India’s Pulse Rally Lifts Global Beans Complex as Drought and Festive Demand Collide
Beans market tightens as Indian pulses gain 6–11% in a month on drought and festive demand, while import disruptions and firm Chinese mung prices support levels.
Prices
According to recent wholesale market data from India, chana prices in Delhi have climbed about 11% month-on-month and 5.5% week-on-week, with moong posting similar strength at around 10.6% over the month and 4.3% in the last week. Tur is up roughly 6.5% over the month and 2.4% week-on-week, while peas gained about 6% month-on-month.
On a year-on-year basis, chana is reported around 23% higher, urad about 24% higher and peas close to 47% higher, while masoor and moong show more moderate annual gains of roughly 2% and 4%. Government retail monitoring confirms elevated dal prices, with all-India average gram, tur and moong dal levels still firm at the end of September.
| Product | Origin | Location / Term | Latest Price (EUR) | Trend vs previous quote |
|---|---|---|---|---|
| Kidney beans, dark red | BR | Brasília, FOB | 1.25 | Stable over last update cycle |
| Kidney beans, brown eye | BR | Brasília, FOB | 1.22 | Stable |
| Kidney beans, white | GB | London, FOB | 1.22 | Stable |
| Beans dried, split 12 mm | GB | London, FOB | 1.33 | Slightly lower vs 1.35 |
| Beans broad, whole 12 mm | GB | London, FOB | 1.05 | Slightly lower vs 1.07 |
| Alubia beans, white | BR | Brasília, FOB | 1.01 | Slightly lower vs 1.03 |
| Mung beans, organic 99.5% | CN | Beijing, FOB | 1.55 | Higher vs 1.52 |
| Mung beans, 3.8 mm up | CN | Beijing, FOB | 1.48 | Higher vs 1.46 |
| Kidney beans, dark red | CN | Beijing, FOB | 1.42 | Higher vs 1.33 |
| Kidney beans, black | CN | Beijing, FOB | 1.04 | Higher vs 1.02 |
| Adzuki beans, red | CN | Beijing, FOB | 1.29 | Higher vs 1.28 |
Supply & Demand
Drought-like conditions in parts of Maharashtra and Karnataka have raised concerns about India’s kharif pulse output, particularly tur and moong, at a time when the southwest monsoon has ended with about a 12% rainfall deficit versus normal. Both states have formally acknowledged drought in large areas, implying weaker yields and constrained local supplies into late 2026.
Festive-season demand is adding a second layer of support, as consumption of chana, moong and peas typically increases in the run-up to major festivals. Domestic trade sources already report strong offtake in wholesale markets, while government price monitoring still shows only marginal relief at the retail level so far.
Imported pulse availability is tightening. Australian chickpea (chana) supply is expected to be lower than last year, while disruptions to Russian yellow-pea shipments are pushing international matar prices higher. This limits substitution possibilities for Indian buyers and keeps global peas and chickpeas supported, indirectly underpinning other beans through cross-commodity demand.
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Fundamentals & Regional Links
The current rally in Indian pulses is broad-based: chana, moong, tur and peas have all gained 6–11% over the month, reflecting both weather stress and uncertainty around rabi sowing conditions. Soil moisture deficits and only partially filled reservoirs raise questions about how aggressively farmers can plant chana in the coming rabi season.
These dynamics are already visible in mandi-level data, where chana and tur in drought-affected Maharashtra and Karnataka are trading at elevated levels, and volumes in many APMC markets remain below normal. Local prices of chana and green peas in western Maharashtra have surged, confirming reduced availability and strong buying.
Outside India, Chinese FOB values for mung beans and several kidney bean types have inched higher over September, consistent with stronger Asian demand and spillovers from India’s pulse tightness. In contrast, Brazilian and UK-origin beans show either flat or slightly soft quotations, indicating that global bean supply outside the Indian pulses complex is not yet critically tight, but may face upward pressure if Indian import demand intensifies later in the season.
Weather & Outlook
India’s southwest monsoon closed with a 12% deficit and highly uneven distribution, with pronounced shortfalls over central and southern states. Maharashtra and Karnataka, both central to kharif pulse production, have declared drought conditions across sizeable areas, and near-term forecasts point to only scattered showers, insufficient to rebuild soil moisture meaningfully before rabi sowing.
Weather for other major bean exporters such as Brazil and China is currently not reported as severely disruptive, but El Niño patterns and a potential transition towards a stronger event later in 2026 keep medium-term risks elevated. Any new weather shock in South America or East Asia during upcoming planting windows could tighten the global beans balance further and amplify the price effects already visible in India.
Trading Outlook
- Short-term (0–4 weeks): India’s domestic pulse complex is likely to remain firm to slightly higher, with chana, moong, tur and peas supported by drought-related supply concerns and strong festive demand. Beans linked to these markets (particularly mung and peas) should find continued price support.
- Medium-term (1–3 months): Market direction will hinge on rabi sowing conditions, realized kharif yields and confirmation of import programmes. Continued weather stress plus restricted imports would keep wholesale beans and pulses elevated; any policy-led increase in imports could cap further upside.
- Risk management: Buyers with exposure to Indian-origin pulses or Chinese mung should consider advancing a portion of Q4 coverage, while remaining flexible for potential policy interventions. Sellers may use current strength to forward-lock margins but should guard against sudden import relaxations or government stock releases.
3-day Directional View (key beans)
- India pulses (chana, moong, tur, peas): Bias: sideways to slightly higher as festive buying continues and drought news remains in focus.
- Chinese mung and kidney beans, FOB Beijing: Bias: mildly firm, tracking recent upticks and regional demand.
- Brazil/UK beans (kidney, alubia, fava, broad): Bias: broadly stable with a modest upward risk premium if Indian import demand picks up or further weather issues emerge.