The humble chickpea has just boomed in value
Australian chickpeas are in hot demand, with prices surging towards $1,000 per tonne in some regions.
Australian chickpea prices have surged to $1,000 per tonne, prompting countries to secure supplies ahead of Ramadan. Grains Australia Pulse Council chair Peter Wilson noted that this represents a significant increase from earlier this year, when prices were closer to $600 per tonne. Australia's chickpea production is forecasted to decrease by over 50% this season due to reduced planting areas and lower yields in key growing regions such as northern New South Wales and Queensland.
The surging prices are attributed to global market volatility, El Niño's impact on India's monsoon, and increased demand from countries looking to stockpile chickpeas before Ramadan, which begins in early February. Grains Australia Pulse Council chair Peter Wilson emphasized that this sudden price surge is beneficial for growers, as those with decent crops are experiencing a boost in their balance sheets.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
