(Resource News International) — Lentil bids in Western Canada have seen some strength in recent weeks, as the slow harvest progress is causing some buyers to scramble in order to meet their commitments.
Green lentil prices have jumped by six to seven cents per pound over the past week, while red lentils are up by about three to four cents, according to Les Aubin of Walker Seeds at Tisdale, Sask.
“It’s pretty tough for an end user to accept that kind of a change,” said Aubin adding that “it’s a bit of a made-in-Canada price.”
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Aubin said exporters have product sold already and need some coverage. With quality still very much a question this year, the buyers are doing some “damage control” and covering what they can.
“Some growers will capitalize on that and others won’t,” said Aubin.
He estimated 40 per cent of the lentils were harvested to date, but will need at least another three weeks to hit completion. Aubin said the harvest will be moving at a slower pace now due to the fact that the days are becoming shorter.
Once the harvest moves farther along, Aubin said the market should settle down. The likelihood of a large percentage of No. 2 and 3 green lentils was also expected to weigh on values.
No. 1 quality Laird green lentils are currently bid as high as 35.5 cents per pound, according to the latest Prairie Ag Hotwire data, with Estons and Richleas topping out at 28.5 cents and 30.5 cents respectively. Red lentils are bid as high as 25.5 cents per pound.
