2025

At-a-Glance

  • Price Range (Export Quality): $8.00/bu to $9.00/bu FOB farm.
  • Price Range (Feed Quality): $7.00/bu to $8.00/bu FOB farm.
  • Dominant Theme: A market characterized by consistently weak export interest and muted domestic demand, leading to flat and unattractive pricing throughout the year.
  • Pivotal Event: A surge in Australian faba bean prices late in the year, which offered a glimmer of hope for new Canadian export opportunities but failed to materialize into firm demand before year-end.
  • Market Sentiment: Bearish.

Narrative

The faba bean market in 2025 was defined by persistent and sluggish demand. From the start of the year, export interest was described as limited, with bids for top-quality beans holding in a narrow range around $9.00/bu FOB farm. Feed-quality faba beans traded at a consistent discount, typically priced around $8.00/bu.

This lack of buyer enthusiasm continued unabated through the spring and summer. Despite positive developments in other pulse markets, faba beans remained an afterthought for most buyers. The market saw no significant price movements or notable sales announcements. The only potential bright spot emerged late in the year when a surge in Australian faba bean prices was noted. This development created speculation that international buyers might turn to Canada for alternative supplies, but this did not translate into any concrete increase in bids or sales activity. The market ended the year as it began: quiet, with prices capped by weak demand.

Stakeholder's Dilemma

The stakeholder facing the most difficult choice was the grower with faba beans in storage. Their dilemma was whether to sell at the prevailing low prices to generate cash flow and free up bin space or to continue storing the beans in the hope of a market rally. Given the market's flat trajectory all year, there were no clear winners. Those who sold early at least converted an underperforming asset into cash. However, the true losers were those who held on, incurring storage costs for a commodity that showed no signs of appreciating in value, ultimately tying up capital that could have been used elsewhere.

The Lasting Echo

A market without a consistent and diverse demand base is a stagnant market, where even favorable shifts in competitor pricing are not enough to spark interest.

2024

At-a-Glance

  • Price Range: Export-quality #2 faba beans traded in a range of $11.50-$12.00/bu early in the year, softening to $9.50-$10.50/bu by late summer. Feed quality bids consistently held a discount, ranging from $8.00-$11.00/bu.
  • Dominant Theme: A quiet but stable market supported primarily by consistent domestic pet food demand, with muted export interest.
  • Pivotal Event: The steady availability of new crop production contracts around $10/bu, which signaled market stability and encouraged an uptick in seeded acres for 2024.
  • Market Sentiment: Neutral. Prices were functional and profitable for growers but lacked any significant bullish excitement due to quiet export channels.

Narrative

The faba bean market operated quietly but effectively throughout 2024, anchored by steady demand from the North American pet food sector. Prices for export-quality #2 fabas started the year strong in the $11.50-$12.00/bu FOB farm range before settling closer to $10.00/bu as the year progressed. Feed quality fabas consistently traded at a discount, finding reliable homes. While export demand remained subdued due to ample production in key regions like Australia, the domestic pet food lane provided a solid price floor. This stability encouraged an anticipated increase in Canadian faba acres, with new crop bids appearing at a respectable $10/bu, signaling confidence in continued domestic use and making fabas a low-stress, reliable pulse option for growers.

Stakeholder's Dilemma

The main dilemma belonged to the specialty crop grower planning their 2024 rotation. They could choose faba beans, which offered a solid, if unspectacular, new crop price of $10/bu driven by predictable domestic demand. Alternatively, they could pivot to other pulse crops like green lentils, which offered much higher potential returns but also carried significantly more market volatility and risk. The winners were growers who diversified into fabas, locking in decent margins on a reliable crop without the marketing stress of more volatile markets. There were no clear losers, but those who went all-in on other pulses may have faced more anxiety managing price swings.

The Lasting Echo

The 2024 faba bean market demonstrated how a consistent, niche domestic demand stream like pet food can provide a stable and profitable alternative to the volatility of global export markets.

2023

At-a-Glance

  • Price Range (Export #2): $11.50 - $14.00/bu FOB farm (≈$422 - $514/t)
  • Price Range (Feed Quality): $9.00 - $10.50/bu FOB farm (≈$330 - $385/t)
  • Dominant Theme: A market defined by a stark quality spread, where pet food demand provided a solid floor for feed values while export markets faced stiff international competition.
  • Pivotal Event: Reports in January and February of a large Australian faba bean crop with quality concerns, which simultaneously pressured Canadian export prospects but reinforced the value of high-quality feed inputs for the pet food sector.
  • Market Sentiment: Bifurcated

Narrative

The North American faba bean market in 2023 was a story of two distinct value streams. The high end of the market, for #2 export quality beans, began the year with strong bids in the $13.00 to $14.00/bu FOB farm range. However, this segment faced consistent headwinds from international competitors, particularly Australia. Reports of a large Australian crop, even with some quality issues, limited Canada's export opportunities to key destinations like Egypt, keeping a lid on any potential price appreciation for food-grade beans. As the year progressed, bids for export quality fabas softened, settling into an $11.50 to $12.00/bu range by year-end.

