MarketsFarm — Canadian pea and lentil exports should see considerable increases during the 2022-23 marketing year after drought cut into available supplies in 2021-22, according to the latest supply/demand production from Agriculture and Agri-Food Canada (AAFC).
However, total movement may still come in well below five-year averages.
Canadian pea exports are forecast at 2.7 million tonnes by the government agency, which would be up by 41 per cent on the year, but still off the previous five-year average of 3.52 million tonnes. Pea production in 2022-23 at 3.59 million tonnes was up by 1.3 million tonnes on the year, but below the previous five-year average of 4.27 million tonnes.
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China, the U.S. and Bangladesh are forecast to be the top markets for Canadian peas in 2022-23, according to AAFC.
While exports may be up, average pea prices are forecast to be down by 25 per cent on the year at $440 per tonne “due to higher world supply and increased carryout stocks in Canada.”
For lentils, AAFC anticipates exports of 2.3 million tonnes, which would be up by 44 per cent on the year and in line with the previous five-year average of 2.22 million tonnes.
Average lentil prices are forecast at $750 per tonne by the government agency, which would be a decline of 23 per cent from 2021-22.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
