(Resource News International) — Demand for lentils has backed away for the time being, causing prices in Western Canada to move lower as well.
“We’ve now had about three years in a row of historically high red and green lentil prices,” said Cam Laxdal, Lakeside Global Grain’s vice-president in Winnipeg.
Buyers. he said, were starting to feel they were being “held at ransom” by the higher prices and were now holding out for cheaper prices.
“They’re waiting to see where the bottom is, because they don’t want to pay too much,” said Laxdal, adding that the general sentiment with buyers now was “if it’s cheaper tomorrow, why not wait until tomorrow?”
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Spot bids for green and red lentils can currently be found in the 30 cents per pound area across Western Canada, with premiums on higher quality supplies, according to Prairie Ag Hotwire data. Those prices compare to bids that topped 38 cents per pound earlier in the year.
New-crop lentil pricing is currently in the 20 cents per pound range, said Laxdal. He said prices were lower than the 22- to 24-cents new-crop bids available at this time last year. However, he added, prices in 2009-10 eventually strengthened as the demand came forward.
While new-crop bids are down on the year, early forecasts are for an increase in lentil acres.
Agriculture and Agri-Food Canada currently forecasts 2010-11 lentil plantings at 2.75 million acres, which compares with 2.4 million acres the previous year.
