Weekly Review: Peas
18-Jan-2025 08:24 PM
Pea Prices Softening Due to Sluggish Demand
Pea prices have declined this week, mainly due to sluggish demand in the market. However, exports from Canada showed significant growth in the early months of the current marketing season (August-July) for 2024-25, with 12,66,530 tonnes of peas exported by November 2024, compared to 9,81,806 tonnes during the same period in 2023. Despite this increase, exports slowed in November, with shipments dropping to 2,00,836 tonnes, down from 4,37,635 tonnes in October 2024.
Export Trends:
- November 2024 exports to key destinations included:
- 77,637 tonnes to India
- 38,540 tonnes to China
- 25,613 tonnes to Bangladesh
Price Stability Amid Weak Demand: In the Indian market, pea prices remained largely stable, reflecting a lack of significant demand shifts. Prices for imported peas in Mumbai remained stable at:
- Canada: ₹3425 per quintal
- Russia: ₹3375 per quintal
Other prices included:
- Canada Currency: ₹3325
- Russia Currency: ₹3275
Regional Price Movements:
- Kanpur: Prices fluctuated by ₹25 per quintal but ended the week at ₹3700 per quintal.
- Mahoba: Prices dropped by ₹50 per quintal, ending at ₹3200/3250 per quintal.
- Mauranipur: Prices also fell by ₹50 per quintal, closing at ₹3100/3200 per quintal.
- Madhya Pradesh: Prices declined by ₹25 per quintal, with Damoh at ₹3200/3260 and Bina at ₹3300 per quintal.
Pea Dal Prices: The price of pea dal also saw a decrease due to the fall in pea prices and weak buying activity:
- Kanpur: Prices dropped by ₹50 per quintal, ending at ₹3850/3900.
- Indore: Prices fell by ₹50 per quintal, closing at ₹4100/4150 per quintal.
Overall, weak demand and a lack of buyer support have contributed to the price adjustments across regions.