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Canadian Dry Pea Market Sees Price Rise Despite Export Slowdown

20 Apr 2024 10:45 am
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Mumbai, April 20 (Commoditiescontrol): The Canadian dry pea market is experiencing marginal decreases in exports and carry-out stocks for the 2023-24 crop year, according to the latest report from Agriculture and Agri-Food Canada (AAFC). The total supply of dry peas has fallen by 0.6 million tonnes, influenced by lower production levels. Despite these challenges, the average price is expected to rise from 2022-23, with higher prices for all dry pea types.

China and India, as the primary markets for Canadian dry peas, continue to play a pivotal role. However, exports to these countries have slowed, with an overall decrease in demand, particularly from the U.S. and Bangladesh. The decrease is partly offset by tariff-free exports to India which spiked in the last three months. Domestic prices in March have seen green pea prices maintaining a significant premium over yellow peas, illustrating a shift in market preferences.

Looking ahead to the 2024-25 crop year, the Canadian dry pea market is poised for a positive trajectory. The seeded area for dry peas in Canada is anticipated to be slightly higher at 1.26 million hectares, reflecting good returns relative to other crops. Production is projected to rebound strongly to 3.0 million tonnes, with a slight increase in total supply to 3.2 million tonnes. Despite steady export levels expected at 2.5 million tonnes, carry-out stocks are projected to rise. The average price, however, is forecasted to fall, driven by expectations of a larger global supply.

The report also highlights the U.S. Department of Agriculture’s (USDA) March Prospective Plantings report, which forecasts a marginal increase in the area seeded to dry peas in the U.S., largely due to an expected increase in the North Dakota area.

(By Commoditiescontrol Bureau; +91-9820130172)


       
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