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Pulse weekly outlook: Pea harvest nearly complete

Demand expected to remain steady

MarketsFarm — Canada’s pea crop is almost totally off the fields, but quality remains a question.

“Farmers are wrapped up with harvesting right now, so we haven’t received many samples,” said Marcos Mosnaim of Globeways Inc. in Missisauga.

The few samples the company has seen have shown good conditions, but it’s not a large enough overall sample to draw conclusions.

“We haven’t seen enough to represent the entire crop. It’s too early to tell,” he said.

David Newman of Commodious Trading believed some producers may be marketing their lower-quality peas first, to get a feel for current prices.

“The producers that have good stuff aren’t really making it known,” said Newman.

“We’re starting to see people that have sprouted or bleached [peas] trying to market that first.”

Newman agreed it’s too early to tell what percentage of the crop is in good condition.

“It’s really hard to understand what the quality is.”

Peas in central and southern Saskatchewan are harvested, but some northern regions have not finished yet.

Mosnaim expected green prices to remain steady, barring major quality issues with pea crops both locally and internationally.

Traders covering short sales for September delivery may also drive prices higher.

Yellow pea prices in particular will also be affected by feed pea prices; if feed pea prices increase, yellow peas will follow suit.

Regardless, demand is expected to stay steady, which will keep prices rather predictable.

“Prices will be relatively stable for now, unless there’s a major issue,” Mosnaim said.

Currently, green peas are around $8 per bushel, and yellow peas are around $6 per bushel.

— Marlo Glass writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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