Market Report: Chick Peas 3rd Review

“All that Glitters is not gold “

Business is name of Un certainty  , that’s why its business

Its being well proven when we look the trade of Indian Kabuli Chick Peas from last two months .

To start again , Indian crop which was looking good immediately before gulf food, witnessed a heavy unseasonal rain , and snow balls immediately before harvest, weather continued to be harsh for almost a 20 / 25 days. And it looked all is finished,  the crop .  and the quality  .

Markets got firmed. And Entire world turned to Mexico, to cover up the good quality, and market zoomed up by usd 200 pet mts to usd  350 per mts .  India/ Europe/Middle east. All the chick peas buyers started buying heavily from mexico, and we assumed it’s a start of a bull run like we witnessed last year in White Beans .

Since then markets in India is on Continually , and slow decreasing trend ,  Prices from high of usd 1200 Fob is down to Fob 940 Usd.  Before we in india could understand the things, it was a sudden crash  . and know every Indian Kabuli Chick peas exporter/ trader/ stockiest is sitting on a huge pile of stock of chick peas .

As everyone knows that last  year the export of Kabuli Chick Peas from India was extraordinary high , since the prices were so attractive buyers in Algeria / Turkey / Middle east . had stocked the goods over to their capacity

These stocks never allowed buyers to take a fresh position, in fact it gave them opportunity to minimize their loss , and all of  them got busy in clearing the stocks

Secondly the quality of Indian Kabuli chick peas these year seriously took hit due to bad weather, and % of black spots increased . which prompted buyers to put Indian Kabuli Chick Peas buying on hold for  fresh buying, these fact I also mentioned in last report

Thirdly the currency exchange which was favorable last year made a reverse and Indian Rupee had strengthened enough to act as a psychological barrier for off take

Fourthly “ India’s biggest Stockist for agricultural products know a days are farmers who had virtually decided not to hold the Kabuli chick peas these year, in there stock .  as the quality these year is not so good, prices are also not attractive  and farmers had lost big money stocking of the product in last 03 years . so they are reluctant to make any stock as on these year .

Inspite a short crop these year. The flow of  crop is constant in the produce center  which is also not helping the prices to be stable.  And it looks that till end of June month farmers will finish majority of chick peas from there warehouse . so the majority of left over chick peas will be in hand of Indian Stockist

Pakistan is constantly buying the small caliber chick peas from India . but the demand for big sized chick peas is very slow .

Mexico prices still commands a premium of usd 200 per mts over Indian Chick Peas .and  Elections in country  like , Algeria / Jordan / Iraq. Also kept the market in confusion for new business

Only when the stocks in the buying country is being  sold off they will come  in the market for fresh buying . a big buying demand is still waiting for the Indian Kabuli Chick Peas exporters. And everyone is hopefull that from Month of June there will be more activities in the Trade which will give them some relief