Kabuli Chickpeas Surge as Indian Mandi Supplies Tighten

Medium-grade Kabuli chickpeas in India are in a sharp bull phase, with prices jumping by around ₹1,000–1,100 per quintal amid restricted mandi arrivals and strong exporter buying from Madhya Pradesh. The rally is focused on Kabuli qualities, while desi chickpeas are firmer but less explosive, suggesting a segment-specific squeeze rather than a broad pulse shortage. India’s Kabuli market is currently driven by tight farmer selling and aggressive export-oriented demand, especially out of Madhya Pradesh mandis where modal prices around ₹9,000–9,600 per quintal confirm the uptrend. In New Delhi, medium Kabuli is quoted near ₹8,600–8,900 per quintal, with smaller and larger grades tracking the same bullish pattern. Export FOB indications in New Delhi and Rajkot are edging higher in EUR terms across most size counts, underlining how domestic strength is feeding directly into global offers. While fundamentals justify a firm tone, the steep recent gains raise the risk of short-lived corrections if profit-taking emerges or arrivals briefly improve.

Prices

In the domestic Indian market, medium-quality Kabuli chickpeas in New Delhi are quoted around ₹8,600–8,900 per quintal after gaining roughly ₹1,000–1,100 per quintal over the latest review period. Smaller and larger Kabuli grades have risen in tandem, confirming a broad-based advance within the Kabuli segment rather than a single-grade dislocation.

Exporter buying in Madhya Pradesh has added a pronounced upside bias, with key mandis there reporting modal Kabuli prices generally clustered in the upper-₹8,000s to mid-₹9,000s per quintal in late September and early October, alongside relatively modest arrivals . Desi chickpeas have firmed as part of a stronger pulse complex, but their move remains comparatively restrained, highlighting Kabuli’s premium strength.

Supply & Demand

The immediate driver of the Kabuli rally is reduced availability from producing mandis in India, as farmers and stockists show limited selling interest at current levels. Arrivals in several Madhya Pradesh markets remain relatively light, even as prices climb, pointing to deliberate holding back of stocks and expectations for further gains .

On the demand side, export-oriented buying from Madhya Pradesh is creating strong competition for available lots, lifting bids for medium Kabuli and spilling over into both smaller and larger size categories. International FOB offers out of India and Mexico in EUR have firmed modestly, reflecting not only local tightness but also steady import demand from Mediterranean and Middle Eastern buyers for Kabuli types.

Fundamentals & Weather

Fundamentally, Kabuli chickpeas are supported by a broadly stronger pulse complex, though desi chickpeas have moved up more slowly, underscoring that the tightness is more acute in the Kabuli segment. Domestic wholesale prices near or above ₹9,000 per quintal in parts of Madhya Pradesh align with earlier seasonal highs, reinforcing the perception that current levels are fundamentally justified rather than purely speculative .

Weather in key central Indian producing regions has been relatively benign in late September and early October, with no widespread reports of acute damage, but the tail end of the monsoon and localized moisture variability may be influencing sowing decisions for the upcoming Rabi season. Any shift in area away from Kabuli into other pulses or oilseeds would tighten forward-looking supply and could keep price expectations elevated among growers and traders.

Short-Term Outlook & Trading Ideas

Market participants should expect Kabuli chickpeas to stay underpinned in the near term, as limited producer selling and firm export demand continue to absorb available stocks. However, the recent sharp rally raises the probability of intermittent profit-taking, particularly if a brief improvement in mandi arrivals emerges or import demand pauses to reassess price ideas.

• Importers/Buyers: Consider staggered coverage rather than chasing the rally in one step. Focus on medium Kabuli from India and alternative origins like Mexico to diversify supply and mitigate upside risk.
• Exporters in India: Use current strength to forward-book limited volumes, but remain cautious about overcommitting large tonnages at peak domestic equivalence given the risk of short-term corrections.
• Producers/Stockists: Retain a moderately bullish bias but watch for signs of demand rationing at higher price points; partial profit-taking on rallies may help lock in attractive margins.

3-Day Directional View (Indicative)

• India – New Delhi FOB Kabuli (various counts): Bias moderately firm; scope for sideways-to-higher trade as export demand persists but with intraday volatility.
• India – Rajkot FOB chickpeas dried: Stable to slightly firmer, tracking domestic mandi sentiment and export inquiries.
• Mexico – Mexico City FOB Kabuli (42-44, 75-80 counts): Mildly supportive tone, following India higher while remaining sensitive to global buying interest.