Pulses: Indian farmers look for banking help

By Dave Sims, Commodity News Service Canada

Winnipeg, January 6 – Prices for navy beans in Western Canada fell three cents last week to an average bid of 42 cents per pound, according to information from Prairie Ag Hotwire. Black beans also weakened slightly, losing one cent over that time period, to come in at 43 cents per pound.
On the other side, great northern beans, kidney beans and cranberry beans strengthened by one cent and are anywhere between 40 to 49 cents per pound.
Indian pulse and grain farmers are also up in arms over Prime Minister Modi’s decision, made late in 2016, to demonetize large bills in the country. The move was made to counter corruption but has snarled wages for many farm labourers, who are traditionally paid in cash due to a lack of banking infrastructure in rural areas. Growers say the government must remove restriction on deposits and withdrawals from cooperative banks and other measures, according to a report from The Hindu Businessline.

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A report from The India Times says pulses in the country have fallen below the minimum support price with the exception of chickpeas. The vice-president of the country’s pulses and grains association says the government should consider allowing farmers to export some of their crops, or they may be forced to turn away from certain pulses.
According to a report by The Kent News, the commodities conglomerate ED&F Man has decided to move into the pulse market by striking an agreement to purchase pulse merchant Maviga. In 2015, Maviga chalked up sales well over C$200 million dollars with trading offices in the US, Canada, China, Switzerland and the Middle East.