Chana market May trade sideways despite extended timeline for Peas import

Chana (Chickpeas)

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The quantity of OTR Chana is expected to be around 50000 MT. Delivery of Chana might be started for Maharashtra and Rajasthan. As moisture level in new Chana is above 14% and the percentage of green grain too is higher, millers may prefer to buy old Chana. Stock in pipeline is exhausting fast while demand for Holi and Ramdan may increase. It may restrict one way fall in Chana cash market. Recent rains in parts of M.P. and Uttar Pradesh may delay harvesting activities at least by a week. So, market may trade sideways in the near term. Apart from this, report of lower yield in parts of MP and Rajasthan remains a cause of concern. Once arrival starts increasing, and prices come down to MSP level, Govt.'s agencies would start buying. It would support price at MSP level. Millers /stockists too may be active and it would cap the down trend. The medium term outlook remains bullish despite extended timeline for peas import.