PULSE Australia is forecasting good marketing opportunities for a number of Australia's major legume crops through 2022, spurred by a worldwide protein shortage.
In particular, Pulse Australia chief executive Nick Goddard said he expected faba beans and lentils to continue to sell at historically high levels.
Faba beans
Pulse Australia's latest pulse marketing update showed that there was record demand from Egypt, the world's largest importer of faba beans, in 2021 and the organisation predicts this demand to continue this year.
In positive news for Australia, major rival producers of faba beans such as Estonia and Lithuania may have transport issues getting the product to Egypt given the conflict in Ukraine.
Mr Goddard said there could be a swing towards bulk shipments due to the high cost of containers.
Meanwhile, he said the domestic market for fabas was also strong, with good demand from both the stockfeed sector and the emerging plant protein market.
"We're seeing end users finding it hard to get hold of imported soy meal they often use and instead they are switching to local pulses such as faba beans, lupins and field peas."
Lentils
Lentils were hugely profitable for growers last harvest, with prices floating close to $1000 a tonne on several occasions last year, primarily due to the lack of product from Canada, Australia's major export rival.
Mr Goddard said demand for old crop lentils remained strong, but said more would be known about new crop opportunities once the Canadian crop had come off.
"There's some very good demand from Bangladesh, India and the United Arab Emirates in particular."
He said there were signs the Indian crop may have come in under expectations, as the pulse continues to trade above the Minimum Support Price (MSP), with a lift in pricing post-harvest, both factors indicative of a poorer than expected harvest.
Chickpeas
Chickpeas are one pulse crop that has not enjoyed the big run up in prices seen in most broadacre products over the past 12 months.
Mr Goddard said the Indian market remained closed and while desi type chickpeas would continue to be important rotationally, many farmers would look at other options if rotations permitted given the relative pricing and potential gross margins per hectare.
"Pakistan has been a good buyer but if their crop bounces back we may have too much product to play and a large amount of carry-over grain, as Bangladesh is a staple market but could not absorb all the extra product."
He said kabuli type chickpeas, far less widely grown in Australia, were a more attractive picture, if volatile.
"Eastern Europe is normally a supplier but as mentioned earlier, is now uncertain due to the geopolitical situation, meaning Australian product is trading at higher prices into Pakistan and other key markets."
Lupins and field peas
Mr Goddard said lupin and field pea producers were both benefitting from the high soybean meal prices, with good demand for field peas out of China, where they are replacing normal imports of yellow peas from Canada.
Mr Goddard also said lupins, grown mainly in Western Australia, were also attracting interest domestically as they were one of the cheapest sources of protein.
Mr Goddard said he expected this, combined with the additional interest in pulses due to their nitrogen fixing ability and the high price of synthetic fertiliser, to see a solid pulse program planted this season.
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