Mumbai, 21 Nov (Commoditiescontrol): Canada’s yellow pea production is projected to grow 21% year-over-year to 3.16 million tonnes (Mt) in the 2024-25 crop year, driven by improved yields, particularly in Saskatchewan, which accounts for 53% of the nation’s output. According to the latest Agriculture and Agri-Food Canada (AAFC) report, total supply is expected to rise 6% to 3.5 Mt despite lower carry-in stocks.
Exports Hold Steady as Stocks Build
Exports are forecast to remain stable at 2.4 Mt, with China and India leading as key markets. However, increased supply is driving a sharp rise in carry-out stocks, projected to reach 0.45 Mt, underscoring the need for sustained demand to prevent inventory pressures.
Prices Under Pressure
Weaker spot prices across all pea varieties are expected to push the average yellow pea price down by 12% to USD 405 per tonne. Despite this, October saw on-farm prices in Saskatchewan edge up by USD 15 per tonne, supported by steady export demand.
Global Competition Intensifies
The report notes a 7% increase in U.S. yellow pea production to 0.87 Mt, fueled by higher yields and expanded planting in North Dakota. The U.S. remains a strong competitor, with exports primarily targeting Canada, the Philippines, and China.
Market Outlook
While higher production strengthens Canada’s position in global markets, rising stocks and declining prices highlight the importance of maintaining export momentum. Navigating these challenges will be critical for sustaining market stability amid growing global competition.
(By Commoditiescontrol Bureau; +91-9820130172)