Market Ignores Bigger U.S. Crops
PANAMA - Nov 16/15 - SNS -- The United States harvested a record field pea crop this year and the second largest lentil crop in the country's history, according to this week's USDA production estimates.
Markets were somewhat surprised by the numbers because of pessimistic yield reports from some processors. The USDA pegged average lentil yields at 1,198 pounds per acre, down 188 pounds or 14% from last year. Average field pea yields inched up 1% to 1,835 pounds per seeded acre.
Even so, the increases had no impact on prices because the global supply and demand picture for both crops remains relatively tight, with the international residual stocks to use ratio smaller than last season.
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