New Crop Transition Underway In Peas
PANAMA - Jun 2/23 - SNS -- Seeding of the North American field pea crop is essentially complete, with the result the attention of markets is increasingly dominated by new crop considerations.
Market participants are keen to see this year's seeded area estimates. The USDA estimates are due June 30, while the Canadian numbers are expected on June 28.
There is more anxiety over the Canadian data because this year's seeding intentions report was deemed an accurate reflection of grower plans because the survey was done in December at the same time Statistics Canada was compiling final production data for 2022.
Red, Green Spreads Widen
PANAMA - Jun 2/23 - SNS -- Spreads between North American red and green lentils widened further during the past week on perceptions supplies of green may be inadequate to meet market needs before this year's harvest starts.
U.S. green lentile were largely unchanged on the week, but spot markets for Canadian greens managed gains between 1% and 2%, reflecting improved bids to farmers and fluctuations in the value of the Canadian dollar.
Spreads between nominal export asking prices for Canadian large green and red lentils jumped from U.S. $353 per metric ton (MT) to $386; while the premium for small green over red advanced from $248 to $265 MT.