By Commodity News Service Canada
Winnipeg, Nov. 2 – Following are a few highlights in the Canadian and world pulse markets on Monday morning, November 2.
- Shortages and resulting high local prices in India remain at the forefront of the global pulse market. Assocham put out estimates forecasting that the country will need to import 10.1 million tonnes of pulses this year in order to make up for an expected shortfall.
- One of the founders of the Green Revolution in India, MS Swaminathan, is recommending farmers and government officials in the country implement a concept of ‘Pulse Panchayats’ similar to what was the country did in 1966 to help create self sufficiency in wheat production. The ‘Pulse Panchayats’ is a concept where all the farmers in a local region cooperate in areas like rain water harvesting and efficient use, crop health management and safe storage and value addition to primary products, according to a report from the Times of India.
- As of Oct. 25, Canada has exported 1.135 million tonnes of peas during the crop-year-to-date, according to Canadian Grain Commission data. That is running ahead of the 978,200 tonnes exported during the same period the previous year. Lentil exports to date, at 292,300 tonnes, are well ahead of the 150,000 tonnes exported during the first three months of the previous crop year.
- In addition to the strong demand out of India, Canadian pulse prices are also finding some support from the weak Canadian currency relative to both the U.S. dollar and Indian rupee, according to Chuck Penner of Leftfield Commodity Research in the latest market report from the Saskatchewan Pulse Growers. Penner said soft crude oil prices were one reason behind the weaker Canadian dollar, and resulting strength in domestic pulse prices.
- Green pea prices in the C$7.80 to $8.50 per bushel range are being reported, while prices anywhere from $7.50 to $9.40 per bu. can be found for yellow peas.
• Red lentil bids as high as 44 cents per pound are being reported in some locations, while No. 2 large green lentils are hitting prices as high 50 cents.
