Bullish Foundation For Pulse Markets
VANCOUVER - May 18/15 - SNS -- Pulse markets were barraged by numerous reports in April and May. Seeding intentions for Canada and the United States raised prospects for larger pea and lentil crops, while Canada's stocks in all positions report painted a bullish supply picture through this year's harvest.
The arrival of an El Nino event has reinforced the idea that Australia's pulse harvest can only go down; while India's third advance estimate for 2014-15 make it clear demand will be strong through November.
This combination of factors has provided a strong foundation for spot and new crop export markets for most pulses. Australian desi chickpeas pushed well past their previous record highs in May.
Solid export demand combined with a toughening attitude among growers who are worried about the impact El Nino will have on yields in that country. Many farmers are responding by waiting for this year's harvest before selling new crop desi chickpeas, red lentils and dun peas. That attitude can also make growers reluctant to sell remaining inventories until they know they have enough product to sell to meet cash flow needs later in the year.
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