MarketsFarm — New-crop lentil bids are starting to become available in Western Canada, with early pricing indications for green lentils not that far off the levels seen at the same time a year ago.
New-crop pricing for large green lentils delivered to the elevator in the fall of 2023 can currently be found in the 38-40 cents/lb. range, according to Prairie Ag Hotwire data. That compares with new-crop prices the same time a year ago of about 35-38 cents/lb.
Meanwhile, nearby spot bids topping out at 50 cents per bushel are at least five to 10 cents off the spot market in early 2022.
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For red lentils, current new-crop bids of 35 cents/lb. are ahead of the year-ago levels closer to 31 cents. Nearby red lentil spot bids in the 33- to 34-cent area are off the prices of a year ago closer to 40 cents.
Canada’s lentil production of 2.3 million tonnes in 2022 was much larger than the drought-stricken 2021 crop of 1.6 million tonnes, but the low carry-in supplies and solid demand projections mean that the stocks-to-use ratio is forecast to dip to only four per cent, from 12 per cent in 2021-22, according to Agriculture and Agri-Food Canada estimates.
The government department will likely release its first projections for the 2023 crop in its January report out later this month.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
