Pea prices improve in Canada due to increased buying by buyers

04-Oct-2024 01:40 PM

Regina. Due to strong foreign demand and good buying by exporters/traders and processors at the local level, there are indications of some improvement in the prices of yellow peas in Western Canada. The price of yellow peas has improved to $10.00-10.25 per bushel. In fact, traders and exporters are showing more interest in buying peas containing glyphosate chemical and hence its price is continuously strengthening. As far as green peas are concerned, the price of its number 2 or better quality goods has remained almost stable at $15 per bushel, but there is a possibility of some increase in it in the coming time.

According to trade analysis, buyers are showing good interest in buying green peas which have more bleached grain content. Producers are being suggested to sell some part of their stock at the current price level. The price of measured peas is hovering between $17 to $19 per bushel. The business is seen to be sluggish.

Overall, this time the pea production rate in Canada was seen to be higher than last year and hence the yield has also increased. This is expected to increase the exportable stock. But given the rapidly growing influence of Russia in big markets like India and China, Canadian exporters may face great difficulty in increasing the export of their product there. There is a possibility of fierce competition between these two countries in the global export market of peas.