iGrain India - Saskatoon. During the current month, due to good rainfall in the Prairies region of Canada, farmers are finding it very easy to sow peas.
All the three top producing states - Saskatchewan, Alberta and Manitoba are located in this Prairies region. There are indications of good sowing.
Pressure on pea prices has increased somewhat. Although the season and sowing is still in its initial stage, it would be premature to predict a great production at the moment, but the pace of buyers entering into advance contracts with farmers for the next crop is increasing.
Their focus is on the new crop, which will be ready for harvesting in August-September. The spot stock of peas in Canada is less and buyers are also not showing the same interest in buying it as before. Due to this, softness or stability is being seen in the prices.
On the other hand, the threat to the pea crop is increasing due to adverse weather in the countries of the Black Sea region and especially Russia, Ukraine and Kazakhstan.
On one hand, severe drought is being witnessed and on the other hand, there is a possibility of dense fog. This can cause damage to the crop especially in Russia, which has overtaken Canada to become the world's leading country in the production and export of peas.
Canada will benefit from the reduction in pea production in Russia as it will face less competition in major markets like China and India.
It is known that the Government of India has made the import of yellow peas duty free till 31 October 2024. The arrival of other pea consignments in Russia and Canada is likely to start in July and August respectively.
The delivery price of yellow peas in Canada is running around $ 14 per bushel.
The price is somewhat strong in the southeastern part of Saskatchewan province. Usually at this time the price of old and new crop of peas becomes almost the same and the same is being seen this time as well. The price of green peas remains stable at $ 18 per bushel.