Canada Pea Market Status:

05-Dec-2024 11:38 AM

Canada Pea Market Status:
Price Stability: The pea market in Canada has remained stable this week, with no significant changes in prices or demand.
Awaiting India’s Tariff Decision: Canada is waiting for India to make a decision regarding its pea import tariff, which is currently set to expire on December 31. The uncertainty about the tariff may put pressure on prices in the near future, as exports to India have halted due to this pending decision.
Pea Prices: Yellow peas are being quoted at $10.50-$11 per bushel, while green peas remain stable at $16.00-$16.50 per bushel (FOB farm).
Impact on Indian Markets:
Import Statistics: As of October 2023, India has imported 24.36 lakh tonnes of peas. However, imports are now slowing down due to the approaching deadline for the import duty exemption period.
Sowing and Production: Sowing of peas in India is expected to decrease due to the prolonged period of low prices. This will likely lead to a lower domestic production for the upcoming season.
Stock Availability: India currently has around 11 lakh tonnes of peas in stock, which is enough to meet the entire domestic consumption for the year. This substantial stockpile may limit the immediate need for further imports.
Market Outlook: If India decides not to extend the import duty exemption, there may be a slight increase in prices as the market adjusts to the reduction in import volumes. With the current stock levels, domestic market conditions may remain stable unless there are significant shifts in policy or demand.