PULSE OUTLOOK 2015/16 & 16/17

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1 SPG REGIONAL PULSE MEETINGS 2016 PULSE OUTLOOK 2015/16 & 16/17 Mercantile Consulting Venture Inc. Marlene Boersch, Owner & Managing Partner

2 Presentation Outline Global Econ. Framework Outside influences: -Purchasing Power -Foreign Exchange -Freight rates World Pulse Trends -India/ China, consumption trends -export competition -returns per acre Canadian Balance Sheets -Marketing current pulse crop -Market power/ Mkt. share Forecasts New Crop pulses Conclusions

3 Mercantile, Jan Intro: Outside Drivers of the Ag markets Macroeconomic & Trade Environment Population, diet, food chain World food supply & demand interaction Climate, energy, natural resources Price & income prospects: more uncertain than before

4 Intro: Pulse markets vs. major crop dynamics 2015/16 Why are they acting so differently? Importance India & China economic growth areas Different pulse fundamentals: Demand increasing, supply ~ static; ending stocks falling Weather problems concentrated in single largest producing region There is a need to increase supply, not reduce it: see price signals Canada has a production advantage [see yields] affects access to mkts. Canada owns a significant market share Cdn prices are determinant [>than 30%; Lentils, peas, canola, flax, oats] Special risk: dependence on Indian mkt.

5 Section 1 Outside Influences GDP-buying power of importers Foreign Exchange Ocean freight developments Government interference Weather (El Niño)

6 Mercantile, Dec Macros World, India, China - Demand aspects Sources of import demand increases Population driven (# s) Income driven ( GDP) Production shortfalls importing country (weather, other crops, industrialization, etc.) Changes in consumption habits (ex. Income-driven higher meat/ protein demand China, India) Man-made demand shocks (ex. Biofuel demand-can take acres from other crops; changes tariffs; policy changes (stock regln s, buffer stocks, MSP s, etc))

7 Mercantile, Dec Forecasts (Statista 2015)

8 Global economic growth: the optimist s view Mercantile, Jan

9 Mercantile, Jan GDP forecasts According to the IMF, Developing Countries accounted for 58% of global output in 2015, when measured at purchasing-power parity (PPP). China has been the source of 35% of global growth over the past five years, and is forecast to form 30 per cent of growth until Estimates are for much lower growth, of % this year, following 4.3% in India: Estimates point to growth of 7.8%, slightly higher than in 2015; the economy continues to benefit from lower oil prices. India also still has relatively high interest rates, so could use monetary policy if growth slows.

10 Mercantile, Jan Foreign Exchange Change relative to USD: EUR: 23% CAD: 43% Real: 147% Hryvnia: 212% Rupee: 52% RUB: 162% (2011 Jan. 26, 2016)

11 U.S. farm income struggle shows how insulated by FX Canadian farmers are currently

12 Focus on Russia can sell very cheaply internationally

13 Ocean freight developments bulk freight Annual change: Brazil EU: - 5% US Gulf -EU: -18% US Gulf Japan: - 33% - Down 12% since Jan. 1/16

14 Bulk freight Index: down 26% annual change

15 Bulk ocean freight: record low levels Container freight: relatively dear Example India Bulk freight: US$23-25/mt (dep. Discharge rates) Cntr. Freight: ~US$80/mt (incl. doc. Fess, stuffing; 26.3 mt/cntr) Difference: US$55/mt China bulk freight: US$12/mt (Panamax) Influenced bulk vs cntr sales Good for trade volume

16 Government interference Example: Jan. 26/ 16 Cartel hoarding dal stocks abroad to jack up prices: IB

17 Import of pulses to India currently free, but that could change

18 Mercantile, Jan Weather - El Niño - Biggest pulse growing areas affected 2 yrs running - Next year?

19 World Pulse Markets Who are the major producers and what are the major pulses? Where does Canada fit Understanding the majors India & China Further mkt targets World balance sheets

20 Mercantile, Jan Canada s place: World pulse production top 10, 1961-latest factfish 1961 latest

21 Mercantile, Jan World pulse production, mln mt 73.2 mln mt (+79%) factfish

22 Mercantile, Jan Canadian pulse production since 1961 ( zero 6 million mt in 2015; Canada represents 18.5% of total pulse prod n growth )

