Global Pulses Market Analysis: India’s Influence on Global Trends

Summary:
The global pulses market is experiencing significant shifts, with India playing a pivotal role in price movements. While pigeon peas and black matpe have shown price increases due to weather concerns in key Indian growing regions, other pulses like desi chickpeas and yellow peas are seeing price corrections. This analysis explores the current market dynamics, price trends, and their implications for global trade.

Key Market Movements

Pigeon Peas (Tur/Arhar) Show Strength

• Price increases of $10-60 per tonne for India-bound shipments
• Mozambique offering at $800/tonne (up $10)
• Tanzania quoting $820/tonne (up $30)
• Myanmar significantly higher at $1,105/tonne (up $60)
• Indian domestic prices well above MSP of ₹7,550/quintal
  • Maharashtra: ₹9,741/quintal
  • Karnataka: ₹10,672/quintal

Black Matpe (Urad) Maintains Momentum

1. Myanmar increased prices for both grades
   • Fair average quality: $1,010/tonne (up $25)
   • Super quality: $1,100/tonne (up $25)
2. Brazil holding steady at $1,085/tonne for India delivery
3. Indian domestic markets showing strength
   • National average: ₹8,588/quintal
   • Regional variations persist due to quality differences

Desi Chickpeas See Sharp Correction

1. Australian offers show significant drops
   • India delivery: $740/tonne (down $70)
   • Bangladesh delivery: $750/tonne (down $80)
   • Pakistan delivery: $745/tonne (down $80)
2. Tanzania moderating prices
   • India delivery: $800/tonne (down $20)
3. Russia maintaining competitive position in Pakistan market

Lentils and Peas Market

1. Green lentils:
   • Russia: $1,150/tonne to India (down $10)
   • Canada: $1,200/tonne to India (down $25)
2. Yellow peas showing weakness:
   • Canadian offers:
     • Bangladesh: $500/tonne
     • India: $460/tonne
     • China: $410/tonne
   • Russian offers remain competitive:
     • China: $385/tonne
     • India: $415/tonne
     • Pakistan: $405/tonne

Red Lentils (Masur) Face Pressure

1. Australian prices see sharp correction
   • India: $690/tonne (down $70)
   • Bangladesh: $710/tonne (down $65)
2. Canadian offers adjusting:
   • India: $735/tonne (down $5)
   • Sri Lanka: $750/tonne (down $15)
   • Turkey: $760/tonne (down $10)

Market Implications

The current price trends reflect a complex interplay of factors:

1. Weather concerns in key Indian growing regions
2. Anticipated good rabi season due to favorable soil moisture
3. Strategic positioning by major exporting countries
4. Regional quality variations affecting price differentials

Conclusion:
The global pulses market is showing divergent trends, with weather-affected crops like pigeon peas and black matpe maintaining strength while others face downward pressure. The market appears to be factoring in potentially strong Indian rabi crop prospects, given favorable soil moisture and water reservoir levels. This situation presents both challenges and opportunities for traders, with careful origin selection and timing becoming increasingly critical for optimal trading outcomes.