Both old- and new-crop cash bids for green peas have now reached record highs due to extremely tight supplies.
Francis Gaudet with Belle Pulses Ltd. in Saskatchewan said there are almost no old-crop green pea supplies left in Canada, leaving zero carry-over stocks.
Gaudet said supplies are extremely tight because acreage has been on a decline, and the quality of peas this year was greater because there was less bleach.
Pea supplies are also tight because demand was a little bit stronger because Argentina’s pea crop suffered problems.
According to Prairie Ag Hotwire, cash bids for green peas delivered to the elevator across the Prairies ranged from $15.30 to $17 per bushel on Feb. 13.
There are still some buyers willing to pay the price, so if farmers have any supplies left now is the time to sell, Gaudet said.
Prices are at record highs, and they could move higher to $18 to $19 per bushel. But, then some buyers may back off and it’ll be difficult to move green pea supplies, said Gaudet.
New-crop prices are at record highs because more acres are needed in the spring to help replenish stocks. Gaudet said new-crop prices started at $10 per bushel, and have now moved up to $11 per bushel.
Gaudet said there could be up to 100,000 additional green pea acres planted in Canada this spring, but it may be difficult since there isn’t a lot of seed around.
“There’s not enough seed around because there’s nothing left for carry-over stocks, so seed availability is very tight,” said Gaudet.