The ISSUE #11 of Pulse Forward Magazine is now available! Explore the latest trends in the pulse industry: -Why yellow peas became so relevant in 2024 -Argentine bean crop in 5 key facts -All about Black Sea pulse market growth And more!
PULSE FORWARD DRIVING THE FUTURE OF FOOD SYSTEMS FRONT AND CENTER Yellow peas have seen more action in the past 7 months than in the past 7 years. We dive into the drivers shaping the season's hottest market
I S S U E # 1 1 J U L Y 2 0 2 4
THE ARGENTINE BEAN CROP Impact of extreme weather IN 5 KEY FACTS
THE LENTIL OUTLOOK Volumes in the key producers ALL ABOUT BLACK SEA Cem Bogusoglu on growth in the region
Contact us! EDITOR IN CHIEF MARIANA FUSARO mariana@globalpulses.com CONTENT EDITOR LARA GILMOUR Lara@globalpulses.com
SPOTLIGHT
Argentine beans in 5 key facts 1 • Hopes for a better year
“We started the year with strong seeding intentions,” says Ivan Martin of Alimar, “the difficult year in 2022/23 meant we had smaller volumes of stock as producers decided to hold onto seed to bolster acreage this year. Prices were good for a lot of bean classes, which was another important factor.” 2 • Drought and heat strikes “The weather was good during seedings but extreme temperatures followed and a lot of beans had to be reseeded,” says Guido Zoppi of Agrosud. “Then drought and high temperatures continued, and particularly impacted alubia and cranberry beans.
SPOTLIGHT
Field planted with beans in Jujuy, Argentina (Photo: Porosem SRL).
3 • An unexpected cold snap Frosts arrived at the end of May - highly unusual at such an early point in the cycle. Ivan Martin explains: “Frosts reached the north of Salta and are more serious in southern areas. The picture is not good. For the moment, how badly the crops have been affected is not possible to say.”
SPOTLIGHT
4 • Projections likely to fall CLERA projected production of 198 kMT of alubia, 199 kMT of black beans, 50 MT of DRKB and 44 kMT of cranberries but these were made before the worst of the weather. “It’s still early to say how much volumes will fall,” says Zoppi, “and we could see more frosts that may damage yields and quality.” 5 • Big drop in alubias “For alubias, I think we’ll see the smallest export stock in the last 10 years,” says Zoppi. “We’re expecting around 80 or 90 kMT.” This would represent a 42% or 36% drop from CLERA’s February projection of 140 kMT for exportable alubias and a 20 kMT drop from last year‘s exportable total.
PULSE POD CURATED
What’s on our minds
PULSE POD CURATED
MYANMAR’S BIG EXPORTS, RUSSIAN KABULIS AND US BEAN ACRES.
PULSE POD CURATED
PULSE POD CURATED
PULSE POD CURATED
PULSE POD CURATED
“We just went to such a low point when everybody was making so much money on traditional commodities. Now as we go into a different cycle, we'll see beans recover a bit”, said Orion Roy-Wright (Shutterstock).
FOOD FORWARD
Different beans, same outcome
There's a chocolate out there that contains no cocoa beans at all: it is crafted entirely from fabas. How is this magic possible, and what are the implications for the future of
food and the planet? BY MARIANA FUSARO 2 MINUTE READ
It has the taste, texture and appearance of conventional chocolate. But it’s 100% cocoa-free . Innovators at alt-food startup NuKoKo, founded two years ago in the UK, discovered that they could apply the same controlled fermentation process that transforms cocoa beans
FOOD FORWARD
into one of the most popular flavors in the world to develop chocolate from fabas – which they source locally, reducing their carbon footprint to a minimum from the very start. What are you biting into? Faba beans contain vicilin, a seed storage protein also found in cocoa beans that, once it is broken down, and the peptides are roasted, produces chocolatey flavors. “Our chocolate alternative is crafted using precision fermentation” explained NuKoKo’s founders, chocolate entrepreneurs Ross Newton and Kit Tomlinson and cocoa research scientist Prof. David Salt. “We use a microbial library of cocoa flavors to perfectly match chocolate in terms of flavor, thickness, and texture.” NuKoKo, though, is on a mission not just
FOOD FORWARD
to replicate chocolate but to make it better. Their faba-based creation also provides a healthier option, according to the startup, with 40 percent less sugar and higher protein, fiber, and antioxidants than conventional chocolate. And it’s kinder to our planet, with 90% less carbon emission per kg. The perfect storm – and the perfect lifeline 70% of the world's cocoa beans come from West Africa, with the major producers being Ivory Coast and Ghana, but several factors have resulted in a drop of cocoa yields in the region, ranging from changing weather patterns – irregular rainfall, rising temperatures – to poor farming practices, disease, aging trees, and economic and humanitarian issues. Due to the continued shortage, the price of cocoa had surged by almost 144 per cent over the past year.
FOOD FORWARD
Cacao trees have been traced back to Mesoamerica and South America, where the Mayans and Aztecs consumed it as a spicy drink since the beginning of time (Photo: NuKoKo).
