(Resource News International) — Lentil buyers and sellers in Western Canada remain at a stalemate, with farmers reluctant to make many sales at current prices and end-users holding out for cheaper new-crop supplies.
“Growers are hanging onto what they have left for lentils, particularly red lentils, so it’s been difficult to pry any additional quantity out of the grower,” said Cam Laxdal, managing director of Dafoe, Sask.-based Lakeside Global Grains, adding that “we suspect some of it is being held back for seed.”
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Laxdal, who works out of Winnipeg, noted lentil prices moved lower about six weeks ago, but have since held steady and not followed other commodities farther down. He said the lack of farmer selling was providing some support.
However, the slow sales were not enough to take prices higher, as international buyers eyeing the lower new-crop prices are also reluctant to make purchases.
“There’s a little bit going on, but the best word to describe it is ‘tentative,’” said Laxdal.
There was some talk recently, he said, that India might be in the market for some Canadian green lentils yet this spring, but that has yet to come to fruition. “There’s no fluidity to the market at all,” he added.
Looking ahead to the spring, the dryness in Alberta and western Saskatchewan was creating a bit of a weather market for lentils and contributing to the reluctant farmer selling.
If those dry areas were to see a spring rain, Laxdal said he expected it would bring some more sellers to the table.
New-crop lentil prices of about 22 cents per pound for reds and 20 cents per pound for greens can currently be found in Western Canada, which compares with old-crop bids topping out at 30 to 32 cents per pound, according to Prairie Ag Hotwire data.
While the new-crop prices are down on the year, Laxdal noted there are not many other cropping options that pencil out as well as lentils.
As a result, he said, the industry was generally anticipating at least three million acres of lentils or more would be planted this spring, which would compare with 2.4 million in 2009.
