Weekly Review-Peas
22-Jun-2024 08:35 PM
Peas slowdown due to increased selling pressure
Kanpur. Due to increased availability of imported peas at the port, selling pressure of peas increased this week. Due to increased selling pressure and weak demand, prices of peas declined this week. Seeing the arrival of new crop, exporters sold peas by reducing the price.
This week, Canadian peas saw a decline of $ 50 and Russian peas saw a decline of $ 40 per ton and with this decline, the prices remained at $ 450 for Canada and $ 440 for Russia per ton.
In Canada, the sowing area of peas is expected to increase by 2 percent to 12.60 lakh hectares in the current year as compared to last year, while the average yield rate of the crop will also increase if the weather and rainfall conditions remain favorable.
The Ministry of Agriculture has estimated the domestic production of peas to increase to 30 lakh tonnes in the 2024-25 season and has expressed the possibility of an increase of 2 percent in its total availability. But there has been no change in the estimate of pea export and it has been kept stable at 25 lakh tonnes,
which is equal to the 2023-24 season. At the end of the 2024-24 season, the outstanding stock of peas in Canada may increase slightly to 2.40 lakh tonnes. But with the expectation of better global production, the average price of peas is likely to remain slightly below the 2023-24 season.
Due to increased selling by importers and sluggish buying, the prices of imported peas declined by Rs 50/75 per quintal this week and the price remained at Mumbai Canada Rs 4150 Russia Rs 3950/4000 and currency Canada Rs 4000/4050 and Russia Rs 3900/50 per quintal at the weekend.
Due to lack of customers, Kanpur peas prices declined by Rs 50 per quintal this week and with this decline, the price remained at Rs 4275/4300 per quintal at the weekend. Similarly, Lalitpur peas prices also declined by Rs 75/100 per quintal during the current week and the price remained at Rs 3700/3875 per quintal at the weekend.
Mahoba peas declined by Rs 150 per quintal due to weak buying and with this decline, the price remained at Rs 3900/4100 per quintal at the weekend. Similarly, Rath peas also declined by Rs 300 this week and Mauranipur by Rs 150 per quintal and remained at Rs 3850/3900 at the weekend and at Rs 3800/3900 per quintal at the weekend. Peas dal
Due to the fall in the price of peas and sluggish buying, the prices of peas fell by Rs. 1500/200 per quintal this week and the prices remained at Rs. 4600/4650 in Kanpur and Rs. 5000/5050 per quintal in Indore at the end of the week.