MarketsFarm — Large volumes of yellow peas being delivered into commercial hands have put some pressure on values, although prices remain reasonably solid. Green and maple pea bids are stronger, but movement is more limited in those markets.
End users were active buyers of yellow peas in recent months, but many are now filled up which is causing prices to soften, according to Levon Sargsyan, grain broker with Johnston’s Grain.
“They’re buying too much,” he said, adding that with previously contracted yields beating expectations in some cases, there were also end users who were now looking to unload some of their excess supply.
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Canadian farmers have delivered 1.2 million tonnes of peas into the commercial system through the first 16 weeks of the 2022-23 marketing year, according to Canadian Grain Commission data. That was up by 20 per cent from the same time a year ago.
For green peas, prices have strengthened in the past month and are now holding steady, said.
Maple peas can be a spotty market, but have seen some strong demand recently, with most of the movement to China for sprouting, Sargsyan said.
“Whenever China comes in, all of the companies here start buying (maple peas) aggressively.”
He placed current yellow pea bids in the $12-$12.50 per bushel range, with green peas trading at around $13.50-$14 per bushel. Maple peas are in the $16-$16.50 per bushel area, picked up on the farm.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