FOOD FORWARD
More sustainable farming practices and climate adaptation strategies, together with advancements in agricultural technology such as precision farming, genetic engineering, and blockchain for supply chain transparency, are set to transform cocoa farming and chocolate production. But when you wonder what the future holds for chocolate, innovation both in alternative raw materials and technology are key. Farmers and producers are exploring diversification into other crops and value-added products. This enhances economic resilience and eases the burden on the pressured supply chain, reducing dependency on cocoa beans – even bypassing them, in some cases. Unlike other cocoa-free options emerging in the global market, NuKoKo’s chocolate 2.0 relies on just one raw material: the faba bean - abundant,
FOOD FORWARD
Chocolate mouthfeel (Photo: AI generated recreation via Shutterstock).
cost-effective, grown in temperate regions and nitrogen-fixing. “Our mission is to ensure the future supply of chocolate is sustainable, affordable and environmentally positive”, said the founders. “Our alt-chocolate harnesses the power of the local beans to recreate our beloved chocolate for the future”.
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
The Black Sea: then and now
Cem Bogusoglu of Swiss Aegean and Prograin spills the beans on logistics and market growth in the Black Sea region.
BY LARA GILMOUR 5 MINUTE READ
Can you share some insights into the Russian kabuli crop? Overall the climate is an issue in Russia. The northern central and northern regions have faced some frost and in the south they are facing drought. Typically, chickpeas are grown in the central region and the northern part of that region was touched with frost big time. That being
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
“Putting sanctions on the food trade is inhumane because they affect those most at risk of hunger and food insecurity.”
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
said, most chickpeas were sown later so they weren’t as affected as the yellow peas. I’d say the chickpea plantation has been more impacted by drought. I heard some farmers tried to reseed some of the damaged yellow pea areas to chickpeas but this had the disadvantage of missing the ideal planting window. Are there attempts being made to provide more structure and clarity to the Russian pulses industry? Yes, they have a good tradition of seed technology, for example. They are always trying new seeds and making hybrids that are more climate- and insect- tolerant. The farmers like experimenting, they often keep small parts of their fields for trying new seeds. The growth of the pulses industry in the Black Sea region has been impressive. The pulses market is very dynamic. Yellow peas are becoming more of an industrial crop: we
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
don’t question the quality anymore - it’s standardized. Lentils and chickpeas need more time to develop. Yellow pea found greater support from the market because it’s a more industrial market compared to eg. kabuli, which goes to specific markets in the Middle East, the Mediterranean and the Indian subcontinent. Yellow peas, on the other hand, have seen good demand from feed, food, starch extraction etc. I believe chickpeas and lentils will go through the same maturation. Do you think it will become easier to get pulses data out of the Black Sea? At the end of the day, it’s about supply and demand. There will be more demand for information and someone will supply it. If the pulses crop volumes keep going up in the coming years, people will become more curious. They are not easy geographies, being so big, and they don’t have a culture of statistics for such
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
PING-PONG How do you let off steam? Singing. What do you sing? Anything, basically. I love Turkish music. Last great book you read? Factfulness by Professor Hans Rosling who changed the way statistics works. What is one quality everyone should have? Honesty. Best piece of advice you’ve ever received? “Live the moment.” If you had to eat one meal for the rest of your life, what would it be? Anything cooked by my mum. Most dangerous thing you’ve ever done? Split up a couple of big fights, with guns involved. Who is the greatest singer of all time? I have favorites from every genre. Queen. Pavarotti. Sezen Aksu. Fairouz.
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
considerably new agri products. Let’s talk about Kazakhstan. They mostly produce lentils; I hear there are some efforts to produce peas and chickpeas as well. Logistically, they have advantages for food aid tenders. The logistical network has been growing consistently for a few years; 10 years ago it was unimaginable to deliver peas from Kazakhstan to Afghanistan, now they would be the first choice for a tender. How are logistics in general in the Black Sea right now? The issues in the Gulf of Aden are ongoing. Container lines have substantially increased freight rates, it’s harder to get containers and the times are much longer. I believe this will be resolved slowly and the security will be re-established because all trade participants are dependent on it. It’s a big loss for the
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
economy; you’re using more fuel and going from a relative shortcut to an extra 4,000 miles around Africa. We’ve seen an impressive result from Ukraine, which hasn’t lost the pace of exports since the war started. You believe the situation is stable despite the stalling of the Black Sea Grain Deal? The situation for the time being is ‘wait and see’. People are exporting and there haven’t been attacks but you never know when the balance will change. You see the daily exercise of logistics: once someone does it and it goes well, the others follow. How have Black Sea logistics improved since you started working in pulses? Russia, Kazakhstan and Ukraine have all invested in railways and inland storage. That’s one of the most important points
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
because in countries with such large distances, the number one hassle after harvesting is storage. Compared to when I started, there have been big improvements; now you can see goods being transported two or three thousand kilometers via rail. You even see goods going from Kazakhstan to Turkey by rail or on trucks. It’s efficient because Turkey is traditionally a fresh food exporter to that region and now the trucks come back with grains and pulses. Is there a growing capacity for splitting and processing in Black Sea? I see more cleaning plants. Splitting is less active because there isn’t a tradition of splitting to consume. Also, Turkey has the biggest splitting capacity in the world and that expertise makes it more competitive. I’m sure there will be entrepreneurs looking to discover the potential of the value-added business, as they are doing
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
in starch and protein already in Russia. Now Russia has less capacity to export to the West but once the war is over, the trade will be more and more active. As Co-Chair of the Market Access committee, would you like to comment on the EU duty on Russian foods? Wherever peas are going from or to, it’s a staple food and putting sanctions on the food trade is inhumane because they affect those most at risk of hunger and food insecurity. I don’t condone the weaponization of food by any country or any government. I support peace and that politics stay out of essential trade. Will Turkey be aggressive as a buyer of yellow peas this year? It depends on demand from the re-export market. We saw exaggerated demand two years ago and, as a result, last year it was weaker so I believe
PULSES & BEYOND CEM BOGUSOGLU SWISS AEGEAN
ABOUT SWISS AEGEAN A trading and logistics company incorporated in Switzerland in 2021. Extensive experience in dry bulk chartering and ship brokerage in the Black Sea and Mediterranean markets, in all sizes from coaster to panamax. Specialization in the logistics of agricultural commodities allows them to arrange all stages of the supply chain. this year we’ll see average demand. What about buying of other pulses? I believe the market is going to be more volatile this year. Volatility is a good thing for market participants, they like to take more positions. It will definitely be a more active year for everyone.
