Kabuli Chickpeas, Marker Outlook, 07.09.2023
Canadian chickpea production is forecast to be 132,575 tonnes, up 3.6% from last year. This is due to an increase in acreage planted, as well as favourable growing conditions in some areas. Prices for chickpeas have been stable in recent weeks, but higher compare Argentinian and Turkish market.
The harvest is about 50% complete in Saskatchewan and is expected to be finished by September 15th. Overall, the Canadian red split lentil and chickpeas market is expected to be tight in 2023-24. The small lentil crop and the increase in chickpea production will likely lead to higher prices. This is good news for Canadian farmers, but it could also lead to higher food prices in the market.
Argentinian growers were positive in august, and they were offering quite competitive prices with confidence for 2023 harvest. as they were expecting higher volumes for 2023 chickpeas harvest. However, due to weather condition new crop delaying and the growers expecting lowest volumes as they were expecting a month before. Most of the main players of Argentinian market booked their volumes in august and stopped offering now, as they are waiting actual numbers of new crop. Current prices are 50 USD / PMT higher than it was month ego.
Turkish production volumes are one of the best for last 3 years. The suppliers were confident with the offers in end of July and ear August, they were expecting higher volumes for 2023 harvest, plus as Turkiye one of the major importers from other countries, the production of chickpeas is 580 000 MT in Turkiye. However, Turkish government restricted export of Turkish chickpeas by 55% in august, and bad news from Argentina added more fire in the market prices. Current prices of Turkish chickpeas prices are 70 USD higher per ton than were in early august.
The global chickpea market is expected to be more volatile, as it is affected by a number of factors, including weather conditions in Argentina and government restrictions in Turkiye. the prices are increasing, I would suggest to secure prices now, as I do not think that it will go lower this year.
Global demand for red split lentils and chickpeas is expected to remain strong in the coming months. This is due to the growing popularity of plant-based diets and the increasing demand for protein from developing countries.