While the Canadian pea crop has almost been completely harvested, the crop’s quality is still not clear. The crop is almost off the fields but there haven’t been enough samples to determine the quality of the crop. The prices remain stable for now.
“We haven’t seen enough to represent the entire crop. It’s too early to tell,” Marcos Mosnaim of Globeways Inc. in Missisauga said.
David Newman of Commodious Trading believed some producers may be marketing their lower-quality peas first, to get a feel for current prices.
“The producers that have good stuff aren’t really making it known,” said Newman. “We’re starting to see people that have sprouted or bleached peas trying to market that first.” Newman agreed it’s too early to tell what percentage of the crop is in good condition. “It’s really hard to understand what the quality is.”
Peas in central and southern Saskatchewan are harvested, but some northern regions have not finished yet. Mosnaim expected green prices to remain steady, barring major quality issues with pea crops both locally and internationally. Traders covering short sales for September delivery may also drive prices higher.
Yellow pea prices in particular will also be affected by feed pea prices; if feed pea prices increase, yellow peas will follow suit. Regardless, demand is expected to stay steady, which will keep prices rather predictable. “Prices will be relatively stable for now, unless there’s a major issue,” Mosnaim said.
Currently, green peas are around $8 per bushel, and yellow peas are around $6 per bushel.