THE BIG PICTURE
And it was all yellow After years of quiet, yellow pea markets are firmly back in business. With India’s opening to imports in 2023 and the EU effectively closing its doors to Russia in June, the crop has seen more movement in the past seven months than in the past seven years. As many of the world’s pea production zones approach harvest, we take a step back and look at the most crucial variables in the market: yield estimates from the different origins, stock availability, and what changes in international policy mean for trade in 2024.
BY LUKE WILKINSON 8 MINUTE READ
THE BIG PICTURE F ood inflation is currently rampant in India, and pulses are no exception – in June, pulse inflation sat at 17% YoY and a key element of this inflation is the yellow pea - typically a cheaper substitute for chickpeas in Indian cooking -, of which prices increased by 15% during the month of May. Even in a good crop year, India runs at a deficit in terms of both yellow pea and chickpea supply, and current estimates suggest that production of both will fall short of expectations this year. A May 12 report from the India Pulses and Grains Association (IPGA) estimates this year’s yellow pea crop will be between 750,000-800,000 MT – a significant drop from earlier estimates of 1.1 MMT. The Pulse Atlas puts domestic use of yellow peas in India at around 835,000 MT in 2023, which means supply will likely be tight. Current trade estimates for chickpea production are between 8.5-9 MMT, up to 27% lower than the
THE BIG PICTURE
government’s Third Advance Estimate of 11.58 MMT. The trade estimate would leave a deficit between 1-1.5 MMT. Despite the government imposing stock limits and declaration on pulses in June, keeping prices under control in such a tight supply situation is difficult. With the window of duty-free imports of yellow peas open until October 31, 2024, procurement of both pulses has continued apace as India enters a high demand season. The IPGA puts current imported yellow pea stocks at 850,000 MT on June 15, and suggests that more is to come. However, pressure from traders to impose a duty on imports has been reported in the Indian press. A June 6 report on livemint.com reported that the Price Stabilization Fund (PSF) was being used to procure from Indian farmers and various farming associations at the minimum assured procurement price
THE BIG PICTURE
(MAPP) that guarantees a fair market rate for sellers. As of the middle of June, plans by the central government to secure 1 MMT of chickpeas to create a buffer have only succeeded in procuring 300,000 MT of chickpeas. Anti-dumping impacts Chinese market Meanwhile, another big market mover of yellow peas, China, has been accused of breaking US and Canadian anti- dumping laws by allegedly selling high protein content (HPC) pea protein at prices that undercut existing prices in North American markets. A February 8 US Department of Commerce (DOC) preliminary determination revealed that two Chinese companies have had heavy anti-dumping duties of 280% placed on their yellow pea exports to the US, and a 122% tax on other Chinese companies exporting the product. In April, the Canada Border Services Agency also
THE BIG PICTURE
launched investigations into the dumping and subsidizing of Chinese pea protein. China reportedly produces 200,000 MT of pea protein for export, which is in large part created using yellow peas imported from Canada. Half of this protein production is believed to be exported China produces 200 KMT of pea protein for export, in large part created using yellow peas imported from Canada (Shutterstock).
THE BIG PICTURE
from China to the USA. Speaking at the Pulses 24 conference, Cao Derong, President of the China Chamber of Commerce of Import and Export of Foodstuffs, Native Produce and “According to data from the Russian Grain Union, the Russian Federation exported around 3 million tonnes of yellow peas in 2023/24, with over 1.1 million tonnes heading to China and 725 thousand tonnes to India." Animal Byproducts, explained that half of the 2 MMT of yellow peas imported by China in 2023 was used by the fractionation industry to produce HPC pea protein. The final determinations from the DOC are set to be made soon, but if duties continue in their current state
THE BIG PICTURE
Derong believes that “over 500,000 MT” of yellow pea imports into China could be in jeopardy. In response to this, Derek Drayson of Agrocorp Canada in February said that he believed that Canada would simply “change trade flows” to avoid losses, as the USA and Canada continue to have excess fractionation capacity of their own. “We’re going to be shipping to fractionation plants in the US and Canada as opposed to plants in China,” said Drayson, “and I don’t think it’s going to have an overly significant impact on the total supply and demand statement.” However, if China no longer sources the majority of its yellow peas from North America, it may turn its gaze to other origins, such as the Black Sea region.