23 Mercantile, Jan Total pulse production factfish

24 Which pulses dominate? Shares of different legume crops in total global area and production, Area Tonnes produced

25 World Pulses Tonnage & yield changes by crop

26 Acreage trends pulse crops Mercantile Jan. 2016

27 Trends in export volume by pulse

28 Demand Understanding India Domestic production: Down Weather/harvest shortfalls Spending on food: % of income spend on food down From 1999 to 2012 the expenditure on food has fallen from 59.4% to 52.9% in rural areas and from 48.1% to 42.6% in urban areas Effect higher income: Change in income distribution and income levels in India in recent years has led the demand for protein-based food items such as pulses, eggs, milk and milk products and meat products study by the Ministry of Agriculture Shift consumption: Shift towards protein-based food, even as the per capita % of income Indians spend on food as has declined Apart from beef, Indians are consuming more milk, eggs and chicken Substitution effect of higher cost domestic pulses

29 Mercantile, Jan Recent change: Indians seek protein NSSO, India Rural spending on pulses Urban spending on pulses

30 Consumption trends by pulse Source: IFPRI

31 India Source: Int l Food Policy Res. Inst.

32 Supply-side India - Food production Mercantile, Jan

33 Understanding Indian pulse production

34 Why are Indian pulse yields low? Who grows pulses?

35 Mercantile, Jan Supply-side India - Pulse production Production target: 20 mln mt On current reckoning, pulse imports into India during the 2015/16 financial year (April to March) is likely to reach the 5 M tonne mark. In 2014/15, imports were 4.6 M tonnes. (Quote, Indian analyst) Current Rabi seeding progress: 13.4 mln ha; same as lst yr; 5% below avg.

36 Mercantile, Jan India - Pulse Balance Sheet Pulse Production Season 2011/ / / /15 F 2015/16 Pigeon Pea (Tur) Kharif 2,650,000 3,020,000 3,170,000 2,710,000 2,650,000 Chickpea (Gram) Rabi 7,700,000 8,830,000 9,530,000 7,590,000 7,800,000 Urad Kharif 1,230,000 1,430,000 1,150,000 1,170,000 1,200,000 Rabi 540, , , , ,000 Moong Kharif 1,240, , , , ,000 Rabi 390, , , , ,000 Other Kharif 940, , , , ,000 Rabi 2,400,000 2,730,000 3,050,000 3,260,000 2,700,000 All Pulses Kharif 6,060,000 5,860,000 6,000,000 5,470,000 5,275,000 Rabi 11,030,000 12,430,000 13,780,000 11,820,000 11,480,000 Total Production Total 17,090,000 18,290,000 19,780,000 17,290,000 16,755,000 Target 20 mln mt Pulse Imports Peas 1,457,000 1,690,000 1,469,000 1,825,000 1,850,000 Chickpeas 244, , , , ,000 Lentils 259, , , , ,000 Beans 1,067,000 1,272, , , ,000 Total Imports All Pulses 3,027,000 4,432,000 3,473,000 3,598,000 3,820,000 Available Supply and Inferred Consumption (production plus imports) Total Supply Pulses 20,117,000 22,722,000 23,253,000 20,888,000 20,575,000??

37 Mercantile, Jan India MSP s India - Min. Support prices for 2015/'16 Rs/100 kg Change from last yr. Rabi Season Crops Wheat % Barley % Gram (Chickpea) % Masur (lentil) % Rapeseed-Mustard % Safflower % Kharif Season Crops Rice Common % Jowar % Bajra % Maize % Ragi % Arhar (Pigeon Pea) % Moong % Urad (Black Matpe) % Groundnut % Sunflower % Soybean Black N/A Soybean Yellow % Sesame % Nigerseed %

38

39 China - $ spent on food Mercantile Jan. 2016

40 China pulse imports & exports Pulse Exports

41 China pulse imports & exports Pulse Exports

42 World pulse production trends - Peas

43 '000 mt Mercantile Jan World production - Peas World Pea Prod'n Est. - Major Producers 12,000 Other 10,000 Pakistan Indian Subc. 8,000 Russia 6,000 Ukraine 4,000 France U.S. 2,000 3,018 2,503 2,830 3,849 3,445 3,201 Canada /' / ' ' '15 P2015-'16 Australia

