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Pulse weekly outlook: Pea exports up on year, China a key buyer

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MarketsFarm — Canadian pea exports are running ahead of the year-ago level, with China the main buyer, according to the latest Canadian Grain Commission (CGC) data.

Total pea exports tracked by the commission, at 1.12 million tonnes during the first 12 weeks of the 2020-21 crop year, are up 34 per cent compared to the same time the previous year.

Country destination data is only available through September, with Chinese purchases during the first two months of the crop year at 689,200 tonnes accounting for 87 per cent of the total movement at that time.

China’s demand for peas is primarily linked to the livestock feed sector, which has rebounded from African swine fever at a faster-than-expected pace. Peas are pricing favourably into rations compared with soybeans and corn.

Canadian pea prices have shown some strength over the past month, with green peas topping out at $10 per bushel and yellow peas at $8.75, according to Prairie Ag Hotwire data.

A recent separate report from the CGC showed about 35 per cent of Canada’s pea crop graded No. 1 in 2020, with an average protein content of about 23.3 per cent across all classes, according to preliminary data.

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