THE BIG PICTURE
Taking the crown At Pulses 24 in February, Gaurav Jain of AgPulse Analytica spoke of Russia as a potential “king of yellow peas” in the making, given its growing production and potential to increase its exports into China, following the phytosanitary agreement signed in December 2022. According to data from the Russian Grain Union, the Russian Federation exported around 3 MMT of yellow peas in 2023/24, with over 1.1 MMT heading to China and 725 thousand MT to India. This year, Russian pea acreage expanded by as much as 7%, and before recent spells of dry weather and potentially impactful early frosts, it hoped to see a crop of up to 4.5 MMT. The impact of the damaging early frosts is yet to be fully understood, but initial reports have suggested that 20-30% of the crop may have been damaged. Sergey Pluzhnikov,
THE BIG PICTURE
STRENGTH IN NUMBERS
THIS YEAR’S ESTIMATES FOR THE INDIAN YELLOW PEA CROP. 750-800,000 MT
200,000 MT
REPORTED CHINESE PRODUCTION OF PEA PROTEIN FOR EXPORT, IN LARGE PART CREATED WITH YELLOW PEAS IMPORTED FROM CANADA.
THE BIG PICTURE
CEO of Russian Pulses Analytics and Head of the pulses desk at Temporia Capital, believes these estimates are that “the frosts will really affect the harvest, but it cannot be said that 20% of peas died. It will affect yields, but we will still have the “Estimates for Ukraine’s yellow pea crop have been over 400,000 MT, but the ongoing impact of the Russian invasion may affect the final volumes out of the country.” option to get a decent harvest – one that is slightly lower than last year. In July, there will be preliminary estimates of each crop, but I think a decrease of 10-15% from the last harvest will not be far from the real figures,” he went on. Rustam Guliev of Top Grain has said that farmers in the southern pea growing
THE BIG PICTURE
regions are “more pessimistic” and expectations are between 15-20%, whereas Ivan Basov, also of Top Grain, estimated that the crop could be “up to 30%” lower than expected. Elsewhere in the Black Sea, some estimates for Ukraine’s yellow pea crop have been over 400,000 MT, but the ongoing impact of the Russian invasion will likely affect the final volumes out of the country while Bulgaria and Romania are reportedly set to produce around 150,000 MT each. Many in the trade believe the region will have to step up to fill demand from EU27, which in June made an announcement that will significantly impact trade flows in 2024. EU duty on Russian peas The European Union (EU)’s has placed an import duty on cereals, oilseeds, dry peas, and various derivatives of these products
THE BIG PICTURE
originating in the Russian Federation or Belarus. These import duties have their roots in various anxieties within the EU about Russia, such as the possible destabilization of the common market through Russian products coming into the union, and a concern that these products may come illegally from Ukrainian sources in parts of the country currently occupied by Russian troops. As of July 1, a 50% duty must be paid to import Russian or Belarusian origin dry peas of any kind, including those that pass through middlemen countries such as Kazakhstan or Turkey. An industry source puts 2024 EU pea estimates down by 4% YoY to 931,000 ha – which would project production of roughly 2.3 MMT based on a yield of 2.5 MT/ha. EU markets last year imported around 1 MMT of yellow peas to satisfy
THE BIG PICTURE
EU markets last year imported around 1 MMT of yellow peas to satisfy demand for fractionation, pet food, and more (Shutterstock).
THE BIG PICTURE
STRENGTH IN NUMBERS
2.3 MMT
EU PEA PRODUCTION ESTIMATES FOR 2024, 4% DOWN YOY.
50%
IMPORT DUTY IN THE EU AS OF JUNE 1 FOR RUSSIAN OR BELARUSIAN ORIGIN DRY PEAS OF ANY KIND, INCLUDING THOSE THAT PASS THROUGH MIDDLEMEN COUNTRIES SUCH AS KAZAKHSTAN OR TURKEY.
THE BIG PICTURE
demand for fractionation, pet food, various snacks and animal feed. Pulse Atlas data shows that in 2023, 436,000 MT of Russian yellow peas was imported into European Union countries, with 209,000 MT going to Spain alone . Italy, Denmark, and Latvia also imported directly from the Russian Federation. Sergey Pluzhnikov is not worried about Russian yellow pea stocks piling up: “volumes that will not come from Russia into Europe will go along the traditional routes – India, China, and Pakistan. We also have a big advantage – the domestic consumption of peas is quite high. This means the pressure of yellow pea stocks on the market will be unlikely.” Clamor for Canadian crop In Europe and beyond, North American yellow peas will play an important role in this year’s market, with a particularly
THE BIG PICTURE
strong crop expected in Canada. IPGA estimates put yellow pea production at 2.85 MMT assuming a yield of 2.6 MT/ha – a potential 26% rise on their 2023 total. The strength of these estimates will rely on favorable weather, which has been the case throughout June after initial worries around dryness. Yellow pea production in the USA is set to drop significantly. In 2023 production was 608,000 MT, whereas current estimates place the 2024 crop at 485,000 MT – a 20% drop YoY. With demand for peas (approx. 800,000 MT) rising in the USA, it seems inevitable that the USA will turn to Canada to fulfill its consumption. As for the EU, with the duty on Russian peas making them prohibitively expensive, a logical option on the borders of the single market is Ukraine. However, trade sources suggest that
THE BIG PICTURE
purchases for human consumption will take precedence over feed purchases. The EU can draw on its own significant production to satisfy demand, and will be less aggressive than South Asian countries – India, Pakistan, and Bangladesh – in their pursuit of imports. Right now, the yellow pea market is constantly shifting, and much depends on the outcome of the world’s biggest producers. Upcoming harvests will bring much-needed clarity, and in the meantime, farmers, traders, and governments will be keeping their fingers crossed for a favorable climate. Questions, too, remain around the buying behavior of both India and China in the upcoming season and how all this will play out in prices. Undoubtedly, yellow pea markets will not be quieting down any time soon.
