Decision to start futures trading in yellow peas in NCDEX from next month

18-Sep-2024 08:56 PM

Mumbai. National Commodity and Derivatives Exchange (NCDEX), a leading exchange conducting futures trading in agricultural commodities, has decided to start futures trading in yellow peas from the first week of October 2024.

According to the Managing Director, any trade on the platform of the exchange will act as a reference point.

It is worth mentioning that the Securities and Exchange Board of India (SEBI) had given approval to restart futures trading in yellow peas on the platform of NCDEX in July 2024 itself.

It is worth noting that the last futures trading in yellow peas took place in the year 2009 and after that it was closed because the trading activities had become very weak.

The exchange hopes that now there will be good business in it because on one hand the demand and consumption of yellow peas is increasing rapidly within the country and secondly,

it is also being imported in huge quantities from abroad - especially Canada and Russia. According to the Managing Director of NCDEX, the biggest problem in agricultural commodities is that there is no reference point at the national level.

There will be a huge difference between the prevailing price in Kanpur Banaras and the prevailing price in Gujarat and farmers will be able to trade only in an area of ​​10-15 km.

But the business that will be done in NCDEX will act as a reference price point at the national level. The Managing Director hopes that the futures trading in yellow peas to be started this time will be successful in attracting all the stakeholders of the value chain including importers, domestic traders, farmers,

processors and millers etc. It is worth noting that in December 2023, the government allowed duty-free import of yellow peas.

Initially its deadline was fixed till 31 March 2024 but later it was extended till 31 October. Now once again it has been extended for two months to 31 December 2024.