Yellow pea prices/
Pulse Atlas insights into three-month trends

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Recent yellow pea prices are proof of the fact that when it comes to pulses, price to India often dictates prices to other locations. Between January and May 2024, around 1.85 million tonnes of yellow peas were imported into India. The steady satisfaction of this mammoth demand led to a slow diminishing of buying interest, causing prices to go down. In Canadian origin yellow peas, this is manifested in an almost $100 difference between the four-week average price in May and the four-week average for August. 

When it comes to China, the import pace is markedly slower this year as compared to last, due to large carryover stocks. Based on a source from CFNA, this year's import volume is expected to be significantly reduced.

Similarly, prices for Russian yellow peas are also slowly going down, as global yellow pea markets begin to normalize after India’s buying spree at the start of the year. India’s import duty on yellow peas, which was suspended in December 2023, will be imposed once again at the end of October 2024, based on the latest extension on May 2. Considering demand has been well and truly met, new crop supplies from all yellow pea producers around the world - which are set to be sizeable after farmers increased acreages in many key producing zones - will likely exceed demand from all yellow pea importers around the world, and the trade expects a continued downturn in prices following no further import extension from India. 

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