STAT Communications Ag Market News

Peas Getting Nervous

PANAMA - Nov 27/20 - SNS -- Field pea markets ended the week's trading on a nervous note against indications India's chickpea harvest will be up significantly from last year and reports of negative crushing margins in China.

The potential for a major increase in chickpea output in India limits any hope import duties on peas will be reduced next year or that tariff rate quotas will be significantly expanded.

At the same time, negative crush margins for soybeans in China could reduce the price at which peas are a competitive ingredient in livestock feed markets. Some smaller crushers are reported to be trying to "wash out" some purchase contracts from the United States, mainly because they failed to hedge purchases.

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