(Resource News International) — Lentil bids in Western Canada have come under pressure in recent weeks, as end-users are well stocked with higher priced supplies they bought earlier in the year.
“We have some quotes, but not really any firm bids from any companies,” said Rob Gallaway, marketing co-ordinator with Southland Pulse Inc. at Estevan, Sask. Current spot prices were in the 28 to 29 cents per pound area for both red and green lentils, he said.
“Buyers bought a lot of product at higher prices,” said Gallaway, adding that the buyers now want to get those lentils shipped out “and see what they have left to fill” before making additional purchases.
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As far as new crop is concerned, firm bids are also few and far between, according to Gallaway. He said his company was currently only offering new-crop pricing for red lentils at around 22 cents per pound.
“There haven’t been a lot of buyers jumping the gun on new crop just yet,” said Gallaway, “but once more of them start doing it, they’ll start competing against each other.”
While the new-crop prices are off the spot bids, lentils still appear to be a favourable cropping option this spring, with most industry forecasts calling for a sizeable increase in acres.
Of the lentils that will be planted, Gallaway said growers were primarily looking at growing red lentils over green lentils this spring.
