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15 February 2014 | Gurjit Degun
Canadian prices for dried peas have fallen 37 per cent year-on-year due to heavily reduced demand and increased supply, according to data from Mintec.
Canada is the main exporter of dried peas, with two million tonnes of total global export, and is also the largest exporter of lentils at one million tonnes.
The price of dried peas is currently CAN $402.70 (£221) per metric tonne, and the price of red lentils is CAN $425.93 (£233.70) per metric tonne.
The Mintec report said: “Canadian crop production is expected to increase by 8 per cent in the 2013/2014 season, to 6.2 million tonnes, adding to current high levels of carry-over stock, further supporting the price fall.
“More specifically, lentil production is forecast to increase by 11 per cent to 1.7 million tonnes, despite a smaller harvesting area. This fall is further supported by heavily reduced demand. The low winter demand and high carry over-stock has seen prices fall 20 per cent since the summer.”