PULSE MARKET UPDATE - June/July 2025

Commentary
In what is likely to be the last of these commentaries on the old crop market, the overall reflection since harvest 2024 has been one of remarkable market stability.
In recent years there has been a tendency for values to rise during the period from April to the new harvest, but this year has seen no movement. Despite what appear to be falling wheat values, pulses in general have maintained their level with the premium over wheat increasing.
The core demand in poultry and, to a certain extent, aquaculture, appears to have found a balance with beans. This, and to a large extent the higher prices paid for pea contracts, has made it difficult for traders to move their stocks in international markets. Those markets have altered with political events and diverted trade routes, and exporters are now presented with strong competition from larger, more aggressive producers such as Canada and others.
The outlook for crop 2025 is uncertain. With the usual geographic and local variables, winter and early spring drilled crops generally seem to have taken the exceptionally dry conditions relatively well, although the later very recent heat may have foreshortened some flowering. Winter sown crops are probably now untouchable, but deep drought stress could force some seed site abortion in later pod setting crops. 
Many later spring sown pulse crops have really suffered, and much will depend upon how they established. Their prospects generally appear worse and the message about getting crops in as early as possible when the soil conditions permit, has probably never been more poignant than this year.

UK Pulses
FEED BEANS
The market is quiet. There are still some old crop sales awaiting movement from farm and there continue to be parcels of beans offered as yet unsold to the trade. The general feeling in the trade is that for the first time in many years there may be a small carry over of national stocks into the new crop, but it is hard to get a firm consensus on the likely figure.
With ex-farm values having remained virtually unchanged for months, it suggests that the key core demand and supply have been in balance. The availability has been driven down by a number of issues but critically the SFI schemes took out large areas of land more likely to have been sown to spring crops and the consequences of this distortion are likely to continue, at least through 2025 and 2026.
Those with absolute discretion about what to include in feed rations, have found beans to be a little high in price and have been factoring them out for quite some time. If beans are only valued for their protein content, then a calculation of price per protein unit against imported soya or rape meal can quickly demonstrate the problem. Of course that is not the only factor, but it is a very heavy influence and even adjusted for other positive values beans remain £10-£20/t too expensive to attract significant renewed interest. Were wheat futures values to remain stable or even increase, this could also help to drive demand as the current gap (approximately £58/t) is too wide.

There remains time for beans to take a larger place in winter compound feed production rations, but it will not be long before buyers are making their forward commitments for the November to January period.
While the prices have eased slightly, there is not expected to be any end of season rush. 
Feed export markets are governed by pretty much the same economics as the domestic market, so there has been little feed export activity either, with Baltic suppliers selling at lower levels. The significant increase in the value of sterling has not helped in this regard.
The spot price for feed beans is still hovering around £215-220/t ex farm depending upon location.
Unusually with old crop trading at premium to new crop (referred to as inverse) and with spot demand weak, it is highly likely that their values will start to equalise downwards in the near future.

Export beans for human consumption
The main market of Egypt has imported a lot of Australian beans in recent months and continues to take delivery. It is thought that this market is now well positioned until the end of the year even without further purchases. Baltic and Australian origin crops are being sold at a lower level than UK origin. Sample quality post-harvest will determine the opportunities presented by this market and exports are anticipated, but with the value gap eroding the human consumption premium available to £15/t or less.

UK combining peas
There has been little change to the situation since the April bulletin. The markets are dull, with the high cost of UK stocks making export trades difficult in a fairly static market.
Peas failing to make the food market criteria are sold as ‘feed peas’ and are trading at a discount to feed beans. A £10/t ex farm discount to the value of feed beans might be expected.

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

Green peas
The international market is dominated by Canadian suppliers, and they have been in surplus following international disruption in the more established trade routes and beset with the uncertainties of trade tariff impositions.
Prices for poorer quality have fallen, pale samples may achieve up to £280/t ex farm for pet food. Otherwise, they will be headed for the commercial animal feed market.
Some contracts for crop 2026 are now possible at up to £360/t ex farm. Clauses will apply. Speak to your preferred merchant.

Marrowfat peas
Old crop marrowfats largely remain without a home. With significant price pressures from alternative origins, traders continue focus on their UK contract obligations.
Some limited area contracts for harvest 2026 have been released and there has been some rapid uptake at values with various quality clauses of up to £450/t ex farm. Talk to your merchant for available options. Not all traders have released their positions at this time.

Yellow peas
Little immediate UK demand. Currently international availability is in surplus and has reduced enthusiasm for forward contract placement.
Open market yellow peas will struggle to find a buyer at levels above feed value.
Currently the UK remains oversupplied.

Maple peas
These are more prone than others to the tale of feast or famine. Shortages of recent months saw values rocket, but the buyers have now vacated the market and values have fallen away. Supply and demand in Maple peas does not seem to easily find a balance, and most contracting merchants continue to hold back to their core demand. Immediate contract opportunities for new entrants appear limited. Were new crop contracts offered they might be 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.

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:
Latest Crop Update: Abbreviated extracts below. In full, click here.

Powdery mildew - Peas Powdery mildew is a damaging disease encouraged by warm days and cooler, humid nights. The risk of infection over the next few weeks is likely to be high. Fungicides containing sulphur give effective preventative control.

Bean rust With the very warm and dry weather there is a high risk of damaging rust infection. Severe infections can result in significant yield loss. Protectant fungicides should be applied when disease is observed. A range of products and mixtures are approved.  

Aphids - Peas Aphids are present at high levels. Losses due to aphids can be substantial. Yield increases from aphicides can be obtained in combining peas up to the development of the fourth pod-bearing node. Spray combining peas when 20% of plants are infested and vining peas when 15% of plants are infested. Always check labels for harvest intervals.

Aphids – beans Black bean aphids are present many crops of beans and treatment to prevent yield loss should be considered. Colonies first develop on headlands, but with a general infestation of 10% of plants colonised, spraying should be carried out as soon as possible.

PRE-HARVEST WEED MANAGEMENT
If the crop is infested with green weedy material, application of an approved glyphosate product will help with pre-harvest weed control. It must not be used on crops destined for seed. Moisture content of combining pea seed should have fallen to 30%. At this stage, the seed is mature, and the crop yellow, lowest pods nearly brown and at the dry, ‘parchment’ stage, those higher up being yellow. The seed within the pods should easily detach from their stalks and feel rubbery. Apply when 90% of field bean pods are dry and black, most of the seed is dry and moisture content is below 30%. At this stage most of the leaves have senesced and fallen but the
stems are still green. https://www.pgro.org/harvesting-drying-and-storage/

LOOKING AHEAD TO CROP 2026
Soils tests for peas are available at PGRO to test levels of the above-mentioned foot rot pathogens in soils. Test results allow growers to avoid planting peas in fields which show a high risk of foot rot pathogen presence.

PGRO YouTube videos and Podcasts:
A host of instructive videos,
video shorts and podcast
episodes can be found here:

PGRO DIARY DATES:
Groundswell 2nd and 3rd July
Lannock Farm, Hertfordshire,
SG4 7EE

PGRO field Trials Open day 8th July
Dyson Farming, Stubton Estate,
Stubton NG23 5BY

The next Pulse Market Update:
August / September 2025