Pulses body sees chana prices up this week as sellers stay away, stocks down
This story was originally published at 19:04 IST on 28 October 2024
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MUMBAI – Prices of chana are likely to rise this week as sellers are choosing not to sell the commodity at the current low prices, the India Pulses and Grains Association said in its weekly report on Monday. Low stocks of chana and a delay in the rabi sowing of the pulse are also supporting prices, the report said.
Prices are also seen rising due to higher demand for chana seeds, the association said. With the government increasing the minimum support price of chana by 4% or INR 210 per kg to INR 5,650 per 100 kg, and favourable market prices, more farmers plan to sow chana.
However, the supply of cheaper imports of chana from Australia, along with imports of yellow peas could limit the gains in prices. Yellow peas are used as a cheaper substitute for chana.
In the week ended Saturday, prices of chana fell following a sharp drop in prices of shipments of Australian chana, along with arrivals of some of the shipments in the country, the report said. Prices also came under pressure as stockists offloaded their inventories in the market, increasing the supply of the pulse. The demand from millers was weaker than expected, as buyers preferred the cheaper chana sold under the government's 'Bharat Dal' brand. Additionally, millers were using yellow peas along with chana to make besan, lowering demand for chana further.
In the week ended Saturday, chana prices in Indore in Madhya Pradesh, were down by INR 350 per 100 kg from a week ago at INR 7,125-7,150 per 100 kg, according to the report. Similarly, prices of chana in Akola in Maharashtra were also down by INR 350 per 100 kg. End
Reported by Shreya Shetty
Edited by Vandana Hingorani
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