Market Report: August 7, 2024

Hi, it’s Camilla from Agfinity! Here’s a quick snapshot of the current trends for green and yellow peas in Central Alberta. An ample supply and the potential for a strong crop this year are driving down Prairie pea prices.

As of August 6, 2024, delivered prices for green peas across the Prairies ranged from C$12.50 to C$13.50 per bushel, which is down C$3.27 from last month. For yellow peas, delivered prices ranged from C$9.75 to C$10.50 per bushel, reflecting a decrease of C$1.40 from last month.

I recently traveled south of Sylvan Lake, AB, to assess crop conditions, and I found that most fields appear “better than average,” leading to expectations of increased pea availability compared to the past few years.

It’s only natural to see prices decline when there’s an abundance. However, I also observed that some regions have suffered due to recent hot and dry weather, particularly in areas east and south of Central Alberta starching into Saskatchewan.

There are some pockets that didn’t get as much rain. Those producers are really feeling the squeeze, especially with declining prices and limited crops to sell.

I’ve noticed that buyers are taking a “patient” approach with the new crop. They’ve watched these crop develop and are cautiously optimistic. They’re hesitant to purchase more out of fear of overpaying, so they’re waiting for the market to stabilize. While I believe demand will be strong, the market needs to find a balance that works for both buyers and sellers.

In the drier regions of Alberta, some farmers have already begun harvesting their peas, and it’s likely that other parts of the Prairie provinces will soon follow.

We’re probably just days away from seeing a lot of combines rolling across the fields. Thank you for tuning in to this market report, and as always, feel free to reach out to me or any of our team for all of your grain marketing needs.

Happy Harvesting,
Camilla