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PGRO/BEPA Pulse Market Update

Global pulse stocks are the lowest for some years.

Summary

30th March saw USDA’s Prospective Plantings Survey and maize acres are predicted to rise more than soybeans, but soybean production is likely to increase – but not sufficiently to meet demand, hence the recent CBOT price increases of $80/tonne since New Year. This is also keeping oilseed prices firm in UK/Europe where there are forecasts of an 8% drop in production in the EC27.

Frosts on this continent have reduced wheat, OSR and pulse crop area forecasts in France, but wheat production should remain above last year.

Canadian pea acres are set to increase by 10-25% (to 1.3m ha?) after the 30% fall last year and crop carry over at a very low level.

No news on 2012 French pulse crop acres, but there were significant losses to the frost in the east of the country. Recent heavy, persistent rainfall is easing drought fears in Europe – particularly in the UK – and pulse crops look well at the moment.

Feed Beans

Prices have eased considerably this month – back around the £230 mark for July delivery.

Human Consumption Beans

Demand still from Egypt/Sudan but little availability, and high prices are deterring any current trade. Current prices are £20-25 above feed beans. The recent Australian crop is reported one of the most profitable for some years as they took advantage of poor European quality. This market augurs very well for new crop prices if the quality can be achieved. French exports over the past seven months were down 25% year on year.

Combining Peas

There is good cover until new crop comes in, but the concern is that the UK area has now dipped below 20,000 ha. Any grower with the ability and foresight to grow peas will get good prices. French pea exports over the past seven months fell 29% year on year. With Canadian stocks so low, there should be opportunities for protein peas.

Marrowfats

Such a small UK pea crop will at least ensure any stock of marrowfats finds a home in the feed sector. However, there are recent reports of more interest at premium prices for human consumption, and marrowfats will always trade at a premium to protein peas.

More information at www.pgro.org

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