SATELLITE VIEW
“AI can never predict the emotion in real trading” Deepak Rawat, a trader with Empros International in Canada, talks to Lara Gilmour about why he’s committed to providing unbiased information to the pulses industry. You write a weekly report and distribute it informally to the pulses community. What’s your motivation? First and foremost, writing is my passion. I’m not doing it for commercial purposes; I genuinely enjoy it. Then, I believe in the importance of disseminating information. There is some structure in the industry in countries like Canada and Australia but for many other origins like in Black Sea and Africa there’s very little info and the
SATELLITE VIEW
“Technology is helping through derivatives trading. We don’t have much of it in pulses, but it could well come in the future.”
SATELLITE VIEW
authenticity and reliability are not there. It’s a good way to connect with people and give them quality information directly from the trade. You are Co-Chair of the GPC Pulse Atlas committee. Why did you get involved? In pulses, we’re talking about 220 countries globally and hundreds of different types - there is a real lack of data and a corresponding need for this platform where all industry members can get information that can help them trade. That was the ultimate objective. I’m proud to say that we have also started the weekly price report to complement the supply and demand data. Why is a price report necessary for our industry? For traders, it’s our job to know prices but for example, if you have someone in Egypt who does fabas, they won’t necessarily
SATELLITE VIEW
have easy access to prices for yellow peas. So having this view of the whole picture of prices helps them understand other markets that interact with theirs and find new opportunities. On a macro level, it’s important to build a historical database of prices. We keep adding more products - ultimately, we want to include all regions and pulses. I’d like to add that GPC is not only there to help the traders, it is also helping humanity: providing information about the trade, which ultimately is concerned with bringing food from one place to another where it is needed. We are also working on a model using AI that will let us forecast for the future. How can AI help us predict prices? It’s about getting a big sample size that we can put in a statistical model, which will then start giving some projections according to historical trends and the likelihood of them repeating. The more
SATELLITE VIEW
data we can input, the more authentic the output. We’re not saying it will be 100% correct; there’s a lot of emotion and sentiment in real trading that AI cannot predict. It’s already happening in commodities and there are areas in which it is easier than in others. Countries in South Asia, for example, where irrigation is limited and they are more weather-dependent means the situation is more volatile whereas in Brazil, for example, you can predict more accurately because they have 80% irrigation. All these models exist and the accuracy is increasing - it can be as much as 99% accurate now. The most important thing in this kind of trading model is it allows for a hedging mechanism and that provides more stability. Technology is helping through derivatives trading. We don’t have much of it in pulses, unfortunately, but it could well come in the future.
SATELLITE VIEW
To what extent does the current lack of price discovery in pulses lead to speculation and bias? There’s a lot of bias precisely because there’s no authentic information coming out of a lot of countries. I am committed to providing proper dissemination of information, to reduce the possibility of bias and speculation. That’s the starting point for bringing more clarity and stability to our industry. ABOUT Empros is an independently owned special crops exporter and trading house in Canada. Trades and exports lentils, peas, chickpeas, oil seeds, beans and other specialty crops to buyers all around the world.
FRACTIONS: A STORY IN 4 CHARTS
2024 global lentil production 1 AUSTRALIA Aussie farmers expect to harvest an impressive 1.4 MMT in 2024. In the last five years, imports have been dominated by India and Bangladesh, making up 39 and 34 per cent of total demand, respectively, followed by Sri Lanka (14%), UAE (8%) and Egypt (5%). Prices to Sri Lanka have proven to be the highest in the first half of June, with CNF prices (USD) quoted at $780-$790 compared to an average of $740-$755 to India, Pakistan, UAE and Bangladesh in the same period. According to the Government of India’s Third Advance Estimate, production of red lentils in the country will be 1.68 MMT, a modest increase YoY.
PRODUCTION 1,000 MT by Year
RED LENTILS
1,687
1,687
1,500
1,400
1,290
1,290
950
1,000
920
920
675
550
550
500
360
360
0
2019
2017
2020
2018
2021
2019
2022
2020
2023
2021
2024
2022
2023
FRACTIONS: A STORY IN 4 CHARTS 2 CANADA
Production of both reds and greens will increase YoY. Prices for reds in the first two weeks of June peaked at $775 to Turkey and $755 to India, with forward shipments hitting $765 and $750, respectively. In greens, prices for June/July shipments hovered around $1500 to Turkey and $1475 to India with forward shipments at around $1,180 to both. India remains the biggest buyer of Canadian reds, taking 41% of exports in the last five years, followed by Turkey at just under a third. For greens, demand in the last four years has been dominated by Algeria and UAE, both taking 24% of Canadian production.
OF CANADIAN REDS GO TO INDIA 41%
FRACTIONS: A STORY IN 4 CHARTS
PRODUCTION 1,000 MT by Year
5
2,765
2,500
2,297
2,254
1,995
1,974
2,000
1,689
2,051
1
1,591
1,591
1,584
1,500
1,209
1,304
1,826
1,117
1,000
1,219
1,219
500
765
714
713
691
572
428
372
372
0
0
2018
2021
2019
2022
2020
2023
2021
2024
GREEN LENTILS
RED LENTILS
Algeria and UAE are dominating the demand for Canadian greens, both taking 24% of the country's production.
