Record Yellow Pea Price Decline

PANAMA - Nov 10/17 - SNS -- International field pea markets were in free fall during the last half of the week, losing an unprecedented amount of value after India boosted import duties from zero to 50% effective November 9.

Prices paid to Canadian farmers for No 2 Canada or better whole yellow peas posted their largest week over week change in the history of the crop, sinking CDN $2 per bushel or U.S. $58 per metric ton (MT).

Despite the drop in grower bids, the replacement cost for imported peas in India jumped at least U.S. $70 MT, which should freeze demand until current inventories in the hand of importers have been exhausted.