Week Ahead: White Pea prices likely to remain firm on increased buying

Mumbai, March 18th (Commoditiescontrol): Price of White Peas increased in the week ended March 18th, due to favourable purchases from local retailers and traders from the Tamil Nadu market. In addition, multinational companies were also involved in buying. Price was further supported by a strong trend in other pulses, including Tur, Masoor, and Chana. Furthermore, the arrival of the new crop was limited due to unfavourable weather conditions, which contributed to the increase in price.

In Kanpur, the price of White Pea rose by Rs 300 and currently ranges between Rs 4,325-4,475 per 100 kg, depending on the quality. On the other hand, Vatana besan remained weak with a decrease of Rs 50 and is priced between Rs 3,650 per 50 kg due to low demand. Additionally, the price of Vatana dal declined by Rs 200 to Rs 5,300.



International update:

Cultivation pattern from the major producing country - Canada suggest there can be tight availability in the due course. Canada's 2023 seeded area estimate for peas is 3.05 million acres, which is toward the lower end of the estimate range (between 3.05 and 3.50 million acres). The seeded area has been declining for the last three consecutive years, with 3.37 million acres seeded in 2022. While some areas of the farmland look better than others at this time of year, the best odds are that yields will come close to the average, estimated at 37.3 bushels per acre. As a result, next year's pea supplies in Canada would range from 3.36 million to 3.81 million tonnes depending on the low, medium, or high acreage estimates. The low end of the range would not be enough to meet the expected demand of 3.5 million tonnes, while the high end would result in stable supply if demand remained similar.

Trend: Price of White peas is expected to rise due to regular purchases from local retail counters and the southern market, along with higher prices of other pulses such as Tur, Masoor, and Chana. Multinational companies active involvement in purchasing at current rates will further support the price. According to a Kanpur-based local trader, the price is unlikely to fall much from here and may touch Rs 4,700/100Kg in the near future.

(By Commoditiescontrol Bureau: 09820130172)