Already burdensome 2025-26 ending stocks for lentils and dry peas have taken another turn for the worse.
Released earlier this week, Agriculture Canada’s latest monthly supply-demand estimates raised the ending stocks forecasts for both crops from last month to new highs.
Pea stocks are now seen at 1.31 million tonnes, up 45,000 from last month and more than double the previous year’s 489,000. Lentil stocks increased 160,000 tonnes from January to 1.695 million, more than triple a year earlier.
With this month’s increase in the ending stocks forecasts, the 2025-26 stocks-to-use ratio for peas is up to 42% - compared to just 17% in 2024-25 - with lentils rising to 74%, versus 26% a year earlier.
The increase in the dry pea ending stocks estimate is due to weaker expected domestic use, which dropped to 633,000 tonnes from 678,000 in January. As with peas, Ag Canada also reduced its domestic use estimate for lentils, dropping it to 204,000 tonnes from 352,000 last month.
Meanwhile, the new-crop pea and lentil outlooks got heavier this month as well.
Dry pea ending stocks for 2026-27 are now pegged at 845,000 tonnes, up from 755,000 in January, with the larger old-crop carryover contributing to the increase. Ag Canada also reduced its new-crop domestic use estimate for peas, trimming it to 635,000 tonnes from 680,000 last month.
Lentil ending stocks for 2026-27 are estimated at 1.57 million tonnes, up from 1.31 million in January. In addition to the larger old-crop carryover, the increase in the new-crop lentil ending stocks estimate from last month is also due to lower anticipated domestic use, down 100,000 from last month to 250,000 tonnes.
For 2026-27, the pea stocks-to-use ratio now sits at 25%, and for lentils at 64%.
Ag Canada’s price outlooks for old- and new-crop peas were unchanged from January at $300 and $310/tonne, respectively. Lentils were also steady at $510 and $540.