44 World production - Lentils World Lentil Production Estimate - Selected Major Producers - All Lentil Types (Historic Comparison) 2009/ / /12 '2012/ / /15 P2015/16 % of last yr. Australia % Canada 1,510 1,910 1,523 1,473 1,886 1,987 2, % U.S % Turkey % Syria % Morocco % India % Bangla/ Paki % Other % Total 3, , , , , , , % Vol. rank [1=smallest] Mercantile, basis var. country stats, own calculations, Jan. '16

45 Axis Title Mercantile Jan World production - Lentils 6,000 World Lentil Prod'n Est.-Major Producers Other 5,000 Bangla/ Paki 4,000 India Morocco 3,000 Syria Turkey 2,000 U.S. 1,000 Canada Australia / / /12 '2012/ / /15 P2015/16

46 World Chickpeas Source: STAT 85% of lst yr. World Chickpea Production Estimate Production (MT) Australia 462, , , , , ,000 Canada 131,000 86, , , , ,000 United States 88, , , , , ,000 Turkey 531, , , , , ,000 Spain 25,000 22,000 23,000 24,000 22,000 22,000 Mexico 132,000 72, , , , ,000 Morocco 57,000 46,000 33,000 25,000 38,000 33,000 Syria 43,000 50,000 56,000 8,000 6,000 9,000 Pakistan 561, , , , , ,500 India 7,480,000 8,220,000 7,700,000 8,830,000 9,530,000 7,170,000 Other 1,400,000 1,657,000 1,639,000 1,666,000 1,717,000 1,631,00 Total 10,910,500 11,909,000 11,674,000 12,862,000 13,307,000 11,264,500

47 Desis & Kabulis World Desi Balance Sheet Production 8,891,000 9,855,000 9,238,000 10,710,000 11,170,000 9,116,000 Supply 9,015,000 9,925,000 9,348,000 10,742,000 11,208,000 9,117,000 Trade 728, ,914 1,417, , , ,000 Inferred Use 8,945,000 9,815,000 9,316,000 10,704,000 11,207,000 9,027,000 Ending Stock 70, ,000 32,000 38,000 1,000 90,000 World Kabuli Bala Production 2,020,000 2,054,000 2,436,000 2,152,000 2,137,000 2,148,000 Supply 2,109,000 2,188,000 2,603,000 2,498,000 2,471,000 2,305,000 Trade 462, , , , , ,000 Inferred Use 1,975,000 2,021,000 2,257,000 2,164,000 2,314,000 2,184,000 Ending Stock 134, , , , , ,000

48 Section 3 Canadian Pulses

49 Canadian peas Pea Balance Sheet F Hrvst acres 3,645 3,269 3,624 3,705 Prod'n 3,334 3,830 3,600 3,201 Supply 3,645 4,023 3,924 3,645 Exports 2,653 2,779 3,050 2,700 C/O stock-use ratio 5% 11% 8% 8%

50 Peas by type Pea Balance E Greens Yellows Hrvst acres 3,645 3,269 3,624 3, ,005 Prod'n 3,334 3,830 3,600 3, ,511 Supply 3,645 4,023 3,924 3, ,723 Exports 2,653 2,779 3,050 2, ,325 C/O stock-use ra 5% 11% 8% 8% ~23% ~4%

51 Pea Disposition (CGC) Grain Handling Summary Bulk PEAS Week 23 (to Jan. 10/'16) ('000 mt) Terminal Dom. Prod. Dlvrs. Rcpts. Bulk exports Disappearance Week Week ago YTD 1, , , Last YTD 1, , , YTD less Last YTD (k mt) YTD over Last YTD (%) 100% 102% 108% 51% Mercantile based on weekly CGC Handling Data

52 Pea disposition by destination Monthly PEA Exports 2015/'16 Rank Country Aug. '15 Sept. '15 Oct. 15 Nov.'15 Total YTD Last YTD Total World 255, , , ,880 1,311,946 1,469,677 1 India 133, , ,818 9, , ,325 2 China 8,827 97,989 58,917 88, , ,676 3 Bangladesh 73,400 70,140 55,000 20, , ,834 4 Cuba 26,260 21,000 17,850 65,110 5 United States 3,241 4,702 6,058 5,629 19,630 6 Colombia 858 1, ,283 7 Peru 580 1,424 1, ,398 8 Philippines 1,321 1,555 1, ,884 9 Taiwan 735 1, ,231 4, Algeria ,585 3,148 Others 6,025 6,670 17,764 12,409 42,869

