Pea prices fall due to availability and sluggish demand

iGrain India - Weekly Review - PeasMarket Overview: Pea prices have been on a decline this week due to increased availability and subdued demand. The market has seen a steady supply of peas, particularly from Canada and Russia, with limited trading activity. Yellow peas, the most common variety in demand, are priced between $10.00–10.50 per bushel FOB. The chemical-grade peas are expected to be priced at around $12 per bushel for next year’s delivery, reflecting consistent demand from specific industries.Import Dynamics: India continues to import yellow peas from Canada and Russia, as the import of other varieties is restricted. Despite growing diplomatic tensions between India and Canada, there has been no significant impact on the trade relations concerning peas. However, a potential slowdown in imports from Canada could be linked to a decrease in India's overall demand for peas rather than political issues.Price Trends: The overall trend in pea prices has been downward due to high availability and weaker demand across various markets:Imported Peas in India: Prices of Canadian peas in Mumbai dropped by Rs 25/50 per quintal, now at Rs 3650 for Canada and Rs 3425 for Russia.Kanpur Peas: Prices saw a decrease of Rs 75 per quintal, ending the week at Rs 3650/3675 per quintal.Lalitpur Peas: Prices fell by Rs 50 per quintal, now at Rs 3200/3400 per quintal.Mahoba Peas: A drop of Rs 100 per quintal, ending the week at Rs 3300/3400 per quintal.Mauranipur Peas: Similarly, a Rs 100 per quintal decline, bringing the price to Rs 3300/3400 per quintal.Damoh Peas: Due to sluggish demand, Damoh peas saw a Rs 100 per quintal reduction, settling at Rs 3400/3475 per quintal.Pea Dal Prices: Due to the dip in pea prices and weak demand, the prices of pea dal also declined this week. In Kanpur, prices fell by Rs 100 per quintal, now ranging between Rs 4000–4100 per quintal. In Indore, pea dal prices also saw a drop to Rs 4225 per quintal.Conclusion:The pea market is experiencing a price downturn driven by increased availability and low demand. Despite steady imports from Canada and Russia, the weaker demand and limited market activity have led to price reductions across regions. With crop harvesting already completed, further price fluctuations will likely depend on the pace of imports and any shifts in domestic consumption needs.