Dried lentils: speculation shapes the market

May 3, 2023 at 4:16 PM , Der AUDITOR
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OTTAWA. According to Chelmer Foods, various speculations and rumours are currently doing the rounds in the lentil market. This concerns especially the demand situation in India, but also the price development in Canada and the crop prospects in Europe.

Massive demand from India?

As the experts from Chelmer Foods report, the lentil market is currently characterised by speculation, as the sowing season is still to come. The extent to which farmers release their stocks for sale or hold them back for the time being has a decisive impact on the price development. A particularly persistent rumour is that the Indian pigeon pea harvest has been very small this year. Since these pulses can easily be replaced by lentils, the buying interest of Indian importers is said to be very high. In contrast, with relatively little produce still available, Chelmer Foods states that the few offers for the new crop are at a "historically high level".

Prices remain high

In Europe, too, poor crops are expected due to the dry weather conditions, which should increase the interest in Canadian goods here as well. Logistics remain a problem, especially for non-EU countries like the UK. However, higher demand from India and Europe should ensure that prices remain high in the coming months. From Canada, Rayglen Commodities experts report that new crop red lentil prices have seen a slight upswing and are around CAD 0.35/lb, while new crop large green lentils are trading at CAD 0.54-0.56/lb. Weather conditions as well as the demand situation will largely determine pricing in the coming months.

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