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Informist, Monday, Nov. 25, 2024

 

MUMBAI – Prices of chana could rise in the short term due to an increase in millers' buying interest on account of the ongoing wedding season and preparations for demand during Ramadan, which is from Feb. 25 to Mar. 29, the India Pulses and Grains Association said in its weekly report. Prices could also rise due to limited domestic stock and weather-related challenges, the association said.

 

Another reason behind the rise in prices could be the delay in the rabi sowing of the pulses. As of Nov. 8, sowing of chana was at 2.5 million hectares, down 10.4% on year from 2.7 million hectares sown last year, the report said.

 

In the long term, prices will depend on the cost and freight charges of Australian shipments of chana, further progress in rabi acreage, and whether the government extends the duty-free status for yellow pea imports after Dec. 31, according to the association. Yellow peas are used as a cheaper alternative to chana. 

 

In the week ended Saturday, prices of chana saw some gains due to a slowdown in its harvest in Australia. Harvest in the country was delayed because of heavy rain, which could delay exports, the association said. Prices were also supported due to a mild gain in the cost and freight quotes, a delay in rabi sowing along with low acreage, tighter supplies of the pulses, and millers' buying interest at lower prices.

 

Moreover, the unloading of a vessel--with 31,000 tonnes of Australian chana--which arrived at the Mudra port on Nov. 19, has been delayed due to port traffic, supporting prices. The unloading is expected to begin in the coming days, the report said.

 

In the week ended Saturday, chana prices in Indore in Madhya Pradesh were up INR 100 from a week ago at INR 6,800-6,850 per 100 kg, according to the report. Similarly, prices of chana in Akola in Maharashtra were up by INR 125 at INR 6,900-6,925 per 100 kg.  End

 

Reported by Shreya Shetty

Edited by Namrata Rao

 

 

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