Mumbai: India has extended the deadline for duty-free import of yellow peas by two more months till February 2025. In December last year, the government had allowed duty-free imports till March 2024. The production of pulses in the country is much less than the total demand.
However, this period was repeatedly extended until December. Government sources said the period of duty-free import has been further extended to keep prices under control by increasing domestic supply of yellow peas.
Mumbai oil-seeds market was officially closed today due to Christmas. Business remained slow in the closed market and edible oil prices continued to fluctuate wildly. Meanwhile, the price of cotton refined in Hazira was Rs 1240 till January 5 and Rs 1245 from January 6 to 15, while the price of soybean refined was Rs 1230 from January 1 to 10.
The future price of soybean oil in Mundra was Rs 1220 to Rs 1225. There are indications that the price of washed cotton in Saurashtra will increase from Rs 1185 to Rs 1200. Sunflower futures prices in Mundra-Hazira were at Rs 1320 to Rs 1330. As of January 10, Singoil prices at Saurashtra-Gondal were Rs 1425, Palmolein prices at Navi Mumbai port were Rs 1345.
Meanwhile, in US agricultural markets, soybean prices rose 56 points in overnight trading, while soybean oil prices fell 39 points, while soybean meal prices were 34 points higher. Trading volumes there were sluggish amid the Christmas mood. Market experts were predicting the price of Gujarat Cotton Wash to go up to Rs 1240 to Rs 1250.
India imports yellow peas mostly from Canada and Russia. In November 2017, 50 percent duty was imposed on peas. India is a major consumer of pulses. India has to import some pulses to meet domestic demand. In the financial year 2023-24, India imported pulses worth $3.74 billion. The production of pulses in 2023-24 was 2.45 crore tonnes.
