Asian Commodity

Canadian Yellow Peas

This year, the price movement of Canadian yellow peas have been bullish and at $17 is trading near record higher price due to the crop loss owing to drought condition during summers. In the present scenario, the traders feel that these levels of prices are bit exaggerated.
The prices of peas in other parts of the world are much lower than that that of Canada and those countries are filling the deficit.

China 🇨🇳
The demand from China for Canadian peas is almost over and now waiting for the inquires to come from the food market. Whereas, China is looking towards countries Ukraine to fulfill its demand for peas as the prices are at discount as compared to Canada.

The farmers in Canada are trying to contract their 2022-23 new crop with Chinese buyers, but finding difficult at such higher premium prices. Hence, there is a notion that there might be large number of peas leftover in the Canadian market during the upcoming crop year, as it would find difficulty in attracting buyers. The current new crop bids are around $11-13 per bushel.

USA 🇺🇸
The only factor that would support the Canadian Yellow peas market is the demand coming in from the U.S.

Pulses Update

Chickpeas

Demand for desi-type chickpeas is thin, due to limited demand coupled with quality issues.Traders report accumulation of No. 1 grade chickpeas for bulk shipments to go to Bangladesh has slowed. Growers in New South Wales with stained chickpeas appear to be in no rush to sell them, as wheat and barley markets have been strong.Many New South Wales chickpea growers have a big sorghum crop getting close to harvest, and this will generate further cashflow.

Lentils

South Australia are quoting at around $1000/t, while packers in the Victorian Wimmera were bidding at more like $800-$850/t.Bulk exporters are taking advantage of cheaper freights as compared to those who sell through containers.Market is expecting prices for lentils to remain steady in coming months.The growers are not in mood to sell their lentils produce in a hurry, as they have made good profits out of canola, wheat and barley.