Canadian Dry Peas Showered Blessings

Canada’s dry peas production is set to increase noticeably in the 2024-25 season. Thanks to improved weather and better crop yields. According to Statistics Canada, production is projected at 3.16 million tonnes (mt), which is 0.5 mt higher than last year. Most of this growth is coming from Alberta and Saskatchewan, contributing 2.9 mt together, while smaller harvests are expected in Manitoba, British Columbia, and Eastern Canada.

Managing Bigger Harvests and Export Goals

With the overall supply likely reaching 3.5 mt, up by 6%, exports are expected to stay steady at 2.4 mt, with major buyers being China, the US, and India. On the local side, more dry peas on hand could mean higher carry-out stocks and meet the increasing demand within Canada. But a larger harvest might also bring down market prices, leaving farmers to wonder how to make the most of their crops this season.

Market Prices: The Changing Equation

For years, Canadian dry peas sold for higher prices than yellow peas, but this year, the difference is shrinking. Prices for dry peas could drop by about 14%, largely because of the abundant supply and unchanged export demand. Growers and traders are keeping a close watch on these shifts, hoping to find opportunities even as the market faces these changes.

Looking Back at the 2023-24 Season

Last season, Canada exported 2.4 mt of dry peas, but exports to China, Bangladesh, and the US dropped significantly. On the other hand, India stepped in as a strong buyer, helping balance out the numbers. Lower supplies last year meant reduced domestic use and carry-out stocks. Despite this, prices climbed 5%, with specialty peas like green, maple, and marrowfat hitting all-time highs.

Conclusion: Pros & Cons of Better Harvest

In the upcoming season, bigger harvest means there will be plenty of dry peas to go around. But it is expected that there will be dip in prices. On the contrary, it adds pressure on farmers to plan carefully. Export markets like China and India will play a key role in shaping how the season unfolds.

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