In contrast, the market for feed quality faba beans was consistently supported by robust demand from the pet food industry. This demand created a solid price floor, with bids holding a remarkably stable range of $10.00 to $10.50/bu FOB farm for much of the year. This consistency provided growers with a reliable and profitable outlet for any production that didn't meet stringent export specifications. The narrative of fewer planted acres on the Canadian Prairies was a recurring theme, suggesting a tighter domestic supply situation as the year concluded.

Stakeholder's Dilemma

The central dilemma was for the grower at harvest with a bin of faba beans of indeterminate quality. They had to decide whether to invest in cleaning and grading to chase the higher but competitive export premium, or to simply sell into the stable, lower-priced but guaranteed feed market.

  • Winners: Growers who accurately assessed their quality and either captured the #2 export premium or, more strategically, minimized risk by selling directly into the strong and consistent feed market, avoiding cleaning costs and potential rejection.
  • Losers: Growers who chased the export premium with marginal quality product. They may have incurred extra cleaning costs only to be rejected, forcing them to eventually sell into the feed market anyway, thereby losing both time and money.

The Lasting Echo

The 2023 faba bean market highlighted how a niche but powerful domestic demand driver, like the pet food sector, can create a stable and profitable floor price, effectively de-risking production even when export markets are challenged.

2022

At-a-Glance

  • Price Range (#2 Export): Traded consistently in a strong $15.00 - $16.00/bu range when demand was present, settling closer to $13.00 - $13.50/bu by year-end.
  • Price Range (Feed): Maintained a very stable and consistent floor, trading near $13.00/bu for most of the year before softening slightly.
  • Dominant Theme: A stable, two-tiered market where a reliable domestic feed bid provided a solid price floor, with periodic export demand offering significant premiums.
  • Pivotal Event: The emergence of new crop export bids around $15.00/bu, signaling strong forward demand and providing growers with excellent marketing opportunities.
  • Market Sentiment: Stable to firm, supported by strong domestic pulse values and periodic export interest.

Narrative

The faba bean market in 2022 was a bastion of stability in a sea of volatility. Its price structure was clearly defined by two distinct tiers of demand. The foundation was the domestic feed market, which provided a consistent and reliable bid around $13.00/bu, creating a high and dependable price floor throughout the year. This demand was driven by strong prices for competing feed pulses, making fabas an attractive inclusion in local rations.

Layered on top of this was periodic but aggressive demand for #2 export quality product, which commanded a significant premium, often pushing bids to $15.00/bu and even $16.00/bu. New crop contracting opportunities reflected this strength, with bids for #2 quality emerging as high as $15.00/bu. While the market was influenced by news of a large Australian crop, the primary driver for Canadian values remained the strong domestic feed complex, ensuring that even when export bids were quiet, prices for growers remained firm and attractive.

Stakeholder's Dilemma

The key decision point was for the grower with #2 export quality fabas. Their dilemma was whether to take the readily available $13.00/bu feed bid for quick and easy cash flow, or to exercise patience and wait for the less frequent, higher-priced export opportunities to materialize. The winners were those who knew the quality of their product and waited for the export market to pay the premium, capturing an extra $2.00 to $3.00 per bushel. Those who opted for the quicker feed sale still achieved a good price but left significant money on the table.

The Lasting Echo

2022 demonstrated that while periodic export demand provides the upside, the Canadian faba bean market's true strength lies in its consistent and high-value domestic feed floor.

2021

At-a-Glance

  • Market Position (Export): Largely non-existent as the return of normal production in Australia and Europe allowed traditional importers to bypass Canadian origin.
  • Price Range (Feed): Started the year near $7.00/bu, strengthening throughout the year to trade in the $13.00-$14.00/bu range by late fall, drafting behind the rally in other feed ingredients.
  • Dominant Theme: A market that pivoted entirely to domestic feed channels, where its value was determined by its protein-based price relationship to soaring feed peas, barley, and soybeans.
  • Pivotal Event: The explosion in Prairie feed grain prices during the summer, which pulled faba bean values up to record highs as a viable protein alternative for livestock rations.
  • Market Sentiment: Began sluggish and export-focused, became entirely bullish and domestic-focused by the second half of the year.