53 What is left of current crop peas? 000 mt 15/16 pea supply 3,638 pea deliveries off farm 1,700 ~ forward sold/ not shipped 750 seed requirements 350 proj'd ending stocks 265 ~ peas left %

54 New crop ( 16/17) peas - Canada: Pea Balance Sheet F P2016/17 % lst yr Hrvst acres 3,645 3,269 3,624 3,705 4, % Prod'n 3,334 3,830 3,600 3,201 3, % Supply 3,645 4,023 3,924 3,638 4, % Exports 2,653 2,779 3,050 2,700 3, % C/O % stock-use ratio 5% 11% 8% 8% 15%

55 International pea supplies - Est. 16/ % over lst yr World Pea Production Estimate - Selected Major Producers ('000 mt) 2010/' / ' ' '15 P2015-'16 P Australia Canada 3,018 2,503 2,830 3,849 3,445 3,201 3,941 U.S France 1, Ukraine Russia 1,218 2,000 1,650 1,650 1,500 1,650 1,815 Indian Subc Pakistan Other 2,800 3,200 3,000 2,900 2,900 2,900 2,900 Total Pea Prod 10,355 9,969 9,968 10,964 10,468 10,405 11,596 Vol. rank [1=smallest] Mercantile, basis var. country stats, own calculations, Jan. '16

56 Canadian Lentils current crop Lentil Balanc F Hrvst acres 2,456 2,587 3,152 3,926 Prod'n 1,538 2,142 2,001 2,373 Supply 2,244 2,407 2,711 2,701 Exports 1,638 1,757 2,143 2,300 C/O stock-use ra 13% 33% 13% 4%

57 Lentils by Type Lrge&Med Lentil Balance E Green Sm. Green Reds Hrvst acres 2,456 2,587 3,152 3, ,906 Prod'n 1,538 2,142 2,001 2, ,768 Supply 2,244 2,407 2,711 2, ,916 Exports 1,638 1,757 2,143 2, ,695 C/O stock-use ratio 13% 33% 13% 4% ~11% ~15% ~1.5%

58 Lentil disposition Monthly LENTIL Exports 2015/'16 Rank Country Aug.'15 Sept. '15 Oct. 15 Nov.'15 Total YTD Last YTD Total World 61, , , ,852 1,363, ,980 1 India 30, , , , , ,092 2 Turkey 1,476 85,611 69,520 26, , ,777 3 Egypt - 19, ,915 10, ,338 35,593 4 Algeria 3,573 9,796 19,685 12,772 45,826 25,328 5 United Arab Emirates 1,240 10,023 22,886 35,250 69,399 66,741 6 Sri Lanka 2,203 6,607 11,844 13,966 34,620 7 Pakistan 258 4,889 5,144 14,937 25,228 8 Bangladesh 961 4,173 21,393 8,698 35,225 9 Colombia 2,657 3,700 4,730 2,491 13, Spain 1,195 3,621 5,399 5,460 15,675 Other 16,804 22,738 34,120 33, ,515

59 '000 mt Mercantile Jan Lentil exports by destination Cdn. Lentil Exports by Destination, 2008-Oct India Turkey UAE Algeria Bangladesh Pakistan Egypt Colombia Sri Lanka United States Peru Spain (to Oct.) Italy Brazil

60 Mercantile, Jan Importance of Indian Subcontinent to Cdn. Pulses Indian Subcontinent Pulse Imports from Canada ('000 mt) Pea Imports 2011/' /' /' /'15 P'2015/16 India 918 1, ,269 1,179 Bangladesh Pakistan Sri Lanka Ttl. From Canada 1,077 1,446 1,199 1,782 1,600 Est'd ttl. Pea Imp's India (all origins) 1,610 1,600 1,600 1,900 1,900 Lentil Imports 2011/' /' /' /'15 F'2015/16 India Bangladesh Pakistan Sri Lanka Ttl. From Canada Est'd ttl. Pea Imp's India (all origins)

61 What is left of current crop lentils? 000 mt 15/16 lentil supply 2,701 lentil deliveries off farm 1,200 ~ forward sold/ not shipped 750 seed requirements 350 proj'd ending stocks 50 ~ lentils left %

