MarketsFarm — Canadian pulse production came in well below average in 2023, keeping prices supported for the time being.
Total pea production was pegged at 2.27 million tonnes by Statistics Canada on Thursday. That was up slightly from the 2.19 million tonnes forecast in August, but well off the 3.42 million tonnes grown the previous year and in line with the 2021 drought year when production hit 2.24 million tonnes. The five-year average (2018-22) for Canadian pea production is 3.62 million tonnes.
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Green pea bids have shown the most strength recently, with top-end bids hitting $16 per bushel, according to Prairie Ag Hotwire data. Yellow pea pricing ranges from $10 to $12.80 per bushel.
Lentil bids are near their highest levels of the past year, with large greens topping out at 64 cents/lb. and red lentils at 40 cents.
Lentil production was estimated at 1.54 million tonnes by Statistics Canada, which would be the smallest crop in just over a decade and about 800,000 tonnes short of what was grown in 2022.
Canada’s chickpea crop was also on the smaller side in 2023, with estimated production of 276,632 tonnes down by 11.6 per cent and the smallest crop since 2016. Large-calibre Kabuli chickpeas are currently priced in the 50-56 cents/lb. area, with desi chickpeas near their highs of the last year at 35-39.5 cents/lb.
India is a major market for pulses and a new diplomatic dispute will be watched closely by market participants, with free trade negotiations between Canada and India currently on hold.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
