Mumbai, Aug 30 Commoditiescontrol: The Canadian pulse market is bracing for a tighter supply-demand scenario, as per the latest projections. Released on August 29, the initial model-based estimates for the 2023-24 marketing year paint a compelling picture of the pulse industry, reflecting the impact of prevailing dry conditions across the Prairies.
The report underscores a significant reduction in yield across key pulse varieties. Dry field pea output, for instance, is pegged at 2.191 million tonnes as of end-July. This marks a stark 36 percent drop from the previous year, representing the lowest output in two decades. Lentils, too, are slated to decline by 33.2 percent, with an estimated yield of 1.537 million tonnes, the lowest since 2009. Dry bean production adds to the trend, projected at 269,934 tonnes – a seven-year low.
However, it's not a uniform downtrend across all pulses. Soybean production is anticipated to grow by 2.9 percent, reaching 6.735 million tonnes. Chickpeas are also poised for a 3.6 percent increase, with a projected yield of 132,575 tonnes.
Mac Ross, Pulse Canada's Director of Market Access and Trade Policy, acknowledges the role of dry conditions in shaping the outlook. Ross, however, remains optimistic, suggesting that the yield cuts from the 2021 drought might not repeat. He attributes this potential improvement to regions that have weathered the conditions better and a decrease in acreage for major pulse crops like lentils and peas.
Lentils and peas projections significantly deviate from pre-report trade expectations, impacting recent price movements. Lentil prices have surged, with bids ranging from 30.3 to 60.5 cents per pound by August 28. Similarly, chickpea prices also registered an increase, ranging from 35.5 to 51.5 cents per pound.
Ross points out external factors like India's kharif planting and the global influence of El Niño on production. Despite challenges, demand from India and China for lentils and peas remains robust. Ross also highlights a promising trend in Canada – an uptick in domestic processing – positioning the nation as a key player in both domestic and international pulse markets.
Mumbai, Aug 30 Commoditiescontrol:
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