“It’s one of those [reports] where people look at it and move on,” he said.

StatCan’s report pegged total farm and commercial stocks of chickpeas at 112,000 tonnes, down 58.5 per cent from a year ago. That’s also well below the five-year average of 244,400 tonnes and the smallest March chickpea stock number since the 53,000 tonnes in 2018.

Total March lentil stocks came in at 900,000 tonnes, which shrunk 13.6 per cent from March 31, 2022. As well, the current stocks were nearly 600,000 tonnes under the five-year average.

As for dry peas, their farm and commercial stocks tallied 1.471 million tonnes, up 22.4 per cent from the previous March. However, they were short of the five-year average of 1.826 million tonnes.

Jubinville said the numbers for peas and lentils were very unlikely to have notable impact on their respective prices.

“Canada is not the market maker on those commodities,” he stressed, acknowledging he doesn’t closely follow the chickpea market.

The day before the stocks report, lentil prices in Western Canada had remained unchanged over the last week. Only No. 1 Laird lentils saw any movement, with a dip of one cent at 54 to 56 cents/lb., according to Prairie Ag Hotwire.

It’s the same story for chickpeas, with all reported prices holding steady except for the nine-millimetre Kabulis, which lost a penny at 50-54 cents/lb.

Pea prices also remained pretty much unchanged — except for a sharp drop in feed prices in Alberta. Prairie Ag Hotwire there listed a 41 cents per bushel drop, at $11.25-$12.38/bu.

— Glen Hallick reports for MarketsFarm from Winnipeg.

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Sargsyan pointed out that prices for yellow peas have been slipping back recently.

“Export demand has dropped overseas, so that’s been pushing the yellow pea prices down. The market seems to be taking more yellow peas right now is the feed market,” he said.

Meanwhile, green peas have held steady or bumped a little as that market remained strong, Sargsyan added, noting it’s been around $13.50 per bushel picked up on the farm.

As of Monday, green peas added 25 cents/bu., according to Prairie Ag Hotwire. Prices in Western Canada have been $12.50-$13.50/bu. on the farm and $13-$14.50 delivered.

Yellow peas, on the other hand, have slipped back 20 cents/bu., with prices at $10-$11 picked up or $10-$12.80 delivered.

For the most part, feed prices on the Prairies continued to remain consistent for peas. Those in Saskatchewan and Manitoba haven’t changed, at $10-$11/bu. picked up in either province. As for delivered, Saskatchewan prices were $11.50-$12.70/bu., with no delivered price for Manitoba. Alberta saw its prices drop 68 cents/bu., with those delivered getting $12-$12.66.

With more processing plants to start up, Sargsyan said the future looks good for peas on the Prairies, especially for yellows.

— Glen Hallick reports for MarketsFarm from Winnipeg.

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“Yields were low across the harvest this year, but I’d say quality was quite good on yellow and green peas,” said a feed pea merchant. “So there wasn’t a lot of earth-tagged peas or stuff that came off damaged that would typically go to the feed markets.”

Given the lower yields as well as good quality, “a lot of the (domestic feeders) have switched over to soybean meal as another protein replacement,” the merchant said. However, he added, a number of customers still need peas for their end-use product, keeping a demand channel that needs to be filled at a premium price.

The pet food market in the U.S. is also helping keep feed pea prices high, despite larger supplies of soymeal, according to the merchant.

A shortage of lysine, which is used as an additive in hog rations, has also been reported as a concern in the U.S. in recent weeks, leading to adjustments in feed rations.

Canada’s peas are known for being high in the amino acid, but the merchant had not heard of any influence the lysine shortage was having on the feed pea market yet.

Feed peas were trading as high as $15 per bushel in Saskatchewan in late November, according to Prairie Ag Hotwire data. Bids topped out at $14 per bushel in Manitoba and $12.25 in Alberta.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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And that has been supporting price increases, according to Marlene Boersch of Mercantile Consulting Venture Inc. in Winnipeg.

“The overall demand has been very, very good,” she said.

In the most recent export data from the Canadian Grain Commission (CGC) that’s country-specific, nearly 730,000 tonnes of peas had been exported by the end of September, with 87 per cent going to China. That compares to 606,000 tonnes a year ago, of which 79 per cent went to China.

Boersch noted a good portion of Canada’s pea exports to China have into that country’s feed market.

In the latest weekly report from the CGC, producer deliveries of peas were 1.66 million tonnes after 14 weeks into the 2020-21 marketing year. That’s about 20.5 per cent more than the same point in 2019-20. Exports have exceeded 1.29 million tonnes, up by almost 36 per cent. Domestic disappearance of 53,600 tonnes was a pinch below that of the previous marketing year.

During the last month the price for green peas climbed $1.50 per bushel, to $9-$10.50, according to Prairie Ag Hotwire. Prices for yellow peas increased 75 cents/bu., to $7.90-$9.

Feed pea prices have risen as well, with a gain of $1 in Manitoba at $8.25/bu. In Saskatchewan, prices were up 55 cents at $6.35-$7.25; in Alberta, peas increased $1.05, to $7.28-$8.40.

— Glen Hallick reports for MarketsFarm from Winnipeg.

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Total pea exports tracked by the commission, at 1.12 million tonnes during the first 12 weeks of the 2020-21 crop year, are up 34 per cent compared to the same time the previous year.

Country destination data is only available through September, with Chinese purchases during the first two months of the crop year at 689,200 tonnes accounting for 87 per cent of the total movement at that time.

