IGC Forecasts Increase in Global Pea Production for FY2023/24   The International Grains Council (IGC) has released its predictions for the world production of dry peas in the marketing year 2023/24, anticipating a rise to 13.9 million tons. This forecast represents a modest increase of 0.5% compared to the previous season, primarily driven by a significant boost in the harvest within the Russian Federation, expected to reach 4 million tons—an increase of 400 thousand tons.   Leading Producers   The Russian Federation is poised to maintain its position as the world's largest producer of dry peas. Canada follows in second place, with an estimated harvest of 2.6 million tons, representing a decrease of 23.8% or 800 thousand tons compared to the previous season.   European Union Contributions   EU countries rank third in terms of production, with an expected increase in pea harvest to 2 million tons compared to the previous year. This growth is attributed to increased production in Romania, although Germany is anticipated to experience a decrease in production to 264,000 tons.   Other Key Contributors   In 2023, the United States saw a rise in pea production to 800,000 tons, an increase of 100,000 tons compared to the previous year. Ukraine also experienced growth, with production reaching 400,000 tons—an increase of 100,000 tons. Market Implications   The substantial demand for imported feed protein in the EU underscores the importance of fully capitalizing on the potential of growing dry peas and other large-grain legumes across European countries. As global production trends shift, stakeholders must adapt to meet evolving market demands and capitalize on emerging opportunities in the agricultural sector.

In Ukraine pea prices are rising rapidly

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In the current season, Ukraine has increased pea production by 16%. Thus, agrarians have already threshed 559 thousand tons of peas from 241 thousand hectares or 99% of the area.

Since the beginning of the season, purchase prices for peas in Ukraine gradually rose following the wheat prices. But they are constrained by limited demand from traditional importers. India, a major importer of the commodity, has significantly increased its own production. Countries from the Middle East are getting better offers from Russian Federation. And EU will be more active in the pulse market after they finish their own crop.

Mintec Global

Today’s purchasing prices are   280 $ / t CPT port for yellow peas and  420 $ / t CPT port for green peas.
Processors buy peas with delivery to the plant for UAH 8,500 / t, which exceeds exporters’ price.

 

 

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