Drawing Down Pulse Stocks Will Take Time
It’s no secret that Canadian pulse crops were big in 2025. While pulse yields didn’t set new records like a few other crops, the pea yield of 42.3 bu/acre was 7½ bushels more than the year before and 26% above the 5-year average. The 2025 lentil yield of 1,721 lb/acre was up 440 pounds from the previous year and 45% above average while the chickpea yield was 1,970 lb/acre, 650 pounds more than 2024 and a whopping 56% above the average.
For all three pulse crops, seeded area was higher in 2025 than 2024, compounding the big crop “problem”. While not everyone got the high yields, the big inventories in farmers’ bins are evidence of the heavy supply situation facing pulse markets in 2025/26. Total supplies of pulses (not including dry beans) in 2025/26 are a new record, just over 9.0 mln tonnes. That’s 2.6 mln tonnes (40%) more than a year ago.
It wasn’t just the big 2025 crops that caused the buildup in supplies; stocks at the end of 2024/25 were already feeling “comfortable” for all three pulse crops. When those stocks were carried over into 2025/26 and added to last year’s big production, supplies ballooned.
The feeling of “heaviness” in the market varies between pulses and even within pulse types. For example, production of green and maple peas expanded more than yellows in 2025 and those two classes are looking a bit more burdensome than yellows. The green lentil crop, especially small greens, grew a lot more than reds, creating more of a “problem” with green lentils.
On the plus side, pulse exports in 2025/26 have been showing some positive signs. Pea exports are starting to pick up again now that the Chinese government has announced a drop in tariffs. Movement of lentils has been positive all year, with more signs of fresh demand in the last few weeks. And chickpea exports have picked up considerably this year, with volumes in November the highest in years.
Of course, stronger export demand is stimulated by low prices, which is part of normal market behaviour. When supplies are heavy and prices are low, demand tends to pick up and eventually draw down those heavy supplies. That isn’t always a quick process though.
Click here to see more...