Local pulse traders are reporting brisk business for remaining old crop pulses and solid inquiry for the upcoming new crop, with India's decision to drop tariffs on Australian chickpeas turbo-charging demand and pricing.
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Will Alexander, pulse trader with Australian Grain Export, said old crop chickpea prices had bounced to in excess of $1200 a tonne, but added there was little crop left to be marketed.
"Certainly its a great opportunity for anyone who has some chickpeas left over but by and large they have already been sold, so there is not a lot of volume there," Mr Alexander said.
"We've seen demand emerging from Indian buyers since the news of the tariffs being removed so that is a positive development."
However, he said there was also excitement about the new crop.
"Indian buyers have indicated they will be very active in the market up until the end of the calendar year at least and the prices reflect that, with around $1100/t on offer."
"Other buyers such as Pakistan are unlikely to compete at those sort of prices so they would be looking to potentially snap up any downgraded product if there were weather issues at harvest."
There will be a limited window of opportunity he cautioned, with export logistics and harvest timing would eventually curtail the high prices.
"It is very clear that the Indian buyers want the product as early as possible, we're probably going to have from harvest starting until the end of the calendar year to get as much product over there as possible to take maximum advantage of the high prices on offer."
India lifted its tariffs on Australian product earlier in the month response to poor crop prospects locally.
Mr Alexander said this meant Australian exporters would have a window of strong demand until the Indian new crop comes on line early next year.
"Things are really good at the moment, but I'd have to caution that it is possible that there could be quite an abrupt end to the high pricing."
There has been no single event in the lentil industry that has led to similar price rises, but producers are also very pleased with the values on offer at present.
"Prices are sitting at around $950 a tonne for old crop and there's plenty of demand, not only from India but from other buyers such as Pakistan and Bangladesh."
"Both top grade and number 2 quality product is moving quickly, with markets for whatever is out there."
"We believe there is still a fair bit of crop to work through but it is good to know that even with a big Australian lentil crop like last year we can sell it easily and still get very good money for it."
Mr Alexander said this year the northern zone, where the bulk of the nation's desi chickpeas are grown, looked good, but said SA and Victoria, the engine room of the lentil industry, were dry.