62 New crop ( 16/17) lentil estimate - Canada Lentil Balanc F P % lst yr Hrvst acres 2,456 2,587 3,152 3,926 4, % Prod'n 1,538 2,142 2,001 2,373 3, % Supply 2,244 2,407 2,711 2,701 3, % Exports 1,638 1,757 2,143 2,300 2, % C/O % stock-use ra 13% 33% 13% 4% 19%

63 International lentil supplies % over lst yr; +51% over 8 yrs. World Lentil Production Estimate - Selected Major Producers - All Lentil Types (Historic Comparison) 2009/ / /12 '2012/ / /15 E2015/16 P2016/17 Australia Canada 1,510 1,910 1,523 1,473 1,886 1,987 2,373 3,237 U.S Turkey Syria Morocco India Bangla/ Paki Other Total 3, , , , , , , ,662 Vol. rank [1=smallest] Mercantile, basis var. country stats, own calculations, Jan. '16

64 Mercantile, Jan Importance of Indian Subcontinent to Cdn. Pulses Indian Subcontinent Pulse Imports from Canada ('000 mt) Pea Imports 2011/' /' /' /'15 P'2015/16 India 918 1, ,269 1,179 Bangladesh Pakistan Sri Lanka Ttl. From Canada 1,077 1,446 1,199 1,782 1,600 Est'd ttl. Pea Imp's India (all origins) 1,610 1,600 1,600 1,900 1,900 Lentil Imports 2011/' /' /' /'15 F'2015/16 India Bangladesh Pakistan Sri Lanka Ttl. From Canada Est'd ttl. Pea Imp's India (all origins)

65 Price considerations Example India - Can we price ourselves out of the markets?

66 Where next - future buyers? Developing countries where pulses contribute more than 10% of per capita total protein intake

67 The ME & Africa are suffering from drought Contribution of pulses relative to cereals and other food to total calorie and protein consumption in different regions of the DW, ROW, and the world, Source: FAO

68 Also - Refugee crisis in the ME ~ 4.5 million Syrians displaced in camps 1 million plus in the EU in 2015 alone Sweden F.A. donations (product, not in kind) Corruption problems

69 Canadian chickpea balance sheet

70 Mercantile, Jan YTD exports Monthly CHICKPEA Exports 2015/'16 Aug. '15 Sept. '15 Oct. 15 Nov.'15 Total YTD Last YTD Total World 11,994 6,834 8,212 12,693 39,733 19,023 1 United States 3,732 1,980 2,299 3,570 11,581 5,858 2 Pakistan 3,892 1,760 1,552 4,256 11, United Arab Emirates , India 1, ,785 4, Italy ,373 6 United Kingdom ,405 7 Egypt Israel Trinidad and Tobago Chile Other 1, ,230 3,534 6,054

71 Comments from Australia about desi mkt.: Over 850k mt of their desi chickpeas have already been shipped to the Indian Subcontinent (primarily India) from Oct. 15 through Jan. 16 Stocks should run out well before new crop harvest next fall Australia definitely expects significant increases in chickpea acreage for 2016, but rotation and land suitability will be a problem. Australia had k ha of chickpeas last year, generating a crop of 1 million mt chickpeas (+). Traders say that a 1.5 million mt crop is possible with decent yields, but as always in Australia, weather may play a major role.

72 Fababean numbers Canada - Fababean Balance (mt, acres) Year F2016 Acreage 4,100 4,300 5,600 15,200 75, , ,750 plus 15% Yield (pounds) 2,420 2,922 2,716 3,249 3,160 2,456 2,900 5 yr. avg. Production (MT) 4,500 5,700 6,900 22, , , ,920 Imports ,094 8,559 5,000 2,000 Carryin 1, ,000 1,000 18,000 14,055 Stocks 6,385 6,560 8,474 39, , , ,975 Disappearance Export 2,620 2,444 2,473 9,536 23,623 55,700 70,000 Seed & Waste ,680 7,305 13,336 19,000 21,000 Domestic 2,673 2,614 3,321 21,654 60,099 73,500 88,500 Usage 5,885 5,810 7,474 38,494 97, , ,500 Carryover ,000 1,000 20,000 14,055 25,475 Usage/Stocks 8.50% 12.90% 13.40% 2.60% 20.60% 9.40% 14.2%

