Russia’s Ukraine invasion, which became a full-blown war, has moved the pulses market upward. As a result, the prices of red lentil, field peas, and chickpea increased by 2, 4, and 3 percent, respectively, in Saskatchewan.
In Canada, the price of new yellow peas is between $12,50 and $13 per bu. The old crop whereas is trading at $16 to 16,50 per bu. The red lentils and Chickpea prices in the country have also increased.
In Myanmar, red gram and black lentil prices have moved up. Since India imports a significant quantity of pulses and lentils from Myanmar, the price hike will impact the Indian import and domestic market. Moreover, the decrease of Indian rupees against the US dollar to 77 will make the import of lentils and pulses more expensive in the upcoming days. The prices of the lentils and pulses are already much higher in the market than the MSP (minimum support price).
Reports suggest an increase in the price of wheat, corn, millet, red lentil, red gram, and black lentil. Despite the price hike, there is good domestic demand for grain in Uttar Pradesh and Madhya Pradesh. The war has also increased the price of wheat by $40-$50 per MT. Hence, it has impacted the price in the domestic market. But the fear of war causing a scarcity in the products has made traders, stockists, and domestic buyers active. As a result, the prices are moving up for the product. It has also resulted in less arrival of the commodity in the Delhi, NCR markets.
As per market reports, the arrival of field peas in Karnataka and Maharashtra has increased. As a result, the farmers who expect a better price for red grams have stopped releasing them in the market. Despite that, the cost of the red gram is more than the MSP in the market. Therefore, it has decreased the purchasing activity for the commodity.
The effects of the war are impacting the export market negatively, causing the price to be northbound for pulses and lentils internationally.
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