MarketsFarm — Pea prices in North Dakota have been feeling pressure from the New Year, according to Landon Lechler of Beach Co-operative at Beach, N.D., about 360 km south of Weyburn, Sask.
Besides the turning of the calendar New Year, Lechler said the upcoming Chinese New Year has slowed export demand for yellow and green peas. He noted celebrations go on for up to two and half weeks, which generates a lack of sales and in turn weighs on prices.
“Yellows were still at [$11 per bushel]. We were up as far as $11.25 in December. We were at $10.40 on the green peas, and we are down to $10.25 right now,” Lechler said (figures in US$ except where noted).
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“A lot of the export market on pea stuff hinges on the Asian market,” he said, adding that domestic sales have weakened as well, due to slow movement around New Year’s.
“Domestically, we have seen a lot of the government sales pushed out toward March,” Lechler said.
As of Monday yellow pea prices in North Dakota dropped 25 cents/bu. over the last week and were sitting at $8.50 to $11, according to Prairie Ag Hotwire. Green peas garnered the same prices but have remained steady over the same period of time. Converted into Canadian dollars, that works out to C$11.38-$14.72/bu. for yellows and greens.
In comparison to western Canadian prices, Prairie Ag Hotwire said yellow peas were C$11.50-$12/bu., having dipped four Canadian cents on the week. Green peas on the other hand gained 20 Canadian cents and were sitting at C$13-$13.50 bu.
— Glen Hallick reports for MarketsFarm from Winnipeg.