Narrative

The faba bean market in 2021 was a story of a complete pivot from a dead-end export program to a red-hot domestic feed market. The year began with a clear signal that export opportunities would be scarce. With production in Australia and Europe returning to normal, key importers like Egypt reverted to their traditional suppliers, leaving Canadian fabas with virtually no overseas home.

For the first half of the year, the market was listless, with bids hovering near $7.00/bu and reliant on local feed demand. The turning point was the summer drought and the subsequent explosion in all Prairie feed ingredient prices. As feed peas, barley, and imported soymeal costs surged, faba beans became an increasingly attractive and cost-effective protein source for domestic livestock rations.

This shift in relative value pulled faba bean prices dramatically higher. Bids climbed steadily through the late summer and fall, more than doubling from their starting point to reach impressive levels of $13.00/bu for feed and $15.00/bu for the limited export-quality grades. By year-end, the faba bean's identity had been completely remade: it was no longer an export specialty crop but a high-value domestic feed ingredient.

Stakeholder's Dilemma

The key stakeholder was the faba bean grower facing a dead export market at the start of the year. Their dilemma was whether to sell at the lackluster early-year feed bids of around $7.00/bu or to store their crop, hoping for an unforeseen market shift. Those who sold early cleared out bins but missed a massive rally. The winners were patient growers who held their inventory, recognizing that in a drought year, all sources of domestic protein would eventually be repriced higher. They were rewarded by selling into a feed market that had doubled in value by the end of the year.

The Lasting Echo

2021 proved that even when its primary export pathways are blocked, the faba bean's high protein content ensures its value will ultimately find a floor—and in a drought year, a very high ceiling—in the domestic feed market.

2020

At-a-Glance

  • Price Range (#2 Export): Opened near $8.50/bu, rallied to a peak of $9.50/bu for pre-Ramadan shipment, then faded to new crop values around $7.00-$8.00/bu.
  • Price Range (Feed): A consistent $6.00/bu, providing a solid floor for the market.
  • Dominant Theme: A market dictated by a single, powerful seasonal demand window, with value disappearing once the pre-Ramadan shipping period closed.
  • Pivotal Event: The February/March buying push to supply Middle Eastern markets ahead of Ramadan, which represented the year's best—and virtually only—opportunity for premium pricing.
  • Market Sentiment: Briefly Bullish, then Neutral to Bearish for the remainder of the year.

Narrative

The 2020 faba bean market was a lesson in seasonal timing. The year's entire marketing opportunity was compressed into the first quarter, driven by export demand for the pre-Ramadan festival period. Bids for #2 quality faba beans rallied from a solid $8.50/bu to a peak of $9.50/bu as exporters scrambled to secure product for February and March shipment. This rally was aided by production shortfalls in Australia, which temporarily elevated Canada's position in the global supply chain.

However, once that shipping window closed, the market went quiet. Bids for export quality became scarce as Australia's production came back online, and prices for the remainder of the year were largely dictated by the steady feed market, which provided a floor around $6.00-$7.00/bu. New crop contracts for the 2021 season emerged in a respectable $7.00-$8.00/bu range, but the year's narrative was clear: premium prices were only available to those who could meet the tight deadlines of a single, culturally significant holiday.

Stakeholder's Dilemma

The crucial decision was for a grower holding faba beans in January. Their dilemma was whether to sell aggressively into the rallying pre-Ramadan market, even if it meant accepting a slightly lower price for immediate movement, or to hold out for the absolute peak price, risking that logistical delays could prevent them from shipping before the window slammed shut. The winners were those who sold and shipped before the end of March, capturing the year's best prices. The losers were any sellers left holding export-quality inventory in April, as they were forced to either accept much lower feed-value bids or store the crop for another year.

The Lasting Echo

The 2020 faba bean trade was a stark illustration of how markets with a single dominant demand driver offer fleeting opportunities, where the ability to execute logistics is just as critical as price.

2019

At-a-Glance

  • Price Range (Export #2): $10.00 - $11.00/bu FOB farm.
  • Price Range (Feed): $6.00 - $6.50/bu FOB farm.
  • Dominant Theme: A hunt for quality in a market with strong export demand but a scarcity of product meeting #2 CGC specifications.
  • Pivotal Event: The persistent strength of export bids above $10.00/bu, which maintained a significant premium over feed quality and drove seeding intentions higher for the new crop year.
  • Market Sentiment: Bullish. Strong and consistent demand for top-grade product kept the mood positive, though tempered by the challenge of finding available supply.

Narrative

The faba bean market in 2019 was characterized by a clear and persistent demand for high-quality product. Throughout the year, bids for exportable #2 quality faba beans held firm in a strong $10.00 to $11.00/bu FOB farm range. This value was supported by consistent demand from traditional markets like Egypt, creating a significant premium over feed-grade fabas, which traded steadily around $6.50/bu FOB.

