Rebound Rally Due To Government Procurement Plans In Pigeon Peas
The pigeon pea (toor) prices in Karnataka and Maharashtra have experienced a notable rebound. Despite increasing market arrivals, the recent surge can be attributed to a combination of factors, including an empty trade pipeline and the government's proactive move to purchase directly from farmers to bolster buffer stocks. This turn of events has brought relief to growers who were grappling with concerns over declining trends.
The government's move to procure pulses directly from farmers through portals like NAFED and NCCF has added a positive twist to the tale. While the announcement was made on January 4, the actual procurement is yet to commence. Farmers, eager to avoid storage challenges, emphasize the need for a swift initiation of the procurement process.
Maharashtra's APMC yards, including Bidar, Yadgiri, and Latur, showcase a similar rebound trend. Latur, for instance, witnessed a seasonal high on January 19, recovering from January 2. Factors such as an empty trade pipeline, government procurement plans, and a renewed demand have collectively contributed to this price surge.
Expected imports from Mozambique did not materialize, further influencing the market trends. The government's decision to extend duty-free imports for pulses, including tur, until March 31, 2025, aims to boost domestic supplies and regulate prices. Import estimates highlight India's reliance on countries like Myanmar and East African nations.
As pigeon pea prices embark on a rollercoaster journey, the synergy of market forces, government interventions, and global market movements paints a complex yet intriguing picture. The resilience of tur prices, influenced by factors like government initiatives and import strategies, underscores the need for exporters to stay agile and informed in this marketplace.
The Rollercoaster of Pigeon pea Prices
The Pigeon pea prices hit seasonal lows, dropping significantly in early January, marking a decrease from late December. However, they have resiliently bounced back. Notably, this rebound comes in the face of the minimum support price (MSP) for pigeon pea in the 2023-24 season set.The government's move to procure pulses directly from farmers through portals like NAFED and NCCF has added a positive twist to the tale. While the announcement was made on January 4, the actual procurement is yet to commence. Farmers, eager to avoid storage challenges, emphasize the need for a swift initiation of the procurement process.
Regional Perspectives
Kalaburgi witnessed a fluctuation in modal prices in the heart of cultivation in Karnataka. Despite a significant increase in daily volumes, concerns linger about the pace of government procurement.Maharashtra's APMC yards, including Bidar, Yadgiri, and Latur, showcase a similar rebound trend. Latur, for instance, witnessed a seasonal high on January 19, recovering from January 2. Factors such as an empty trade pipeline, government procurement plans, and a renewed demand have collectively contributed to this price surge.
Factors Influencing Tur Dynamics
Pigeon pea acreages felt the repercussions of a delayed monsoon in 2023. Despite this, the first advance estimates project a marginal increase in output, reaching around 3.421 million tonnes compared to the previous year's 3.312 million tonnes.Expected imports from Mozambique did not materialize, further influencing the market trends. The government's decision to extend duty-free imports for pulses, including tur, until March 31, 2025, aims to boost domestic supplies and regulate prices. Import estimates highlight India's reliance on countries like Myanmar and East African nations.
As pigeon pea prices embark on a rollercoaster journey, the synergy of market forces, government interventions, and global market movements paints a complex yet intriguing picture. The resilience of tur prices, influenced by factors like government initiatives and import strategies, underscores the need for exporters to stay agile and informed in this marketplace.