Pea Market Analysis – January 2025

04-Feb-2025 12:25 PM

Pea Market Analysis – January 2025
Canadian Pea Production:
★ Canada's 2024 production decreased by 163,000 tons, totaling 2.997 million tons, which is 15% higher than 2023 but significantly lower than 2022's 3.4 million tons.
★ The total supply for 2024/25 (beginning stock + production) increased by 7.4%, though less than expected.
★ Yellow pea production rose by 275,000 tons to 2.5 million tons, and green peas increased by 130,000 tons to 425,000 tons.
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Global Pea Production:
★ Global production in 2024 was estimated at 11.78 million tons, just 1.8% higher than 2023’s 11.7 million tons.
★ Production decreased in Russia and Australia, while Canada and the European Union saw increases.
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Demand & Exports:
★ China: Canada’s pea exports to China (Aug-Oct 2024) dropped to 297,000 tons, much lower than the previous year. Total imports from China in 2024 (Jan-Oct) fell to 1.1 million tons from 1.8 million tons in 2023.
★ India: India extended the duty-free import period until February 28, 2025. Between Aug-Oct 2024, Canada exported 602,000 tons to India, a significant increase from just 138 tons in the same period the previous year.
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Outlook:
★ India's import demand will depend on domestic pulse production, but a slight slowdown in demand is expected in the coming months.
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Prices and Stocks:
★ Russian peas are $45/ton cheaper than Canadian peas in India.
★ In China, green pea prices have seen a slight rise.
★ Canada is expected to export 236,000 tons, lower than the previous year’s 240,000 tons.
★ Stocks at the end of the season may range from 365,000 to 400,000 tons.
★ Prices are expected to remain stable, but a potential decrease in Indian demand could impact them.