By Commodity News Service (CNS) Canada
Winnipeg, Nov. 6 – Following are a few highlights in the Canadian and world pulse markets on Friday, November 6.
– Shortages and resulting high local prices in India remain at the forefront of the global pulse market. The latest news out of the major pulse buying country include reports that the government is raising the minimum support price (MSP) for pulses in an attempt to increase domestic acreage during the upcoming rabi season.
– World food prices rose by 3.9% in October, the sharpest increase since July 2012, according to data from the United Nations Food and Agriculture Organization (FAO). However, the basket of food covered by the food price index was still well below the levels reported at the same time a year ago.
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– Green pea prices in the C$7.80 to C$8.50 per bushel range are being reported, while prices anywhere from C$7.50 to C$9.50 per bushel can be found for yellow peas. Red lentil bids as high as 44 cents per pound are being reported in some locations, while number 2 large green lentils are hitting prices as high as 50 cents.
– New crop pricing is already available at levels well above last year’s contracted prices. However, there are some ideas that destination markets will not be able to sustain their demand at these high levels, which could eventually lead to a correction in the Canadian market.
