PULSE MARKET UPDATE – April 2025

April 2025

This Pulse Market Update is available to listen to in this episode of Inside the Pod, the PGRO podcast.

Commentary

Despite what seems like a relentless attempt by politicians to ‘manage’ the markets and economies in new ways, the business of making money continues in the seemingly more mundane but ultimately vital commodity markets of agricultural produce. For the producer and farm trader alike, it may seem futile to second guess the immediate future; instead, it may be better to decide the right thing in the moment.

In recent months the markets for UK pulses have been rather slow. The usual trading pattern of larger movements before the turn of the year appears to have been disrupted, and a lower but more sustained level of trading has taken place since the 2024 harvest. The reason for this is uncertain and may be a combination of factors. A very open autumn led to a focus on wheat drilling, perhaps distracting attention from selling. There were also many damper-than-normal pulse crops harvested later last year, much of which needed careful post-harvest management to get it into marketable quality. A significant number of lessons were learned by many about what happens when that goes wrong.

The lack of selling at farm gate supported the belief in a smaller available crop, which held up values at uncompetitive protein equivalent levels, in turn depressing demand. This change in pattern and continued availability of ex farm sellers, perhaps now driven by a desire to empty storage facilities, has caught some by surprise and caused upward adjustment of the crop 2024 estimates.

The changes to government support for agriculture and the sudden ending of the SFI schemes angered and caught many by surprise. The schemes hit oilseed rape and pulses very hard but being dismantled late, there is uncertainty about what this has done for spring-sown crops in general and specifically in relation to pulses.
There has been a significant uptake in pea contract options, reflected in the fact that many books closed before the theoretical end of the spring drilling period, but exactly what impact it will have had on pulses in general remains to be seen. It must also be remembered that bean area fell by a whopping 37% in 2024 and trade estimates of a further fall of between 2% and 15% in 2025 are being called. But in reality, it remains a ‘best guess’.

With a very open spring drilling window, conditions have been excellent, although most areas could now do with rain if uneven emergence of the later-sown crops is to be avoided and the momentum of the early crops is to be maintained. With the weather forecast set to break to more unsettled conditions in the middle of April, almost all pulse crops will benefit from a wet Easter holiday period.

UK Pulses

Feed Beans
With apparent supply outweighing demand, traders are now beginning to believe that – for the first time in many years – there may be a carry over of stocks into the new harvest year. While the prices have eased slightly, there is not expected to be any end of season rush. The core demand is thin, with major feed compounders having found beans overvalued against alternatives for equivalent protein value several months ago. It is clear that the feed companies like and want to use beans, but are caught by the differing expectations of value between the buyer and the seller – they are now out of the market until crop 2025.

Exports have significantly fallen this season. Early year demand fell by 50%, but the recent weakening of sterling against the euro has drawn some tentative interest from potential export buyers. Although values may still be slightly high, discussion is at least possible. The lack of availability of Baltic crop origin beans (now believed to be sold out) may be aiding interest.
Gentle interest in forward selling crop 2025 is emerging with a premium over firming wheat prices, but, as usual, Baltic crop selling is aggressive and is currently about Euro 30/t ex farm below UK seller expectations.

The spot price for feed beans has slipped slightly but has hardly changed since harvest 2024, still hovering around £217/t ex farm depending upon location.
 
Export beans for human consumption
Post Ramadan there is a hint of some renewed export interest and supply potential to Sudan. This is unusual as the Sudanese have a calendar-limited window for exports, which does not usually open again until the autumn.  Trading with Sudan is inherently risky, margins are very thin, and any need for pre-export processing will kill any immediate  trading opportunity.

UK combining peas
The various markets for peas continue to be very different.
Peas failing to make the food market criteria are sold as ‘feed peas’ and are trading at a discount to feed beans. A value of up to £210/t ex farm might be expected.

Price indications below refer to produce offered in the free or open market.

Green peas
The remainder of crop 2024 is thought to be mostly traded with occasional parcels still exchanging for between £310/t – £360/t ex farm depending upon combinations of the visual, soaking, and cooking qualities. Buyers remain in the market.
Contracts for crop 2025 are still possible although it is now past the optimum drilling period. Negotiated, a typical min /max guarantee might range between £325/t to £425/t ex farm, or alternatively on fixed prices with bonus options at values in between.
More likely of interest are the imminent contracts for crop 2026.

Marrowfat peas
Old crop marrowfats largely remain without a home. With prices continuing to be under great pressure from alternative origin suppliers the traders are focused upon moving their commitmentsto UK contract obligations.

Production contracts for marrowfat pea production crop 2025 were eagerly consumed and reached capacity well before the end of the drilling season. Values ended in a range from £400/t – £450/t ex farm.

Contracts for harvest 2026 are expected to be released in the near future.
Growers seeking to make the most out of pea production 2026,  will already be looking at the intended location and any field conditions and preparation to be addressed this autumn.

Yellow peas
Currently this market is oversupplied with international availability in surplus to demand and little enthusiasm for forward contract placement.

Open market yellow peas will struggle to find a buyer at levels above feed value.
The long-term story of significant demand for vegetable protein extraction, healthy starch, and fibre for human consumption remains, but currently the UK commodity trade is oversupplied.

Maple peas
These continue to be in short supply. Apparently sold out from the 2024 crop, if you have produce to sell, you may have a more than excellent opportunity in excess of £500/t ex farm.
For those with an appetite for a late sowing risk, crop 2025 contracts are still available at around £425/t ex farm.

A slightly lower yield potential over green and yellow peas should be expected and a further reduction for late drilling.

Contact your merchant if interested in contracts for crop 2026.

NOTE:

“This report is independently compiled by the PGRO using a variety of information sources and summarised commentary from within the UK pulse trade. It is intended as a guide only without any guarantees. It is accurate to the best PGRO’s knowledge at the time of compilation, but no assurance is given, nor any acceptance of responsibility for actions taken as a result of its use.”

 

Agronomy notes:

Crop establishment agronomy notes:
https://www.pgro.org/pulse-agronomy-guide/
 
HERBICIDES.
Be aware that dry conditions may cause uneven emergence.
Implications for pre and post emergence herbicide applications
Peas https://www.pgro.org/weed-control/
Beans https://www.pgro.org/weed-control1/
Always follow the label guidelines!
 
Spring sowing peas :
PEA MOTH! 
Information can be found here.
Now is the time to start preparing pea moth traps.
Be ready to put them out in crops from early May.
Trap equipment suppliers:
www.dragonfli.co.uk
 https://www.andermattuk.com
https://www.koppert.co.uk/products-solutions/
 
Crop Update 2503:
Issued 13th March.
The latest edition can be found here: 
Featuring updates on aphicide ‘Sivanto Prime’ and winter bean diseases.