FRACTIONS: A STORY IN 4 CHARTS 3 TURKEY
Production is set to increase YoY with reds reaching 350 KMT and greens 150 KMT. This year’s re-export market will depend on demand from India, Pakistan and Bangladesh for reds and Africa and the Middle East in greens. In an interview with GPC in April, Yusuf Memis explained: “Before the new season, 200,000 MT of lentils – from all different origins – have arrived in Turkey in the 2023-2024 market year. From now on, I expect at most 100,000 tons more will be imported. Compared with previous years, there is a definite drop in our re-export business.”
KMT OF LENTILS ARRIVED IN 2023-2024 200
FRACTIONS: A STORY IN 4 CHARTS
PRODUCTION 1,000 MT by Year
500
500
477
450
447
404
400
374
350
300
275
275
435
400
403
361
329
200
240
240
100
150
50
45
44
43
42
35
35
0
2018
2021
2019
2022
2020
2023
2021
2024
GREEN LENTILS
RED LENTILS
"Compared with previous years, there is a definite drop in Turkey's re-export business.”
FRACTIONS: A STORY IN 4 CHARTS 4 USA Planting of green lentils has been buoyed by high prices, with production expected to hit 289 KMT in 2024. The market has largely been driven by tight global stocks as well as Indian demand in 2023/24, which, according to Jeff Van Pevenage speaking to GPC in April, “cleaned out” US supplies. He went on to say that “South American markets as well as Europe and Algeria are all tight” and “I see strong demand in Peru, Colombia, and Algeria, but India jumped in ahead of them and those countries are going to have to wait their turn now.”
KMT OF GREENS ARE EXPECTED FOR 2024 289
FRACTIONS: A STORY IN 4 CHARTS
PRODUCTION 1,000 MT by Year 400 381
336
289
300
249
241
223
200
155
155
100
0
2018
2021
2019
2022
2020
2023
2021
2024
GREEN LENTILS
The US market has largely been driven by tight global stocks as well as Indian demand in 2023/24.
MEET OUR MEMBERS
This is us The GPC community is thriving - meet our existing members, new members and upgrades from countries across the globe.
PRESIDENT’S CLUB PLATINUM PARTNERS AUSTRALIA Arya Pulses Australia
Star Agriwarehousing & Collateral Management NETHERLANDS Skane Group Viterra RUSSIA Top Grain SINGAPORE Agrocorp International TURKEY Armada Foods Bashan Agro Dicle Group UNITED ARAB EMIRATES Arab and India Spices
BRAZIL Arbaza
Coperaguas Cooperativa Agroindustrial CANADA
AGT Foods - Arbel ETG Commodities INDIA Sharp Agricom
NEW MEMBERS! UPGRADES!
EU-Nomia CHINA Nanjing Bonagro GERMANY
Emco Mellow Trading UNITED STATES OF AMERICA ADM Columbia Grain GOLD PARTNERS ARGENTINA Cono Trading Desdelsur AUSTRALIA Mandala Trading Parsram Exporters BULGARIA
Asigest Deutschland Versicherungsmakler INDIA R S Triveni Foods KAZAKHSTAN JSC Atameken-Agro RUSSIA Fruitimpex SINGAPORE Aditya Birla Global Trading Singapore
MEET OUR MEMBERS
UKRAINE Sintez Group & Co UNITED STATES OF AMERICA Ardent Mills SILVER PARTNERS ARGENTINA Andes Harvest Argencrops AUSTRALIA Aus Grain Exports Centre State Exports DDT Holdings Jatlee Australia Peters Commodities BANGLADESH City Commodity BELGIUM Casibeans CANADA Arg Foods CFT Corporation Empros-HiemCo Marina Commodities Ray-Mont Logistics Canada EGYPT
Mufaddal/ Wahba for Food Industries Teekay & Danny INDIA AK Agri Chokadi Brokers Esaf Multistate Agro Cooperative Faqir Chand Vinod Shivam Shipping India Shree Sheela (Global Garbanzo) Sri Bhagyalakshmi Enterprises ITALY Caxa Pedon Group MADAGASCAR Malde Kara NEPAL Mahabir Overseas OMAN Shahi Foods and Spices Vibgyor Agro Commodities Kumar and Co. Liladhar Pasoo Forwarders
MEET OUR MEMBERS
NATIONAL ASSOCIATIONS AUSTRALIA Grains Australia BRAZIL Ibrafe Brazilian Dry Beans Institute CANADA Pulse Canada CHINA China Chamber of Commerce of Foodstuffs and Native Produce (CFNA) ETHIOPIA Epospea INDIA India Pulses and Grains Association SINGAPORE Singapore Pulses Federation SOUTH AFRICA Dry Bean Producers Organisation SPAIN Asociacion de Legumbristas de
PAKISTAN Bombi's Group SINGAPORE Adroit Overseas Arvee Seasons Overseas SPAIN Legumbres Luengo SWITZERLAND Bühler TURKEY Ande Logistics Services UNITED ARAB EMIRATES Golden Rise Trading JKT Foods Europe DMCC Sajjan Foods DMCC Spring Valley Food Industries Sun Impex International Foods UNITED STATES OF AMERICA Kelley Bean URUGUAY Cralpey Trading UZBEKISTAN Sofia Agro / Sofia Ticaret
MEET OUR MEMBERS
