Lentil prices almost stable in Canada with limited trading

19-Dec-2024 03:41 PM

The price of lentils in Canada has remained relatively stable this week, with some minor fluctuations in specific categories.

Red lentils are trading around 34.00-34.50 cents per pound, with some areas reporting a slight increase to 35 cents.

On the other hand, the price of thick green lentils has softened slightly, and it has become challenging to find buyers at the previous price of 60 cents per pound.

The current active bid for thick green lentils is 58-59 cents per pound. Small green lentils have also experienced a slight price drop, now ranging from 53-54 cents per pound.

Looking ahead, lentil sowing in Canada is expected to take place between April and June of next year, with harvesting preparations beginning in August.

While there has been a slow start to advance purchase contracts for the upcoming crop, most buyers are taking a cautious approach, opting to delay major deals until the new year.

This allows them time to better assess the market conditions. Early reports suggest that the contract prices for the 2024 crop are set at 47 cents for thick green lentils, 45 cents for small green lentils, and 30 cents for red lentils per pound.

According to Statistics Canada, lentil production in Canada is expected to increase significantly from 1.8 million tonnes in 2023 to 2.43 million tonnes in 2024.

The country's export performance has also been strong, suggesting a favorable outlook for the lentil market despite the current price stability.