Kanpur. The pea market witnessed a downward trend during the current week. Prices softened due to increased selling pressure and weak demand. A lack of buying at higher levels and limited buying prevented the market from consolidating, resulting in continued pressure on prices. According to trade sources, the arrival of new peas in producing markets has gradually increased, strengthening the availability level in the market. In response to the increasing supply, active selling by stockists and importers has also increased, further increasing price pressure. Due to adequate availability and weak demand, traders are avoiding large-scale purchases and are only making deals as needed. Limited buying and increasing supply have led to a bearish market. Currently, the arrival of green peas in the markets of major producing areas remains good, leading to competitive selling in the wholesale market. Daily arrivals are steadily increasing as farmers increase their new crop sales, which is not providing the expected support to prices. Furthermore, offtake of finished goods remains weaker than normal, limiting demand from processing units and the trading community. The market is currently under pressure due to cautious buying by pulse millers and traders. If demand does not improve in the coming days and arrivals continue to rise, pea prices may remain under pressure in the near future. However, an improvement in export or domestic demand may provide some support to the market.

According to the latest data from the Canadian Grain Commission (CGC), approximately 121,600 tonnes of field peas were recorded for export in January. This brings the total loading for the current marketing year to 1,218,600 tonnes. However, this figure is lower than the same period last year. Last year, during the same period, pea loading was recorded at 13,42,600 tons. Thus, pea loading has declined by approximately 9 percent this year. According to trade sources, global market demand conditions and import policies of various countries are impacting Canadian pea exports. Fluctuating demand and competitive supply have led to weaker loading figures compared to last year.

Continuous selling by importers and subdued buying pressure remained on prices. Imported pea prices declined by approximately Rs. 25 per quintal during the week. Over the weekend, Canadian pea prices at the Mumbai port settled at Rs. 3950/3975 per quintal, while Russian peas at Rs. 3850/3875 per quintal. Similarly, at the Mundra port, Canadian pea prices were recorded at approximately Rs. 3900 per quintal, and Russian peas at Rs. 3800/3825 per quintal. Pea prices also remained under pressure in the domestic market. In Kanpur, pea prices fell by Rs 25 per quintal this week, reaching around Rs 4,100 per quintal at the weekend. Similarly, due to weak buying, pea prices in Lalitpur Mandi fell by Rs 50/100 per quintal, reaching Rs 3,300/3,600 per quintal at the weekend. Mahoba Mandi also saw a decline of Rs 50 per quintal this week, bringing prices to Rs 3,500/4,000 per quintal. The impact of sluggish demand was also felt in Jalaun Mandi, where prices fell by Rs 100 per quintal this week, reaching Rs 3,200/3,600 per quintal at the weekend. Orai Mandi also saw a decline of around Rs 50 per quintal, bringing prices to Rs 3,800/4,000 per quintal. Pea prices remained under pressure in Madhya Pradesh markets due to weak demand and widespread declines. During the week, prices fell by approximately Rs 200/300 per quintal, bringing the prices in Bina to Rs 3200/3400 per quintal and in Damoh to Rs 3600/3900 per quintal.

Due to the fall in pea prices and weak demand, the prices of pea dal declined by Rs 100 per quintal during the current week, ending the week at Rs 4500/4600 in Kanpur and Rs 4600/4700 per quintal in Indore.