Pea Market Holds Firm as Tur Tightness and Festival Demand Support Pulses

High tur prices in eastern India and steady festival demand are tightening the regional pulse balance and indirectly underpinning interest in peas, even as key exporters hold comfortable stocks. Ukrainian and UK pea quotations in EUR remain broadly stable, reflecting solid supply, firm but not overheated global demand, and logistics risks that are significant but currently manageable. Pea markets are increasingly shaped by substitution dynamics within the broader pulse complex. Stronger desi masoor prices versus relatively stable imported lentils and high tur values in Bihar, Jharkhand, Uttar Pradesh and Odisha are prompting some demand rotation across pulses rather than outright consumption loss. This environment tends to support value pulses such as peas, although sizeable Canadian and Australian pulse crops cap the upside. Regional festival demand in eastern India adds a seasonal floor, while Black Sea logistics and UK weather patterns fine‑tune local price spreads.

Prices

Ukrainian pea prices are flat to slightly softer over the past three weeks. FCA Odesa dried yellow peas (98% purity) are quoted at 0.17 EUR/kg FCA Odesa, unchanged from the previous update on 24 September 2026. Green peas (98% purity) eased marginally to 0.19 EUR/kg FCA Odesa, down from 0.20 EUR/kg on the prior quotation, reflecting comfortable nearby supply and competitive export offers.

UK pea prices are holding steady at a higher absolute level, supported by established snack and food industry demand. FOB London dried marrowfat peas are indicated at 1.24 EUR/kg FOB London, unchanged on the latest quotation and aligned with recent reporting that marrowfat values remain firm but stable. Standard green peas ex‑UK are quoted at 0.96 EUR/kg FOB London, also steady over the past two weeks, signalling balanced domestic availability and export interest into Asia and Mediterranean markets.

Supply & Demand

The pulse complex in India is currently driven by tight tur availability and rising desi masoor values. The notable firming in desi masoor, contrasted with comparatively stable imported masoor, indicates that domestic supplies are tighter than international offers. In eastern India, high tur prices in Bihar, Jharkhand, Uttar Pradesh and Odisha, together with festival-related buying, are encouraging consumers and processors to substitute towards alternative pulses, especially masoor and potentially value peas where available.

Globally, the upside for imported lentils and peas is limited by expectations of sizeable Canadian and Australian crops, which should replenish exportable surpluses and keep world market supply adequate. At the same time, India’s willingness to substitute away from expensive tur into other pulses prevents a sharp demand collapse in the wider complex and indirectly supports baseline utilisation of peas. In Europe and the Black Sea, recent reporting confirms that key pea exporters, including the UK and Ukraine, hold comfortable stocks, and Ukrainian export flows are gradually adjusting via alternative routes as Black Sea logistics constraints ease partially.

Fundamentals & Weather

Fundamentals for peas are currently characterised by: (1) a firm but not overheated demand backdrop, shaped by substitution from tur and desi masoor; (2) adequate export availability from Canada, Australia, the UK and the Black Sea; and (3) manageable but still present logistics and geopolitical risks around Ukrainian shipments. This mix supports a sideways to mildly supported price profile, particularly for higher-value segments such as UK marrowfat peas.

Weather is a secondary driver at this stage of the 2026 crop cycle. In the UK, the pea harvest has largely progressed, with earlier dry conditions and patchy late-summer weather affecting moisture and quality more than volumes, leaving overall supply relatively comfortable. In southern Ukraine, warm and mostly dry early-September conditions have aided post-harvest handling around Odesa and supported good quality in stored peas, limiting quality-driven premiums for top lots.

Trading Outlook

• Importers / buyers: Use the current stability in FCA Odesa and FOB London peas to extend short-term coverage, particularly for Q4 festival and winter demand, but avoid over-committing given ample Canadian and Australian pulse prospects that cap upside.
• Processors in India and South Asia: Closely monitor the tur–masoor–pea price spread. If tur prices remain elevated while desi masoor stays strong, value-conscious consumers are likely to continue shifting into lentils and peas, favouring blended formulations and lower-grade pea fractions.
• Producers and exporters: Maintain price discipline on high-quality green and marrowfat peas. With festival demand supportive and substitution within pulses ongoing, there is limited need to discount aggressively, especially where logistics and quality risks justify a small premium.

3‑Day Directional View

• Ukraine, FCA Odesa peas: Sideways bias; logistics and currency headlines may cause minor intraday volatility but fundamentals point to rangebound trade.
• UK, FOB London green peas: Stable; balanced domestic and export demand suggests little change from current levels in the next 2–3 days.
• UK, FOB London marrowfat peas: Firm–sideways; snack and food industry demand plus broader pulse firmness argue for a steady to slightly firmer tone.