PGRO comments that at the end of 2018 feed values for UK pulses had risen considerably and forward values for crop 2019 were already rising. This was good news for growers, reflecting the continued demand for the product in markets right across Europe as well as in the UK.
Whether peas or beans, there appears now to be little open market crop of good quality available for new trades – and International short sellers making good their commitments have been keeping bean prices high.
The European market for vegetable protein continues to be strong and indications are that this strength is a long-term trend.
Australian faba bean harvest has yielded significantly better quality than that enjoyed in Europe from the 2018 crop and their produce is fetching as much as US$ 750/t delivered to Egypt.
Egypt normally imports around 600 – 700,000k t of beans but it is believed that there may be as little as 450,000t available to them from 2018 crop, even with reduced acceptability standards. A temporary switch to lentils and chickpeas seems inevitable, which means good quality new crop 2019 will likely be in strong demand.