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Mumbai, April 22 (Commoditiescontrol):For the 2022-23 season, Canadian dry pea exports are projected to increase to 2.6 million tonnes (Mt), with China and Bangladesh remain the top two markets. Despite higher export demand, carry-out stocks are expected to rise due to a 1.0 Mt increase in supply. As a result, the average price for all dry pea types is anticipated to decrease from the previous year.
Monthly exports of dry peas have been lower than the five-year average for every month from August to February, except for October and February. This is primarily due to decreased demand from China and Bangladesh compared to the five-year average. The Indian government forecasts winter pulse crop production to exceed 19 Mt, up 3% from the previous year, potentially setting a new record.
Canadian dry pea exports to China are expected to remain stable throughout the rest of the crop year. In March, on-farm yellow pea prices in Saskatchewan declined slightly, while green pea prices increased by $17/tonne (t). As a result, green pea prices were $50/t higher than yellow pea prices during March. For the entire crop year, green dry pea prices are projected to have a $30/t premium compared to yellow pea prices, as opposed to the $60/t discount observed in 2021-22.
For the 2023-24 season, the seeded area is expected to be marginally lower than the previous year at 1.3 million hectares (Mha) due to below-average export demand and good returns relative to other crops. However, with average yields, production is forecast to decrease to 3.25 Mt, with total supply rising marginally to 3.8 Mt. Exports are projected to remain unchanged at 2.6 Mt, and carry-out stocks are expected to stay the same. The average price is expected to decline due to higher world supply.
According to the United States Department of Agriculture (USDA) March Prospective Plantings report, US area seeded to dry peas for 2023-24 is forecast to be 1.0 million acres (Mac), 9% higher than the previous year, largely due to an expected increase in the North Dakota area.
(By Commoditiescontrol Bureau: 09820130172)
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