Mumbai, 16 Dec (Commoditiescontrol): In a recent comprehensive update from Agriculture and Agri-Food Canada (AAFC) on the 2023-2024 crop year, the Canadian lentil market is undergoing significant changes. The report highlights a dramatic 27% decrease in lentil production, dropping to 1.7 million tonnes (Mt). This substantial decline is largely due to reduced cultivation areas and lower yields across the country.
While large green lentil production shows a slight increase, reaching just over 0.3 Mt, red lentil production has significantly decreased to about 1.1 Mt. Other lentil varieties have seen a production increase to 0.25 Mt. The overall lentil supply is expected to be 27% lower than the previous year, impacted by smaller carry-in stocks, despite an uptick in imports. Consequently, export forecasts are grim, with a sharp decrease to 1.6 Mt anticipated. India and Turkey continue to be the primary export markets for Canadian lentils.
The market dynamics have led to a forecasted 21% increase in the average lentil price, setting a new record at $990 per tonne. This price hike is consistent across all lentil types, marking a significant increase from the previous year. In Saskatchewan, the on-farm price for No. 1 grade large green lentils saw a rise of about $110 per tonne compared to last month, while No. 1 red lentils’ price remained unchanged.
The quality of the Canadian lentil crop this year is considered above average, with a larger proportion of No. 1 and No. 2 grade lentils in this year's supply compared to last year. Notably, No. 1 large green lentil prices are expected to maintain a premium of $585 per tonne over No. 1 red lentil prices, marking a considerable increase from the $403 per tonne premium in 2022-23.
In the United States, the situation contrasts with Canada’s. The USDA forecasts a 17% decrease in the area seeded to lentils for 2023-24, primarily due to reduced seeding in Montana. Despite this, higher yield estimates indicate a 4% increase in US lentil production, estimated at 0.26 Mt.
(By Commoditiescontrol Bureau: 09820130172)
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