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Canadian Chickpea Prices Hit Record High, Outlook for 2024-25 More Balanced

20 Apr 2024 10:46 am
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Mumbai, April 20 (Commoditiescontrol): The Canadian chickpea market has reached an unprecedented price peak, with the average cost skyrocketing to a record $1,065 per tonne in the 2023-24 crop year, as reported by Agriculture and Agri-Food Canada (AAFC). This dramatic increase has been driven by a significant drop in supply, even in the face of weaker demand from key markets such as the US, Pakistan, and the European Union. The combination of declining exports and dwindling North American stocks has resulted in a tight market, propelling prices to these historic levels.

Looking ahead to the 2024-25 crop year, prospects appear more favourable. Anticipating better returns than other crops, Canadian farmers are projected to expand chickpea cultivation by 27%. This expansion is expected to significantly enhance production to 225 thousand tonnes, improving supply and easing price pressures.

Although exports are forecasted to remain stable, the anticipated uptick in global chickpea supply could lead to a downward price adjustment. This price correction would represent a shift towards more balanced market dynamics as the supply chain stabilizes and additional production enters the market.

Additionally, a report from the USDA indicates a 15% increase in the area seeded to chickpeas in the US, particularly in Idaho and Washington, suggesting a broader trend of expanding chickpea cultivation across North America.

(By Commoditiescontrol Bureau; +91-9820130172)

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