PULSE MARKET UPDATE - March 2025

March 2025

Commentary
Unlike world politics the UK’s pulse markets have continued to be quiet since the turn of the year.
While what are likely to be the last of the human consumption bean export vessels from crop 2024 depart these shores, overall export demand has been much lower since the last harvest.

As it is really still breaking news, it is a little too soon to be certain what impact the emerging tariffs being imposed by major trading nations will have upon UK pulse exports/imports and domestic demand for home produced protein. For now, the market values are underpinned by soya and rapeseed meal in a market which is still really quite uncertain of the local pulse crop supplies.

The lack lustre international trading for the year to date appears to be reflected in other EU bean exporting regions, with few offers coming from the usually more aggressive marketeers in the Baltic region. This may either reflect a lack of export demand or a reluctance to offer against uncertain availability and mid-term domestic requirements.

Meanwhile the Australian crop arrives in the market. Initially slow to arrive, some UK beans found an early market for splitting but quantities taken into Northern Africa have been well below the expectations of a few years ago, displaced by larger, more visually appealing and cheaper product from the southern hemisphere.

EU export demand has also been relatively weak and total exports from the 2024 are perhaps as low as 100,000 tonnes.

UK spring drilling has begun, where the soil conditions permit, though it is far from certain following an open autumn and the confusion caused by SFI options - just how much spring cropping will be sown in 2025. The suggestion is that break crop areas, and spring crops in particular, could take a disproportionate hit when it comes to land being taken out of production in favour of government environmental payments. The trade remains very concerned as to just what impact this will have, with many bracing against a potential further significant drop in pulse crop area.

That said there seems to be geographically widespread (if not intense) interest in pulse crop opportunities for 2025 harvest.

UK Pulses
Feed Beans
Trading has been steady but at relatively low volumes. Demand remains underpinned by the needs of integrated feed companies, especially in the poultry industry.
Values have remained largely unchanged since October, typically around £217-£219/t ex farm, with variation for location and delivery date. The view is that beans are still generally overpriced compared to unit protein values in alternatives (particularly soya and rapeseed meal). Despite this the bean prices hold up, suggesting either on farm supplies do not exist or sellers are hoping for a late spring uplift in values – which the trade suggests may not arise.
Buy back agreements for new crop exist, with a modest premium being offered over feed wheat futures. Premiums of up to £40/t ex farm may be suggested to start the market but at present there are few sellers.
 
Export beans for human consumption
As hinted above this is largely over and done with. The last of the few bulk vessels loaded are leaving imminently and with Ramadan having started 1^st March.  Even the smaller opportunities in containers are likely to slow significantly once April arrives. Few suitable samples are now being seen, with colour deterioration being the main factor at this time of year. This market is pretty much over for the old crop.

UK combining peas
The various markets for peas are very different to one another. So, no general commentary is offered in this edition.
Other than for contracts, price indications below refer to produce offered in the free or open market.

Green peas
Trading of crop 2024 is now thought to be largely done with perhaps 90% of the crop moved on. Demand still exists and for good quality samples up to £350/t ex farm might be offered if product is still available to buy.

Contracts for crop 2025 remain available offered on variously negotiated ex farm basis’s, 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.

Marrowfat peas
The situation has remained the same since harvest. Export trading remains under great pressure with alternative suppliers offering at very competitive prices.
There remains effectively no immediate market for open market samples, with traders working their way through existing commitments with challenging ex farm values.
Contracting for Marrowfat pea production crop 2025, has effectively stopped. Values ended in a range £400/t - £450/t ex farm.

Yellow peas
As previously mentioned in these reports yellow peas seem to travel a roller coaster of boom and bust in terms of value. There appears to be no UK market at present. Very cheap imports from Eastern Europe are available delivered at values below the UK feed market value and well below that at which sellers are prepared to sell ex farm.

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 over supplied.
Those considering contracts for 2025 crop should contact their merchant directly.

Maple peas
In short supply, these peas are considered to be sold out from the 2024 crop. If you have a shed full you may have an excellent selling opportunity.

With a slightly lower yield potential over green and yellow peas should be expected.
New crop contracts are available at around £425/t ex farm.

Contact your merchant if interested.

Agronomy notes:
Crop establishment agronomy notes: https://www.pgro.org/pulse-agronomy-guide/
Do not be tempted to drill by the date.
Wait for the soil conditions to be right.
Avoid any compaction at all costs.
 
Spring sowing peas and beans : It is not too late but those seeking to use their own farm saved seed should by now have had them tested. Do not use seed that tests positive for stem nematode. Details of PGRO seed testing services can be found here .

Farm Saved Seed: Frequently asked questions: 

PGRO You Tube videos and Podcasts:
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The next Pulse Market Update:
April / May 2025