Kanpur. The pea market continued its downward trend during the current week due to increased selling pressure and weak demand. Prices softened due to limited buyer activity in wholesale markets. According to trade sources, current consumer demand is lower than expected, leading stockists and importers to aggressively sell off. Sporadic arrivals of new peas have begun in the producing markets. Although the pressure of arrivals is not significant at present, the market anticipates a surge in the arrival of the new crop after Holi. Anticipating this possibility, major stockists and importers are rapidly reducing their old stocks. As a result, selling pressure has increased, negatively impacting prices. Adequate stocks of imported peas are also available in the market. With the expected arrival of the new domestic crop, importers have also intensified their selling to avoid incurring significant losses on goods purchased at high prices. This has further increased supply pressure in the market.

Following China's assurance of a reduction in import tariffs on Canadian peas, the Canadian pea market experienced some activity in the third and fourth weeks of January, with prices experiencing a limited increase. However, prices have remained relatively stable over the past two weeks due to limited trading volumes. This tariff reduction in China is scheduled to take effect in March, creating a positive market sentiment. Yellow peas are trading at $8.00–$8.30 per bushel in Western Canadian markets. Green peas with a maximum of 3% flattened kernels are trading at around $10.50 per bushel for FOB delivery, while those with a higher flattened kernel are trading lower. Maple peas are selling at $11–$13 per bushel, depending on location and delivery period. Pea prices in Canada typically remain strong after January, encouraging farmers to sow. This strength is primarily due to the psychological impact of the expectation of the Chinese market opening, rather than a real increase in demand. Sowing will begin in April, while farmers still have sufficient stocks. The new crop will arrive in August-September, for which the process of forward contracting is about to begin.

Due to increased selling pressure from importers and sluggish buying, imported pea prices declined by ₹100/₹125 per quintal during the current week. With this decline, Mumbai prices remained at ₹3950/₹3825/₹3850 per quintal, while Mudra prices remained at ₹3850/₹3800 per quintal at the weekend. Similarly, Kanpur pea prices declined by ₹175 per quintal this week, reaching ₹4100/₹4125 per quintal at the weekend. Due to sluggish buying, Lalitpur pea prices also declined by ₹300/₹400 per quintal this week, reaching ₹3500/₹3800 per quintal at the weekend. Similarly, Mahoba peas also witnessed a decline of Rs 300 per quintal this week and with this decline, the price remained at Rs 3600/3900 per quintal at the weekend. Due to sluggish demand, Orai peas also witnessed a decline of Rs 120 per quintal this week and the price remained at Rs 3700/3880 per quintal at the weekend. Similarly, Mauranipur peas also witnessed a decline of Rs 100 per quintal and with this decline, the price remained at Rs 3700/3800 per quintal at the weekend. Due to the all-round decline and weak demand, the prices of peas in Madhya Pradesh registered a decline of Rs 200 per quintal this week and with this decline, the prices remained at Rs 3500/3600 at the weekend in Bina and Rs 3500/3800 per quintal at Damoh.

Due to falling prices and weak demand, the prices of Peas Dal declined by Rs 50 per quintal during the current week and ended the week at Rs 4500/4650 in Kanpur and Rs 4700/4800 per quintal in Indore.