Peas Maintain Firm Tone
PANAMA - Oct 11/24 - SNS -- International field pea markets finished the week's trading on a generally firmer note, supported by good movement from this year's northern hemisphere harvests.
Markets have been buoyed by India's decision to allow yellow peas to enter the country duty free if the shipment is completed with an on board bill of lading dated no later than December 31.
This has given exporters confidence about meeting existing sales, while some importers feel more confident about their ability to receive additional shipments.
No Surprise Over Bigger U.S. Harvest
PANAMA - Oct 11/24 - SNS -- Dry edible bean markets were not overly surprised by the latest USDA production forecast, with the USDA pegging output at 1.336 million metric tons (MT) in states covered by the NASS, up 27% from last year.
Including production estimates for excluded states, with seeded area based on FSA data, suggests this year's harvest could be closer to 1.447 million MT of all classes combined.
Despite higher production, optimism over export demand allowed the U.S. dry edible bean price index to advance 1.2 points to finish the week at 93.3 points. Similarly, the global pulse price index rose 2.4 points during the week to finish at 107.9 and the Canadian index climbed 2.7 points to close at 95.9.