Lentils Market: Firm Pulse Demand Meets Import Headwinds and Flat Export Values

Black gram-led firmness in India’s pulse complex is providing a mild supportive backdrop for lentils, but abundant import flows and comfortable export availability are capping any strong upside.

India’s black gram prices have inched higher across major mandis on better dal mill buying and reduced distress selling, yet values remain slightly below MSP and vulnerable to incoming Myanmar shipments. In parallel, export lentil offers from Canada and China are largely flat in mid‑April, signalling that the global lentil balance is still relatively comfortable despite firm structural demand for pulses. Buyers should see modestly supported, but range‑bound, lentil prices in the short term.

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📈 Prices & Market Tone

India’s black gram (urad) market has firmed modestly, with benchmark mandi prices still about 1.5–2% under the official MSP. Domestic demand from dal processing mills has improved from earlier weeks, while distress selling at low levels has eased, tightening nearby availability.

At the same time, international black gram offers from Myanmar have stabilised, with April–May CIF quotes signalling that import parity into India remains competitive. This combination of a slightly tighter domestic spot market and assured import cover is creating a cautiously firm, yet fundamentally capped, tone that spills over into broader pulse sentiment.

On the lentil side, indicative FOB offers are stable week‑on‑week. Recent trade data and export quotes point to broadly steady levels for Canadian and Chinese origins, with no significant short‑term rally despite earlier tightness in some pulse segments.

Product	Origin	Location / Term	Latest Price (EUR/kg)	1‑week Change (EUR/kg)	Update date
Lentils, Red football	Canada	Ottawa, FOB	≈2.38	0.00	2026‑04‑18
Lentils, Laird green	Canada	Ottawa, FOB	≈1.62	0.00	2026‑04‑18
Lentils, Eston green	Canada	Ottawa, FOB	≈1.53	0.00	2026‑04‑18
Lentils, small green (conv.)	China	Beijing, FOB	≈1.05	≈+0.01	2026‑04‑16
Lentils, small green (organic)	China	Beijing, FOB	≈1.12	0.00	2026‑04‑16

Note: USD offers converted at ≈1.09 USD/EUR where needed; prices rounded.

🌍 Supply & Demand Drivers

India’s black gram complex is currently one of the tightest within the pulse basket. Government buffer stocks hold only around 80,000 tonnes versus a target of 220,000 tonnes, underscoring structural supply constraints. Domestic prices sitting just below MSP suggest that, without import flows, the market would likely move higher.

However, the near‑term supply picture is softening as multiple Myanmar-origin cargoes are scheduled to arrive in India over the next four weeks, adding to ongoing rabi‑season arrivals from Andhra Pradesh. This expected inflow should cap black gram prices and temper broader pulse inflation, limiting spillover bullishness into lentils.

Globally, lentil supply remains comfortable. Canada retains its dominant role in world trade, and while medium‑term projections point to slightly firmer average prices in 2026‑27 on lower ending stocks, current export availability is ample. Demand from traditional markets in South Asia and the Middle East remains steady, but not overheated.

📊 Fundamentals & Policy Context

The key fundamental tension in pulses right now is between structurally tight black gram stocks in India and policy‑enabled import access. Duty‑free or low‑duty windows for key pulses, including black gram and lentils, continue to encourage inflows when domestic prices approach or exceed MSP levels.

For lentils specifically, India’s policy stance has encouraged imports from Canada and the Black Sea whenever domestic prices firm. This has prevented a sustained price spike despite episodes of tightness in other pulses. Meanwhile, in North America, farm‑gate lentil prices have softened from prior peaks, reflecting higher global supply and a normalisation of logistics costs after earlier disruptions.

In this environment, lentils trade in a relatively narrow band, with quality spreads (large green vs. red) remaining meaningful but below last year’s extremes. Buyers are able to secure forward cover without aggressive price competition, while producers face limited incentive to withhold stocks.

🌦️ Weather & Crop Outlook

On the Canadian Prairies, seeding is beginning or imminent in key lentil regions of Saskatchewan and parts of Manitoba and Alberta. Recent farmer reports indicate that fieldwork has started in some dry areas, but sub‑soil moisture is below ideal in parts of southern Alberta and Saskatchewan after a low‑snow winter.

So far, there are no clearly defined weather shocks for the 2026 lentil crop, but early-season dryness bears watching. A normal to slightly dry spring would keep yield risk elevated but not acute; any shift toward prolonged drought during late May–June would be more price-relevant. For now, global lentil fundamentals still look balanced to slightly heavy, limiting weather-driven rallies.

📆 Short-Term Price Outlook & Trading Ideas

Analysts expect black gram prices in India to trade within a narrow band over the next 2–4 weeks, with direction dictated by the pace of Myanmar arrivals and the flow of rabi-season supplies. That suggests broader pulse markets, including lentils, will also stay range‑bound in the near term.

For lentils, export offers from Canada and China are likely to remain close to current levels barring a sudden policy change or weather event. Any upside from firmer Indian pulse demand is likely to be modest and temporary given the availability of alternate origins and flexible import policies.

🎯 Trading Outlook

• Importers / Food manufacturers: Use the current stable price window to extend coverage modestly into late Q2, especially for key grades like red football and Laird/Eston greens, but avoid over‑buying given comfortable global supply.
• Producers / Exporters (Canada, China): Consider incremental sales on any short‑term price upticks triggered by Indian buying; underlying fundamentals and incoming Myanmar black gram imports argue against a sustained rally.
• Traders / Speculators: Focus on relative value: black gram remains structurally tighter than lentils, but imminent import arrivals and policy levers cap upside; lentil spreads between large greens and reds may offer better opportunities than outright price bets.

📍 3‑Day Directional Outlook (EUR-based)

• Canada FOB Ottawa (red & green lentils): Sideways to slightly firm; export values expected to hold near current EUR levels with limited volatility.
• China FOB Beijing (small green lentils): Broadly stable; minor day‑to‑day moves possible on FX and freight but no fundamental shift seen.
• India (delivered lentils, import‑parity linked): Slightly firm tone following recent pulse gains, but capped by competitive overseas offers and incoming black gram shipments.

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