January began with its swings for chickpeas as it had stable growth with minor de-growth. In February, Chickpea remained rangebound. However, with a bit of a downfall, it hiked in March, and the growth pattern continued until mid-April. Regardless, it had a sloppy trend in May. But after being under pressure for almost a month, Chickpeas witnessed a minuscule hike in June, and in July, the Chickpea market was in a bull run. Still, the growth was temporary as the prices fell considerably at the end of August. September saw an oscillated movement as Chickpea kept swinging between stagnancy and sluggishness. Later a hike was witnessed at the end of October, and the same pattern continued in November and December.
January-April
There was a neutral trend witnessed in January as there were reports of crop damage. Still, in February, it remained rangebound as the yield decreased significantly in the last couple of months due to the late arrival of the new crop. Yet, the demand for the old stock continued because of its better quality than the new crop. In March, Chickpeas increased by 60$ pmt due to lower production areas, shortage of spot goods, and higher prices in the international markets. These factors supported the charts, and the bull march continued until April. The low production made the market deficit, and the domestic consumption was 11 million tons, and the expected outcome was only around 7.5 million tons, implying the future’s high prices.
May-August
After a boom in April, Chickpeas started their southward journey in May, and many uncertainties affected the market sentiment. On the positive side, the government bought goods at MSP, which was 15-20% higher than current prices, supporting the market. On the other hand, traders had proclaimed that the liquidity crunch had discouraged the market from performing further transactions. These two sides of the same coin drove the market sentiment in June. In July, Chickpea noted a growth of approximately 7% as the export demand surged and the intermittent release of stocks held by the government also supported the market. However, August was also a good month for Chickpea as the price of green pulses rose due to less production. Thus, Chickpeas gained the hidden advantage of the moment and stayed green.
September-December
September was a neutral month, as no factors supported the growth. Firstly, the government declared to empty the stocks in social welfare schemes affected the market trend, and the previously imported goods were available in the domestic market. Yet, it did not support the market as there was no buying support at lofty prices. In October, there was a minuscule growth visible due to the festive season of Navratri and Dussera. Thus, transactions were done at higher magnitudes, and secondly, the government decided to raise the MSP by 1.5-1.6 $ per kg in the next season. In November, the prices were high due to petite stock availability, and the same pattern was witnessed in December. Due to high international prices, there were no imports of the goods, and thus, the hike prevailed.
Overall, Chickpeas remained petite the entire year, and the high freight prices affected the market as no significant imports would suffice the local demand. To conclude, the future of this commodity will depend upon the yields of the current season.
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