Prairie Lentil Bids Continue to Firm
The Canadian Grain Commission's Exports of Canadian Grain and Wheat Flour report for February shows bulk lentil exports through licensed facilities of 127,400 metric tons, with 84% of this volume destinated for Turkey. Cumulative bulk export data shows exports of 920,000 mt, up 122% from the same seven-month period in 2021-22, while is 120% higher than the five-year average for this period.
The attached chart shows the red lentil bid reaching a crop year low of 30 cents/lb. in mid-February, while it has since gained 5.5 cents to 35.5 cent/lb. as of March 29, including a 1.25-cent gain over the most recent week. This is down 3.25 cents from one year ago while is 9.36 cents or 35.8% higher than the five-year average for this week. Price has recouped 20% of the move from the September 2022 high to the February 2023 low, while the 38.2% retracement is 40.5 cents, a potential upside target.
The large green lentil bid reached a crop year weekly low of 40 cents in August and has since rallied to a crop year high of 53.5 cents, including a 1.75-cent gain reported over the past week. This is down 3.25 cents from the same week in 2021-22, while is 16.58 cents or 45% higher than the five-year average for this week. Price has now retraced 58% of the downtrend from the January 2022 high to the August 2022 weekly low. The 61.8% retracement lies above at 54.4 cents/lb.
Cliff Jamieson can be reached at firstname.lastname@example.org
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