China’s demand for peas is primarily linked to the livestock feed sector, which has rebounded from African swine fever at a faster-than-expected pace. Peas are pricing favourably into rations compared with soybeans and corn.

Canadian pea prices have shown some strength over the past month, with green peas topping out at $10 per bushel and yellow peas at $8.75, according to Prairie Ag Hotwire data.

A recent separate report from the CGC showed about 35 per cent of Canada’s pea crop graded No. 1 in 2020, with an average protein content of about 23.3 per cent across all classes, according to preliminary data.

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“Farmers are wrapped up with harvesting right now, so we haven’t received many samples,” said Marcos Mosnaim of Globeways Inc. in Missisauga.

The few samples the company has seen have shown good conditions, but it’s not a large enough overall sample to draw conclusions.

“We haven’t seen enough to represent the entire crop. It’s too early to tell,” he said.

David Newman of Commodious Trading believed some producers may be marketing their lower-quality peas first, to get a feel for current prices.

“The producers that have good stuff aren’t really making it known,” said Newman.

“We’re starting to see people that have sprouted or bleached [peas] trying to market that first.”

Newman agreed it’s too early to tell what percentage of the crop is in good condition.

“It’s really hard to understand what the quality is.”

Peas in central and southern Saskatchewan are harvested, but some northern regions have not finished yet.

Mosnaim expected green prices to remain steady, barring major quality issues with pea crops both locally and internationally.

Traders covering short sales for September delivery may also drive prices higher.

Yellow pea prices in particular will also be affected by feed pea prices; if feed pea prices increase, yellow peas will follow suit.

Regardless, demand is expected to stay steady, which will keep prices rather predictable.

“Prices will be relatively stable for now, unless there’s a major issue,” Mosnaim said.

Currently, green peas are around $8 per bushel, and yellow peas are around $6 per bushel.

— Marlo Glass writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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Comparing fababean and feed pea prices to other feed grains, the report stated, “Grains are softening further on the Prairies with the expectation of reduced canola planting this spring and increased barley and wheat acres.”

Fababean prices are currently highest in central Saskatchewan, reaching up to $319.19 per tonne. Comparatively, the lowest price observed in all three regions for feed barley is only $236 per tonne.

Feed pea prices were highest in central Alberta, hitting up to $311.90 per tonne. Feed barley was also reported as high as $247 per tonne.

Soybean meal, another competitive feed ingredient, is fetching prices around $515 per tonne in central Alberta, the highest in the Prairies, where comparatively, fababeans are only around $314.44 per tonne, and feed peas, again, at $311.90.

“Soybean meal has remained flat despite downward pressure with reduced trade to China, while DDGS (distillers dried grains with solubles) price has also softened,” according to the report.

Ahead of the planting season, the report predicted “prices may have some firmness in the short term but with downward pressure over the medium to long term.”

Looking ahead, Canada’s trade relationships with India and China will continue to weigh on values.

There are “still a lot of variables at play, though, with a lot contingent on weather and trade spats,” the report concluded.

In total, Canada produced 91,300 tonnes of fababeans and over 3.5 million tonnes of feed peas in 2018.

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“Regular processors aren’t buying as many low-grade lentils, so guys are tired of sitting on them. So you’re starting to see them come to the feed market,” said Jay Harris of JGL Commodities in Moose Jaw.

Feed lentils have been going for 10 to 12 cents/lb., with feed peas and other feed proteins at roughly the same price, Harris said.

That compares to food lentils selling largely in the mid- to high teens per pound, according to data from Prairie Ag Hotwire.

Green peas are selling for $11-$12 per bushel, with yellow peas at $6.25-$7.25. Feed peas per bushel range from $3.40 to $6.95 in Saskatchewan, $7.25 in Manitoba and $6.40-$7.50 in Alberta.

Depending on the size of the chickpeas, prices are in the low to mid-20 cents range per pound.

On the pet food market, chickpea prices are normally better than feed prices, Harris said. However, the large supply of chickpeas has been more than enough to supply that market.

Although JGL Commodities deals with the domestic markets, Harris commented on the export market.

“There’s always an export market for low-grade lentils. If lentils are high-priced, you’re going to see more feed lentils and low-grade lentils be exported. But, because the value is low enough, you’re not seeing as many.”

— Glen Hallick writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

The post Pulse weekly outlook: Ample supply drives down feed pulse prices appeared first on Alberta Farmer Express.

“This is a good tool for the marketplace and growers who are looking at a feed option for their field peas,” said Allison Ammeter, chair of the Alberta Pulse Growers.

The benchmark prices are intended for use as a pricing reference for buyers and sellers of feed peas by providing an indication of the ‘feeding value’ of peas.

“The prices represent the point at which peas start to become an economically feasible feed ingredient for swine,” said Tim Wiens, chair of the Saskatchewan Pulse Growers, adding most western Canadian feed peas are fed to hogs.

The benchmark provides a consistent, unbiased estimate of the feeding value of dry peas in central Alberta (Red Deer and area), central Saskatchewan (Saskatoon and area), and southern Manitoba (Winnipeg and area). It’s based on the value of competing feed ingredients in swine rations. Feed peas trade at various differentials to the benchmark based on local supply and demand, quality differences, and other contract terms.

Biweekly, tradable prices of the major feed ingredients are collected for the three regions. These prices are then entered into a least-cost feed formulation that is typical for grower-finisher swine in Western Canada. A feeding value is then derived for feed peas based on their nutritional characteristics and the prices of the other competing feed ingredients.

The benchmark will be posted every two weeks at pulse.ab.ca and in Alberta Pulse Growers’ biweekly e-newsletter Pulse Check.

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