Mumbai, 16 Sep 2024 (Commoditiescontrol):Imported Matar (pea)prices in India continued to decline in the domestic market, aligning with the lower landed costs of the new crop. The government's extension of the duty-free import window until December 31 further pressured prices. Meanwhile, domestic Desi pea prices remained steady.
In Mumbai, the Russian-origin yellow peas at Mumbai Port fell by ₹50 to ₹3,650 per 100 kg, while the Canada-origin peas saw a larger drop of ₹100, settling at ₹3,850 per 100 kg. Similar trends were seen at Hajira Port, where Russian peas declined by ₹50 to ₹3,600, and Canada-origin peas followed suit, decreasing by ₹50 to ₹3,700 per 100 kg.
The downward trend extended to Mundra Port, where both Russian and Canadian yellow peas recorded a ₹50 reduction, bringing prices down to ₹3,600 and ₹3,700, respectively. In Kolkata, Canadian yellow peas traded in the range of ₹4,100-₹4,150, marking a ₹50 drop, while Russian peas in the region dropped by ₹50 to ₹3,900 per 100 kg. Importers and traders appear to be adjusting their stock positions in anticipation of changes in demand as the festive season approaches.
The desi matar market showed a relatively stable pricing trend across most mandis, with only a few regions seeing slight variations. In Lalitpur, white peas saw a small decline of ₹25, bringing prices down to ₹3,700-₹3,800 per 100 kg. However, mandis in Orai, Jhansi, Mahoba, Rath, and Konch reported steady prices, ranging between ₹3,600-₹3,800 per 100 kg, with no notable changes compared to the previous trading session. Traders and millers are cautiously observing the market, expecting that any significant price movements could be triggered by changes in crop arrivals or increased demand during the upcoming festive period.
The green peas market remained largely unchanged, with prices holding firm in all major mandis. In Lalitpur, green peas were quoted between ₹10,000-₹13,000 per 100 kg, reflecting no change from previous levels. Similarly, in Orai, prices remained stable at ₹5,000-₹14,100, and in Mahoba, green peas traded in the range of ₹12,000-₹15,000 per 100 kg. The lack of significant price changes suggests that there is a balanced supply chain supporting the market, with no immediate signs of disruption.
Matar prices are expected to further decrease as the landed cost of newly imported crops is below domestic prices, currently at Rs 3,400 per quintal. Prices may continue to drop to match these import costs. Further declines could occur if international suppliers from Russia and Canada lower their prices to attract Indian buyers. With a significant global surplus, the reduced demand in China's animal feed sector may prompt these exporters to maximize shipments during the extended duty-free period to India, potentially putting more downward pressure on prices.
Spot Matar Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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