Kanpur: Pea prices showed an upward trend during the current week due to weak selling at lower prices and increased buying. Active buying at lower levels in the market has strengthened prices, and the trading environment remains positive. The arrival of peas in producing markets remains limited at this time. Farmers are showing a tendency to hold back their produce given the current prices, which has reduced supply pressure in the market. Meanwhile, pea stocks at ports are also continuously declining, further tightening the availability. According to traders, pea sowing in producing regions this year has been approximately 25 to 30 percent less than last year. Due to the reduced acreage, a decline in production is expected in the upcoming season, the effect of which is already visible in market prices. Given all these circumstances, selling by stockists and importers remains weak. Market participants are holding back their stock in anticipation of a potential shortage and further price increases, which is continuously supporting the rising prices. Trading sources believe that if arrivals do not improve soon and demand remains strong, the upward trend in pea prices may strengthen further in the near term. Overall, limited supply, reduced acreage, and strong buying clearly indicate a bullish trend in the pea market.

Following China's agreement to reduce import duties on Canadian peas, activity among buyers and sellers in the Western Canadian pea market has increased. Despite higher prices, traders and exporters in Canada have started increasing their stocks of maple peas. Prices of green and yellow peas have also improved, although the intensity of the increase has been limited. Nevertheless, prices have increased by up to 50 cents per bushel. In Saskatchewan, maple pea prices have reached between $12.50 and $14.00 per bushel, while yellow peas are trading at $7.50–$7.75 and No. 2 grade green peas are at an FOB price of $10.50 per bushel. According to sources, the tariff reduction in China will come into effect from March 1st, which is expected to lead to further improvement in pea prices in the coming days, although competition from Russia in the Chinese market will remain a challenge for Canada.

Due to weaker selling by importers and increased buying, the prices of imported peas rose by Rs. 100 per quintal during the current week, and with this increase, the prices at the end of the week in Mumbai were Rs. 4075 for Canadian peas, Rs. 3950 for Russian peas, and in Mundra, Rs. 4075 for Canadian peas and Rs. 4025 for Russian peas per quintal. Similarly, Kanpur pea prices also increased by Rs. 100 per quintal this week, reaching Rs. 4400 per quintal at the end of the week. Due to sustained buying, Lalitpur pea prices also increased by Rs. 200 per quintal this week, reaching Rs. 3800/4400 per quintal at the end of the week. Due to increased demand, Mahoba pea prices also rose by Rs. 100 per quintal this week, reaching Rs. 4000/4500 per quintal at the end of the week. Similarly, due to increased buying, Orai pea prices also increased by Rs. 100 per quintal this week, reaching Rs. 4000/4150 per quintal at the end of the week. Similarly, Mauranipur pea prices also increased by Rs. 150 per quintal, reaching Rs. 4150/4250 per quintal at the end of the week. Supported by widespread bullish sentiment and increased demand, Madhya Pradesh pea prices rose by Rs. 100-150 per quintal this week.  With this increase, prices at the end of the week reached Rs. 4000-4150 per quintal in Bina and Rs. 4000-4275 per quintal in Damoh.

Supported by the rise in pea prices and increased demand, pea dal prices also increased by Rs. 150 per quintal during the current week. At the end of the week, prices were Rs. 4700-4750 per quintal in Kanpur and Rs. 4800-4900 per quintal in Indore.