Lentil prices in Canada are experiencing stability and growth due to several factors, most notably the possibility of a significant reduction in lentil production in Australia. Red lentil prices have seen a slight increase, reaching 34 cents per pound, which is viewed as a positive sign for Canadian producers.

This price surge is attributed to a slow harvest in Australia, where natural disasters have impacted the lentil crop, as well as a slower pace of crop preparation.

As a result, there is less pressure on lentil prices in Canada, and foreign buyers are actively purchasing lentils.

India, the world's largest importer of lentils, is experiencing slower import activity, as it has a good stock and expects a better upcoming crop.

This has contributed to stable prices for lentils in India. In Canada, the prices of green lentils have shown some fluctuations, influenced by supply and demand.

The price of green lentils initially dropped to 58 cents per pound but later recovered to 60 cents per pound. Medium-grade green lentils are trading at 39-40 US cents per pound, while small green lentils are priced between 53-56 Canadian cents per pound.

Regarding future crops, the advance contract price for the next year's lentil crop has not yet gained significant traction. In Canada, lentil sowing typically occurs between April and June, with harvesting and crop preparation starting in August.

Meanwhile, Australia is in the midst of its harvest, and India is in the process of sowing its lentil crop. India's government has increased its minimum support price for lentils, which is slightly above the current market price.