Lentils to get 8 pc more acreage in Canada
Learnt through the reliable sources that the lentil projected to get 8 percent seeded area in Canada for 2024-25 season, rising to 1.6 million hectares (mha). Production is forecast to rise sharply to 2.2 million tonne (mt). With lower carry-in stocks, supply is expected to rise by 0.4 mt to 2.3 mt. Exports are forecast to be higher than 2023-24 at 1.8 mt with the larger exportable supply. Carry-out stocks are expected to also rise to 260 Kt. With the assumption of an average grade distribution and grade discounts, the overall lentil price is forecast to fall sharply from 2023-24.
For 2023-24, Canadian lentil exports for the August to November period totaled 0.7 mt, 17 percent lower than the amount exported during the same period in 2022-23. India imported the largest portion to-date at 0.3 mt. The leading export market, following India, remained Turkey, followed by the United Arab Emirates.
Total Canadian lentil exports for 2023-24 are forecast to fall sharply to 1.6 mt. The supply of lentils in Canada is estimated to be over 0.7 mt smaller than last year as lower carry-in stocks combine with the reduced production. With the lower supply and a decrease in exports, this is still expected to lead to sharply lower carry-out stocks for the end of the 2023-24 crop year.
The overall average price is forecast to rise by 21 percent from last year to a record $990 per tonne. Record prices for all lentil types, with the exception of French green and red types have combined with an above average grade distribution. As a result, there have been lower discounts for the lower grades for all lentil types. Prices for No.1 large green lentils are expected to maintain a record premium of $620 per tonne above the price of No.1 red lentils over the crop year, compared to a $405 per tonne premium in 2022-23.
US lentil production is estimated at 261 thousand tonnes (Kt), up marginally from the previous year. As a result, Canadian lentil exports to the US are forecast at 85 Kt for 2023-24, similar to the previous year.