Canada: Red lentil crops might be getting smaller

There could be upside in red lentil markets, says an analyst. “I can see more of the bullish factors rather than the bearish news,” AgPulse Analytica analyst Gaurav Jain said at the Global Pulse Confederation’s (GPC’s) recent Macau Pulses Congress. The market has already factored in big crops from Canada and Australia, so most of the bearish news has been absorbed. Something needs to happen to jolt the market out of its current doldrums and he thinks that is likely to be a bullish factor, such as a worse-than-anticipated Australian crop. The Australian government is forecasting 1.7 million tonnes of production. Some analysts were thinking it could be as high as two million tonnes. But Jain said it could be as small as 1.2 million tonnes as growing conditions deteriorate in that important production region. Peter Wilson, a trader with Louis Dreyfus Company, said conditions in Western Australia are adequate, there are good yield prospects in the northeast, but Victoria and South ...