Indian importers default on contracts to buy chickpeas from Australia

Indian buyers of chickpeas from top exporter Australia are defaulting on cargoes or trying to renegotiate prices after an influx of supply. A bumper Australian crop has dragged down prices in India, making existing contracts unattractive, people familiar with the matter said. Contracts for as much as 15% of the total estimated cargoes booked for delivery between November and March — equivalent to roughly 225,000 tons of chickpeas — are affected, said the people, who asked not to be named as the talks are confidential. India’s move last year to scrap an import levy on chickpeas prompted farmers in Australia to boost planting. Production there is forecast to more than triple versus last season, according to government data. The country’s shipments of dried, shelled chickpeas to India in the second half of 2024 came to 1.1 million tons, nearly double the amount sold in the prior fiscal year. The influx has caused prices in India to sink, however, with a more than 30% drop between ...