The April 24 seeding intentions report from Statistics Canada is expected to set the tone for prices on a number of crops where Canada is a major player in the world marketplace. In the most recent Pulse Market Report, Brian Clancey of Stat Publishing gives his opinion on what lentil and field pea acreages to watch for. Clancey says if lentil acres in the seeding intentions report are over 2.1 million, it will be bearish for prices. On the other hand, if the acres are under 1.9 million, it will be bullish and there will be pressure for new crop prices to rise. New crop contracts are now available for both red and green lentils with prices in the 23 to 25 cent a pound range. While lentils stocks are currently tight and prices are high, the opposite is true with field peas. We seeded nearly 4 million acres of peas last year and a record carryover is expected at the end of the current crop year. Clancey says this year’s plantings would have to drop below 3.1 million acres before the new crop price outlook would improve. He says if field pea seeding intentions are above 3.5 million acres, markets will believe prices need to drop to attract livestock feed demand. I’m Kevin Hursh.
Kevin Hursh, PAg, CAC