Global Food Supply Fears Push Lentils Upward

PANAMA - Mar 11/22 - SNS -- International lentil markets finished the week's trading on a strong note against expectations of a solid improvement in demand through the balance of the current marketing year.

Cross commodity competition for the attention of growers was also a factor both in terms of this year's seeded area and buying product needs to cover short term shipping needs.

The week saw some confusing news coming out of Turkey, with some market participants believing the ban on export of domestic product may also apply to lentils and other pulses bought for re-export. Turkey has imposed restrictions on the re-export and transit of several grains, including wheat, barley, corn, rye, oats, triticale, sunflower seed, safflower oil, as well as rapeseed seed and oil.

GAFTA advised members that, "If these non custom cleared goods are in bonded warehouses or free zones they are not allowed to be re-exported to another country. The exception is if goods are rejected to custom clear, they) will be transited to humanitarian aid."

It is worthy noting several countries are taking moves to restrict exports in order the safeguard domestic food supplies, fearing Russia's ban on exports of some commodities through the end of July will combine with sanctions to result in a run on product in other origins.