Conexa Foods Agribusiness Elementa Foods
España UKRAINE Community Of
Argentina Fyo Foods Going Natural Jewell Especialidades Jose Maria Lazara JR Commodities KC Agribusiness (prev KC World Trade) Liag Argentina Murray Food Products Olega Orange Field Trading & Brokerage Oscar Peman y Asociados Paramerica Primore Ronalb Tecnocampo Tierra Lejana Uranga Trading AUSTRALIA Agri Direct Australia Agri-Oz Commodities
Pulse Producers And Customers Of Ukraine UNITED KINGDOM Pulses UK UNITED STATES OF AMERICA American Pulse Association USA Dry Pea and Lentil Council COMPANY MEMBERSHIPS ARGENTINA Agrofin Agrocommodities Agrosud AgroTrend Alea y Cía. Alicampo Bal Foods Batrade Food Products Belgrains CAS Exportaciones
MEET OUR MEMBERS
Agrisemm Global Brokerage Agromin Australia AgVantage Commodities AmSpec Australia Ausons Corporation Australian Choice Exports Chester Commodities CL Commodities Cropify Esperance Quality Grains Fletcher International Exports Gold Star International Golden Harvest Grain Exports Graintrend GTE Technology (prev. Graintech Engineering)
Lotema Brokerage Market Check Pacific Global Sprouts Riverina Australia Robinson Grain Trading Simplot Australia Societa Cofica TFB Trading Australia Venedor International Ward McKenzie's / FTA Food Solutions Wilson International Trade BELIZE Bel-Car Export and Import BRAZIL Akila Group Gadkin Alimentos HR Representacoes Comerciais Iberica Corretora Kfouri Trading (prev. Allbeans Brazil Pulses and Grains) Malthus DMCC MT Pulses
Inari Australia Independent Commodity Management JK International
MEET OUR MEMBERS
M&J International Commodities Mercantile Consulting Venture Natural Specialty Crops Parrish & Heimbecker Paterson Global Foods Providence Grain Solutions Purely Canada Foods Corporation Red River Agro Richardson International Saskatchewan Pulse Growers SGS Canada Shah Trading Company Sinamco Trading Trillium Commodities Victoria Pulse Trading Corporation WTC Group CHILE Nama International CHINA Eco Specialty Crops Gansu Jun Hao Shun Trading
RS Trade Comercial Exportadora Agricola Samba International BULGARIA RBL Food Bulgaria Union 09 CANADA Agro-Haribec Agrohall Alberta Pulse Growers Commission All Commodities Trading Avianje B. Terfloth Canada Bassano Grain Brar Natural Flour Milling DG Global Fazco General Trading FCC Global Commodities Traders Global Food and Ingredients Grasslands Group of Companies Hensall District Co- operative JGL Commodities
MEET OUR MEMBERS
Guangzhou Guang Feng Foods United Brokers
Eureden Group GC Trade Inter-Courtage Bayonne JL Lamau RAGT Semences Sabarot Wassner Semences de Provence Soufflet Negoce GERMANY German Grain TAB Schlüter & Maack Transimpex GREECE Elamer INDIA Abha Agro Exports Adani Wilmar Agrimpex India AKMK Agro Industries Amar International AMRR. Maharaja Dhall Mills Anil Industries Katni Ankit Impex India Ask Agro Commodities Atulkumar Mulji Balaji Exim Enterprises Bherulal Radheshyam
COSTA RICA Corporación
de Compañías Agroindustriales (Walmart Costa Rica) EGYPT Fresh From Farm Mediterraneo Naggari Co. for International Trade Roots Commodities ETHIOPIA Africa Ventures Trading Ghion Gas Qine Trading Rixos Trading Tewomed Trading Tropical Pharma Trading Yanet Industrial Yediabi Import Export FRANCE Ciacam Samson
Cherqui Cogeser
MEET OUR MEMBERS
Nava Star Nawarat Investments
Bhandari Bjsn Agro Impex C R Prime Foods Dhiren Enterprises Erth Commodities Farm India Impex GrainCorp India Greenleaf Corporations Hosokawa Micron India Integrated Service Point Jindal Overseas Corporation Kishor Kalyanji Corp. Krishna Canvassers Himatlal Hirji & Co HM Agro Ventura Krishya Logistics Lakhanlal Kantilal Louis Dreyfus Company India M V Agrotech
New Tea Impex Nokha Agrotech P.A. Enterprises Pagariya Exports
Parakh Foods and Oils Prafulchandra Vasanji and Co. Premier Pulses Pushpam Traders Rajat Agro Rajat and Company Commodities Rasiklal Liladhar Thakkar Satyendra Packaging Seeds & Grains India Shah Nanji Nagsi Exports Shakambri Khadya Bhandar Sharad Enterprises Shiv Agro Food Shree Laxmi Trading Rathnam Brothers RDC Agro Ventures Rite Food Products Sanghar Exports
Madhurima International Mayur Global Corporation
Mega Grain Trading Narendra Forwarders
MEET OUR MEMBERS
