Canada Markets

Saskatchewan Agriculture reported No. 1 large green lentils to average 59 cents/lb. as of June 7 while Statpub.com reports this bid nudging to 59.25 cents as of today. Brokers have recently reported trades in the 60- to 61-cent level, while indicating that buyers are filling the tail end of their 2022-23 needs with demand set to slow.

The 59.25-cent bid is the highest seen in weekly Saskatchewan Agriculture data since the week ending Jan. 19 2022 or almost 15 months, having recouped 82.5% of the move from the January 2022 high to August 2022 low.

The long-term trend in Saskatchewan Agriculture data since January 1992 shows that the weekly price has only been higher in 67 of the 1,646 weeks reported, or 4% of the time, with the April 2016 high seen at 76.06 cents.

Statpub.com is reporting new-crop delivery ranging from 49 cents to 54 cents/lb (Aug/Sept/Oct), which also signals a favorable level for some coverage for early delivery. Saskatchewan Agriculture's weekly data since 1992 shows the weekly bid higher than the upper-end of this range, or above 54 cents, in 96 of the 1,646 weeks reported, or 5.8% of the time. These higher prices appeared in the August through October period only once since 1992, which occurred in the fall of 2021.

Cliff Jamieson can be reached at cliff.jamieson@dtn.com

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