quintal.
    • Mauranipur: A larger price fall of Rs 100 per quintal occurred, bringing the price down to Rs 3050-3150 per quintal.
    • Madhya Pradesh: Prices in Damoh and Bina saw a decrease of Rs 50 per quintal, with prices closing the week at Rs 3250-3300 and Rs 3100-3300 per quintal, respectively.

  4. Pea Dal Prices: Due to the fall in pea prices and weak demand, pea dal prices also experienced a decline of Rs 50 per quintal:

    • Kanpur: Prices for pea dal remained at Rs 3950-4000 per quintal.
    • Indore: Prices ended the week at Rs 4150-4200 per quintal.

Overall, the market for peas and pea dal remained under pressure this week, reflecting the reduced buying activity, extended import deadlines, and weak export demand.

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