Pulse Market Update

Summary Salvador Potter, Chief Executive of PGRO reports: A quiet trading period as traders focus on likely harvest outcomes. Early reports are mainly positive on yields, but the quality of early samples is mixed with some staining/bleaching related to the initial catchy harvest period.

As expected, Bruchid incidence is the highest for 3 years and spring beans are showing some small seed samples after the spring dry spell. However, there are some very encouraging winter bean yields.

The French report good yields from 110,000ha peas (5.0t/ha) and 76,000ha beans (4.7-5.0t/ha). Quality of the latter has been affected by hot, dry weather. However, exports to Egypt for the 12 months June – July reached 198,425 tonnes – a record volume. Canadian reports suggest that dry pea areas will decline next year with a high stock carryover of 500,000 tonnes.

Feed Beans Prices in the feed sector have hopefully bottomed out as soybean prices rebound after the rejected (GM maize contaminated) shipment landed in Spain. Soybeans are at around 361/t and Hypro (49%) at 291/t CIF UK. The GM soybean issue, and its likely impact on feed prices, is all over the press and will stimulate more interest in pulses as a substitute. Italian and Spanish buyers remain on hold.

Human Consumption Beans Egypt still has cover in the short term, but consignments of new French crop are en route with the end of Ramadan expected mid-September. Colour is OK, but grain size rather small. UK exporters are optimistic on volumes and supply, but small size is also a concern. Some September cargoes are booked from UK. Quality control for export will be even more critical this year with Bruchid incidence higher and early samples of variable colour and size.

Marrowfats After the welcome dry harvesting spell from early August, the crop has done well with generally good yields and quality crops – especially in Essex and Suffolk.
Blue Peas There has been little trade. Yields have been split north/south, with lower yields in the north but excellent colour, and the reverse in the south, where bleaching of high yielding Prophet etc is a concern for contracts. Interestingly, UNIP reports from France that soyameal is currently twice that of feed peas: CIF Rouen 175 versus 350 for soyameal.