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Canadian Lentil Prices Hit Record Highs, Outlook Remains Strong

20 Apr 2024 10:47 am
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Mumbai, April 20 (Commoditiescontrol): The Canadian lentil market is experiencing record-high prices in the 2023-24 crop year, with the average price exceeding $1,010 per tonne. This unprecedented surge is fueled by a sharp decline in supply and robust global demand, according to Agriculture and Agri-Food Canada (AAFC).

Reduced production has significantly impacted supply levels. Canadian lentil exports between August and February are down compared to the previous year, with Turkey, the United Arab Emirates, and India as key markets. This decline in exports and dwindling carry-out stocks has further exacerbated price pressures.

Due to elevated prices, the 2024-25 outlook for Canadian lentil production remains positive. Driven by attractive returns, farmers are poised to increase the seeded area by 4%. This is projected to boost production to 2.13 million tonnes, improving supply and potentially easing price pressures.

Exports are also expected to rebound in the coming crop year, reaching 1.8 million tonnes on the back of a stronger supply base. However, as global supply improves, prices will likely moderate, with the average for all lentil grades forecast to decline to $800 per tonne in 2024-25.

Moreover, the USDA's March Prospective Plantings report signals a 40% increase in US lentil acreage, primarily in North Dakota and Montana.

(By Commoditiescontrol Bureau; +91-9820130172)

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