Chickpea Prices Retraced After A Recent Fall
The Kabuli gram (chickpea) market has experienced subtle fluctuations recently. Initially, prices fell by approximately $0.18 to $0.19 per kg due to an increase in supply following a surge in sowing activities and the subsequent doubling of market arrivals. However, this price reduction spurred a demand increase, leading to a slight price recovery of about $0.048 to $0.060 per kg. Despite these changes, caution is advised in trading at these fluctuating prices.
Supply Increases Lead to Price Adjustments
In Maharashtra and Gujarat, the chickpea market responded quickly to the changes. The sudden spike in market arrivals caused a notable price drop, with rates falling by $0.18 to $0.19 per kg, settling between $0.82 and $0.87 per quintal based on quality. Meanwhile, in Delhi, chickpeas from Maharashtra briefly fetched $0.90 to $0.93 per kg before market adjustments. Following these shifts, current buying rates have improved slightly to around $1.00 to $1.01 per kg due to local and logistical demands, reflecting a more dynamic market.
State-by-State Sowing and Harvest Results
A significant factor contributing to the market’s behavior this season has been the extensive sowing activities across key states like Maharashtra, Gujarat, and Madhya Pradesh. Favorable weather conditions have resulted in a bountiful harvest, contrasting sharply with previous years’ shortages. For instance, in February, limited supply led to Kabuli gram prices reaching up to $1.32 to $1.34 per kg in Maharashtra, a figure that has since adjusted due to increased supply.
Price Might Increase
Looking ahead, traders predict a potential increase of $0.024 to $0.036 per kg in the current prices, although they caution against hasty trading decisions. The global context also plays a role, with international prices currently lower than usual, influencing the balance between imports and exports. With countries like Canada, Ukraine, and Australia also reporting increased chickpea sowing, it is anticipated that the export demand will soften.
As the chickpea market stabilizes from recent fluctuations, stakeholders are advised to monitor these developments closely. With a record harvest and shifting global dynamics, the coming months will be critical for determining the market’s direction. Traders and farmers alike must stay informed and adaptable to navigate the evolving landscape of the Kabuli gram market effectively.
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