Over the past week, the price of chickpeas has witnessed a notable appreciation, leading to a temporary standstill in trading as profit booking takes place. The anticipation of exceeding business production has significantly reduced goods by one-fourth of their original price. Moreover, the availability of goods in Madhya Pradesh’s shops has been scarce, and the export of coarse goods from the Indore-Bhopal line has become the preferred option.
Supply shortage
As we approach February-March, the arrival of the new crop is yet to generate substantial stock in any domestic shop. The limited supply of goods has prompted continuous selling by farmers, who have been facing low prices due to the absence of old stock. Consequently, shops in Haryana and Punjab are experiencing a supply shortage this season.
Traders, perceiving sluggishness in the domestic market, have refrained from purchasing goods. Further, experts believe that the production of chickpeas was projected to be 2.0 million metric tonnes, a slight increase from the 1.5 million metric tonnes produced last year. However, due to certain unforeseen factors, including adverse weather conditions and calamities in Türkiye, Syria, and Sudan, the current season’s production estimate has decreased to 1.8 million metric tonnes, with no remaining old stock.
Signs of growth
Given the circumstances, the market for chickpeas is anticipated to remain intermittently robust. In line with wedding season demand, the market has already shown signs of growth. In Maharashtra, the price of chickpeas has risen just ten days ago. Coarse material stock is limited, and high prices persist in Karnataka, as continuous exports have reduced supply in other regions. Additionally, there have been no overseas purchases of goods, as prices in Canada and Australia are already high, while the situation in Ukraine is worsening, resulting in a halt in medium-grade goods imports.
The ground reality is that chickpeas stock is scarce in Kanpur, Allahabad, and Lucknow shops. Amritsar and Ludhiana shops are also experiencing depleted supplies. Thus, market analysts predict that chickpeas will boom in the coming days considering current factors.
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