Weekly Review – Peas

04-Jan-2025 07:53 PM

Price Decline Due to Sluggish Demand and Supply

Pea prices have softened in the past week, attributed to both the availability of stock and lackluster demand. According to the latest data, over 23 lakh tonnes of peas were imported between December 2023 and November 2024, with an additional 3-5 lakh tonnes expected to be imported from December to February 2025. Although pea sowing has slightly lagged behind the previous season, industry sources suggest that current stock levels at the port, which equate to eight months of consumption, are influencing the market.

The sluggish export demand, partly due to the availability of imported peas, has contributed to the lack of movement in the C&F prices. As a result, the C&F prices remained stable at Canada $400 per tonne and Russia $370 per tonne.

Domestic Market Trends

In the domestic market, imported peas saw a decline in prices by Rs. 25-50 per quintal due to weak buying and increased selling by importers. Prices were reported as follows:

• Mumbai: Canada Rs. 3425, Russia Rs. 3375
• Mudra: Canada Rs. 3325, Russia Rs. 3275
• Kanpur: Rs. 3650-3675
• Lalitpur: Rs. 3100-3300
• Mahoba: Rs. 3200-3250
• Mauranipur: Rs. 3200-3250
• Madhya Pradesh: Damoh Rs. 3250-3300, Bina Rs. 3100-3300

The sharpest drop in prices occurred in Mahoba and Mauranipur, where peas prices fell by Rs. 50 per quintal, signaling a market slowdown due to a lack of consumer support.

Pea Dal Prices

The decline in pea prices also impacted pea dal, which saw a fall of Rs. 50 per quintal this week. By the end of the week, the prices were:

• Kanpur: Rs. 3900-3950
• Indore: Rs. 4100-4150

Overall, the pea market is facing a period of reduced demand, with stagnant export activity and excess supply, which is likely to continue affecting prices in the coming weeks.