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Peas Topple Price, Movement Records
VANCOUVER - Feb 9/08 - SNS -- Price records continue falling on Canadian inter-dealer and grower markets, helped by high prices by the USDA for American peas for shipment as food aid and confirmation of rapidly tightening Canadian stocks.
Statistics Canada reports there were 1.46 million metric tons (MT) of peas on hand on December 31, down 101,000 tons from last year. More importantly, implied usage rang in at 53.5%, which means markets squeezed over half a year's demand into five months. If seed is accounted for, there is less than 38% of the crop available to cover any other demand.
With India's rabi season pulse area down significantly from last year, markets jumped to levels which should make it easier to ration available supplies over any potential demand from the Indian subcontinent and elsewhere.
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