Weekly Review: Peas

Kanpur: Pea prices saw an upward trend this week, driven by a slowdown in selling at lower rates and an improvement in demand. Limited selling by farmers and stockists at lower price points kept market availability tight, positively influencing prices. Meanwhile, interest from pulse millers in peas has increased, supported by the ongoing rally in gram (chana) prices; millers' growing interest in purchasing peas amidst high gram prices provided additional market support. Prospects for a further rise in pea prices remain strong, given the persistently limited market availability and anticipated demand growth during the upcoming festive season. Concerns regarding imported pea supplies are also mounting; the likelihood of large-scale supplies arriving from Russia before March is currently considered low, which could strain the availability of imported peas in the coming months. Concurrently, pea stocks at major ports are steadily declining. Market attention remains focused on the supply situation amidst limited domestic availability, dwindling port stocks, and uncertainty regarding imports. Overall, the pea market is likely to continue receiving support from subdued selling, limited availability, upcoming festive demand, and shrinking port stocks. Prices of imported peas rose by ₹75–100 per quintal this week due to reduced selling by importers and increased buying interest; by the weekend, prices stood at ₹4,825 per quintal for Canadian peas and ₹4,600 per quintal for Russian peas at Mundra Port. Similarly, prices at Hazira Port settled at ₹4,825 per quintal for Canadian peas and ₹4,600 per quintal for Russian peas. Pea prices in domestic markets showed an upward trend this week, driven by limited availability and improved demand. Increased buying activity led to a rise of ₹100 per quintal; by the weekend, prices stood at ₹4,950 in Kanpur, ₹4,200–₹4,600 in Lalitpur, ₹4,400–₹4,600 in Orai, ₹4,900 in Rath, and ₹4,500–₹5,200 per quintal in Mahoba.

Pea prices in Western Canadian markets remain largely stable within a narrow range amidst subdued trading. Harvesting is nearing completion, though unseasonal rains have impacted quality. In Saskatchewan, standard yellow peas are trading at $8.00 per bushel and green peas at $8.50 per bushel (FOB farm). Premium quality yellow peas are quoted at $8.50 and green peas at $9.00 per bushel. Buyers from China and India remain active. While production is expected to decline due to reduced sowing and adverse weather, the likelihood of a significant drop in total availability is limited by high carryover stocks. Consequently, pea quality will play a crucial role in determining future export trends and price movements.

Due to sluggish buying, pea split prices fell by ₹100–₹150 per quintal during the week; by the weekend, prices settled at ₹5,250–₹5,350 per quintal in Kanpur and ₹5,500–₹5,560 per quintal in Indore.