Since the beginning of the month, Chickpea prices have been stable for all its varieties until Monday, October 18. But, then, there was a sudden drop in the price for all the types.
42-44 (12mm) dropped from $1,35 per kg FOB to $1,29 per kg FOB. 44-46 (11mm) traded on Monday at $1,27 per kg FOB from $1,33 per kg FOB. 446-48 (10mm) recorded the price at $1,25 per kg FOB after it dropped from $1,31 per kg FOB. 58-60 (9mm) price decreased from $1,30 per kg FOB to $1,23 per kg FOB. 60-62 (8mm) and 62-64 prices too went southward from $1,25 per kg FOB to $1,19 per kg FOB and $1,24 per kg FOB to $1,19 per kg FOB, respectively.
The local market stayed stable on Tuesday after the price drop, and it is believed that good domestic buying is helping the need to remain firm. The increase in domestic buying is attributed to the small crop size in Canada and United States. There is a fear that due to the low production of Chickpeas in these two countries, the prices might increase in the global market for the commodity in the coming days. Hence in the domestic sphere, traders and stockists are buying the legume so that future price increase and shortage in supply won’t affect them.
The lowering in the export demand of Chickpea has affected its price in the global market. In addition, an increase in freight prices and shortage of containers are also making the export of the crop difficult. Australian exporters, as a result, are only purchasing from growers who can move the crop and help with the containers.
However, despite the sluggish activity in the international market, the domestic demand keeps the prices steady, and it is expected to stay that way in the coming week. Also, the Diwali festival and wedding seasons in the following months will keep the price of chickpeas good, which is a relief for the farmers and traders of the crop.
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