73 Mercantile, Jan Faba beans - World Prod n est. World Fababean Production Est. ('000 mt) "Avg." 2013/ / /16 China 1,700 1,750 1,830 1,830 Ethiopia Australia France U.K Egypt Sudan Canada Total 3,385 3,396 3,552 3,711 Exporters Global Fababean Exports-Est'd Mkt. Shares Others 5% Canada 2% Australia 34% UK 23% France 36%

74 Comments from Australia about faba mkt.: Prices for Faba beans have seen a healthy rally over the past few months. Crop was smaller than expected with some very poor yields especially in Victoria. At the same time, Egypt has been buying its usual quantities from Australia in spite of the higher prices (+ US$ /mt), rather than poorer quality beans out of Eastern Europe, the UK and France. We expect Egypt to take close to the usual 200,000mt from Australia, which will be most of the Australian crop. Australia should have a low carryout this year again Egyptian buyers they are restricted on the amount of US$ the bank will give them; therefore bulk shipments to Egypt are expected to be down; they only seem to be able to buy small quantities at a time,.

75 Mercantile, Jan Which crops to grow? 2016 Return per Acre Scenario-Total costs Margin per crop per acre over Total Costs, P2016 (on deferred futures & cash values) Canaryseed Mstdsd Kab. Chickpeas Lentils-Lrge.Grn. Lentils-Red -$2.25 Oats Flax Green Peas Yellow Peas Specialty Canola Canola Feed Bly Malt Bly Hard Red Durum Winter Wheat $47.00 $ $25.50 $21.75 $35.50 $28.50 $ $28.00 $73.00 $30.50 $ $ $ $ $ $50.00 $- $50.00 $ $ $ $ $ $ $ $450.00

76 To keep perspective of where things are Exchange Rate Effects - Canandian Price Parities Price per pound Current Exchange Exchange year ago Current red lentil pric $ Parity Year ago $ per bushel Current pea price $ Parity Year ago $ per tonne Current canola price $ Parity Year ago $ Canadian Grower Pric Jan Jan Change Current Crop Crop, J/F delivery # 2 o/b Yellow Peas ($/ $8.15 $ % # 2 o/b Green Peas $9.25 $ % # 2 Large Green Lentils $35.00 $ % # 2 Small Green Lentils $26.00 $ % #2 o/b Red Lentils $30.00 $ % N/C crop, S/O/N delivery # 2 o/b Yellow Peas ($/ n/a $10.50 # 2 o/b Green Peas n/a $8.50 # 2 Large Green Lentils $22.00 $ % # 2 Small Green Lentils $19.00 $ % #2 o/b Red Lentils $24.00 $ %

77 Mercantile, Jan Sales/ CT considerations Price Do not aim to hit top price; deliberate ROI, not price Who sold $18/bu canola? Importance of covering cash flow well ahead of time: > reduces prod n risk Contracts Consider selling volume vs. percent expected production Overproduction: Try for option to sell to CT holder at competitive market price (not first right of refusal) Carrying charges: Try to incl. in CT terms Timing: While contracting Co. is eager for more volume, that is the time to fix: volume (vs. %), overproduction option/terms, carrying charges

78 Mercantile, Jan New crop marketing The strong new crop prices show that good demand is anticipated into next summer and fall. Company perspective: Push contract acres by offering good prices for only the first 30% of the production. This creates a good surplus to be bought by the Co s at potentially better prices later. Farmers perspective: Sell enough tonnage per acre to cover the COP! Sell a specific tonnage as opposed to lbs/ acre and then cover some of the production risk via crop insurance or other risk insurance. The more acres are being seeded, the bigger the potential price drop could be in the spring

79 Mercantile, Jan Conclusions Cycle: India is the major demand driver and may have trouble again with the next crop (but not guaranteed ). Mercantile expects lentils & peas to remain firm towards the end of Production: Watch for size of acreage response to strong price signals lentils/ peas in Canada and abroad Rel. size crops: With special crops, relatively small swings in acreage can spoil prices Mkts.: Consider currency factor - ability of markets to buy Mktg.: Ensure to fix profitable options when available Avoid production/ marketing mistakes; they will be harder to recover than in recent years Watch CT terms when product is in demand

80 Mercantile, Jan Factors to watch Markets change, so you or someone needs to keep on top of the changes 2015/ 16 crop year: Lentils & peas will be sold out 2016/ 17 crop year: Watch total acres seeded and acreage allocation between crops