ODESA: The Canadian drought has had a detrimental effect on the pea crop, which has pushed up prices worldwide. Different analytics inform that Canadian peas production decreased by 35-40% this year. Other market participants also reduced their display or kept it on the same level.
But the decline in stocks was not the only reason for the price increase. The demand for pulses is growing in countries with traditionally high consumption (like India or Pakistan) and all over the world. Recently, the popularity of plant-based foods has grown steadily, and the pandemic has accelerated this trend even further. In the past year alone, prices for pea protein have increased by 120%. And daily, the protein market continues to grow, and that is what creates demand.
This week, prices for Ukrainian peas rose again. Offers on an FCA basis are already reaching the level of 380-390 $ / t. Farmers continue to hold their stocks, which also puts pressure on pricing.