Chickpea values in India remain under pressure after last week’s rally, prices into Bikaner this week ranged from a high of about Rs5050/Qtl to  a low on Friday around Rs5000/Qtl. Delhi was priced at Rs5215 after reaching a high of Rs5345/Qtl. Prices remain around 10% lower than the August high.
In Aussie dollar values the Delhi price would compare roughly to a delivered local packer price of somewhere around AUD$590. Currently we are seeing bids closer to $510 – $520 local packer. Given the issues surrounding this market in regards to payment, execution, international freight and local logistics you can understand why the trade factor in such a buffer. It may seem excessive but the pulse markets have always been and look likely to continue to be the playground of the brave.

US wheat futures refocused on global fundamentals in overnight trade. All three US futures contracts saw healthy gains on tighter local supply and possible increases in demand. Ukraine has been one of the few countries able to pull off a good crop this year. They look likely to be joined by both Australia and Argentina. Argentina has had a mixed season but recent good rainfall across Santa Fe and Cordoba should see yields there maximised. The rainfall will assist grain fill across central and southern districts as only the crops in the very north have finished and are now just starting to be harvested.
Minneapolis spring wheat futures broke through the 1000c/bu mark overnight. The first time nearby futures have so since July 2012.