Agras Pulses Fabris & Co. JAPAN Amakasu Trading Japan Pea and Bean Importers Association Mitsuis & Co. Sugihara Industrial JORDAN Abu Odeh Bros. Kazakhstan Eurasia Grain Trade KENYA Capital Reef Spice World Limited MMK Spices TRC Global MEXICO Alimentos Agricolas y Naturales Bodega De Granos El Alazan y El Rocio Digrava LITHUANIA UAB Vigori MALAYSIA Just Imex
Corporation Shree Mahasagar Impex Shri Commodities Shri Niwas Dall & Besan Mill Sierentz Global Merchants Simosis International SP Meditor SRV Enterprises Sumit Enterprise Superior Agro Crops Tinna Trade Tri-Une Impex Consultant Uma Exports V Ganesh Foods V.N.M.A.D Firm Victoria Foods Wonder Investment Management INDONESIA Pt. Sinar Indo Agro Pulses ISRAEL Glazman International
Trade ITALY
MEET OUR MEMBERS
La Macarena Nochistongo
M.K. Grain Commodities Nayab Trading Sakhi International Seatrade Group SS Indenters PERU AFI Agro Fergi Andes Alimentos y Bebidas Cam Harvexchange Eirl POLAND Hars Foods PORTUGAL Arbus Comercio Internacional Meps RUSSIA Agromer SINGAPORE Arcenciel Impex BLPL Singapore P ICICI Bank Limited, Singapore Branch Kwee Gee PL Global Impex Sona Oils Singapore Sudima International
Pro Granos MYANMAR Evertop Commodities NEPAL Namaste Agro Industries Narayani Modern Pulses Industries LenersanPoortman, a division of Holland Diervoeders B.V. Rabobank NEW ZEALAND Davis Food Ingredients PAKISTAN Balaji Commodities NETHERLANDS AgriFood Trade Ebro Ingredients Bhakhrani International Fine Crop International FQ International Inam Trading Kanwal Trading Company Khuzaima International M Suleman Enterprises
MEET OUR MEMBERS
TANZANIA SM Holdings TURKEY
Valency International Vetcom Industries SOUTH AFRICA Pride Milling Company SPAIN Alons-Gar Carratala Import Export Cereales y Servicios Agrícolas de Burgos Industrias Racionero José Abril Legumbres La Cochura Legumbres Penelas Santiago Blazquez Omega Traders Pulses Splitting & Processing Industry SUDAN Blue Diamond Import and Export SWITZERLAND Granosa MK Merchants Sunstone Brokers Swiss Aegean Trading Seprolesa SRI LANKA Globalax
Akmemis Gida Aky Technology Aprin
Duru Bulgur Ekrem Agro Esse Foods Goze Tarim Indika Turkey Meduya Memisoglu Tarim Natural Gida Orhan Sirt Tarim Otat Tarim Ozalp Toros Gida Ramos Agro Yayla Agro Yazgan Tarim UKRAINE Vea Brokers (prev. Veles Agro Broker) UNITED ARAB EMIRATES Afcom Trading DMCC Ags Foods DMCC Alfagroup-Agrox Gulf Holding
MEET OUR MEMBERS
Algebra Commodities DMCC Conexus Agri Hs Global DMCC Ivory Trading FZE Meke Commodity Trade House DMCC Mercancia Continental DMCC Natcore Resources DMCC Oryza Global Trading DMCC SHE Agro DMCC SSA Agri DMCC SSB FZE Waterloo Commodities DMCC UNITED KINGDOM Chelmer Foods Legumology Place UK Wherry and Sons UNITED STATES OF AMERICA Ackerman Marketing Alvarado Commodities Anderson Northwest
Baba Grains Chippewa Valley Bean Commercial Lynks Dack Trading George F. Brocke & Sons Golden Grains Jack's Bean International Maviga NA McDonald Pelz Global Commodities Asia North Central Commodities North Star Food Trading PKT Associates RVPL Trading Steele and Co. The Andersons The Redwood Group TRC Trading Corporation Waseda Commodities Yanez International Sales Agents VENEZUELA Agricola Latina Exportadora Agricola Exasa Trustex Trading
MEET OUR MEMBERS
OTHER: RESEARCHER, MEDIA OR NONPROFIT ARGENTINA Agtrace Food Consultoría y Comunicación Agropecuaria New World Trading AUSTRALIA NSW Department of Primary Industries The University of Adelaide CANADA Glacier Farmmedia Government of Alberta Saskatchewan Trade and Export Partnership (STEP) ETHIOPIA Ethiopia Ministry of Foreign Affairs FRANCE Terres Univia INDIA AgPulse Analytica
Agrifi.AI IGrain India National Agricultural Cooperative Marketing Federation Of India Ltd (NAFED) The Hindu Business Line NETHERLANDS FMO, the Dutch Development Bank SINGAPORE Enterprises Singapore TAIWAN Suncue Co. TURKEY Eastern Mediterranean Agricultural Research Institute Ministry of Forestry and Agriculture UKRAINE Agro Service Trade Bulgaria UNITED ARAB EMIRATES DMCC UNITED KINGDOM Foreign, Commonwealth &
MEET OUR MEMBERS
Development Office UNITED STATES OF AMERICA Fairman International
Michigan State University North Dakota State University
The GPC community reunited during Pulses 23 in Sydney.
PULSE FORWARD DRIVING THE FUTURE OF FOOD SYSTEMS
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78Made with FlippingBook Annual report maker