Bids for No. 2 yellow peas eased this week. The median regional bid was C$335.27 a tonne on Friday, down from C$337.75 a week earlier, and bids were C$1 to C$3 lower in all eight quoting regions. That takes back almost all of last week's gain. The bid is well above last year at this point but below the other four of the past five years. Peas have no futures market and no exhibit tracks the export price, so the flows are the main evidence on the market. 1 2 3
The pull from the elevators held, though it eased from last week's surge. Farmers delivered 48,500 tonnes, above three of the past five years for this week. Country elevators shipped 68,900 tonnes, more than in this week of any of those years. Their stocks fell by 20,000 tonnes, which the gap between shipments and deliveries explains. Country stocks are now 15 per cent below average and cover about half the usual number of weeks of shipments. These flows cover all pea classes, not only yellow peas. 4 5
The peas reached the ports faster than ships took them. Port receipts were 71,800 tonnes, above every one of the past five years for this week, while terminal exports slowed to 39,000 tonnes after 57,100 the week before. Port stocks rose 20,000 tonnes from last week's six-year low, by less than receipts minus all port outflow would imply; the difference is unexplained. The season's terminal exports are still 23 per cent ahead of last year. 4 6 7
Canada's trade minister announced on 4 November, in the middle of the week, that China's lower tariffs on Canadian peas will run to the end of 2028 instead of ending in December 2026. China was the largest buyer from licensed facilities over August and September, just ahead of India. The extension removes the risk of the extra tariff returning on 1 January; Friday's bids, two days after the announcement, were still slightly below a week earlier. 8 9 2
Buyers still pay nothing for waiting. December is the only later month quoted, and after interest it pays less than spot in seven of the eight regions. With country stocks drawn down, elevators need deliveries to keep shipping at this pace. If port stocks keep building while exports slow, that pull on country peas would weaken. 3 5