The primary challenge in the market was not demand, but supply. Buyers were actively searching for #2 quality product, which proved increasingly elusive as the year progressed. This scarcity sustained the high prices and encouraged a significant increase in seeded acres for the 2019 crop, with forecasts suggesting a jump of over 50%. However, new crop bids reflected a return to more typical historical values, hovering near $7.50-$8.00/bu, signaling that the exceptional prices of the 2018/19 season were not expected to last once global production normalized.

Stakeholder's Dilemma

The crucial dilemma was for the grower with mixed-quality faba beans. They had to decide whether to invest in cleaning and sorting their production to capture the elusive but lucrative #2 export bid, or to sell the entire lot into the lower-priced but readily available feed market. Growers who had the quality and took the steps to segregate and market a #2 were the clear winners, capitalizing on a premium of more than $4.00/bu. Those who opted for the quicker feed sale missed the year's biggest opportunity, leaving significant money on the table.

The Lasting Echo

The 2019 market served as a powerful reminder that in the faba bean trade, quality is not just a grade—it is a distinct and highly-valued market segment.

2018

At-a-Glance

  • Price Range (Feed): $5.75 - $7.00/bu FOB farm
  • Price Range (Export #2): Rose from $6.25/bu to over $11.00/bu FOB farm
  • Dominant Theme: A quiet feed market overshadowed by surging export demand for high-quality, zero-tannin varieties, driven by production issues in Australia.
  • Pivotal Event: The emergence of strong export bids late in the year as Australian drought conditions worsened, creating a significant premium for top-quality Canadian fabas.
  • Market Sentiment: Stable for feed; increasingly bullish for export-quality beans.

Narrative

The faba bean market operated on two distinct tiers in 2018. The domestic feed market remained stable and predictable, with bids holding in a consistent range of $6.00 to $7.00/bu. The real story, however, was in the export channel. As drought conditions intensified in Australia, a key global supplier, international buyers turned to Canada to fill the void. This sparked aggressive bidding for high-quality, large-seeded zero-tannin varieties, pushing prices from modest levels to well over $10.00/bu by year-end. This created a significant and widening premium for export quality over feed, rewarding growers who produced a crop that met the stringent specifications of the human consumption market.

Stakeholder's Dilemma

The dilemma was for the grower with #2-grade, zero-tannin fabas. They had to decide whether to sell into the stable, readily available domestic feed market or to pursue the higher-priced but more selective export market, which required meeting specific quality and variety standards. Growers who had the right quality and patiently engaged with exporters were the big winners, capturing a premium of several dollars per bushel over feed values. Those who sold early into the feed market missed out on the significant export-driven rally.

The Lasting Echo

2018 highlighted how production failures in a competing export nation can suddenly transform a minor crop like faba beans into a high-value export commodity, creating immense opportunity for producers with the right quality.

2017

At-a-Glance

  • Price Range (Feed): $5.75/bu to $6.20/bu FOB farm/delivered
  • Price Range (Export): $6.75/bu to $7.00/bu FOB farm
  • Dominant Theme: The evaporation of the export premium, collapsing the market back to a single feed-based value.
  • Pivotal Event: The disappearance of the export market in the late fall, which removed the premium for edible-quality beans and erased the spread between the two market segments.
  • Market Sentiment: Neutral turning Bearish. The market was stable until the premium export outlet vanished, leaving only the lower-priced feed market.

Narrative

The faba bean market in the latter half of 2017 was a tale of a disappearing premium. For much of the fall, the market was clearly segmented into two tiers: a feed market with bids hovering around the $6.00-$6.20/bu range, and a higher-value export market paying a premium of 50-80¢/bu for edible quality, with bids at $6.75-$7.00/bu.

Yield reports were somewhat disappointing, firming up in the 33-35 bushels per acre range. However, this was not enough to support the market when demand faltered. As winter approached, the export market dried up almost completely. By December, the premium for edible beans had all but vanished, collapsing the market structure back to a single tier based on feed values, which softened to around $5.75/bu. Future optimism was pinned on announcements of new protein fractionation facilities, but for the current market, the story was one of declining opportunity.

Stakeholder's Dilemma

The faba bean grower's dilemma was whether to sell early and capture the export premium or hold their grain for later movement. The winners were those who marketed their edible-quality beans in the September-October window, successfully capturing the 50-80¢/bu premium before it disappeared. The losers were growers who held their export-quality beans into the winter, only to find the premium market had evaporated, forcing them to sell at feed prices and leaving significant money on the table.

The Lasting Echo

Premiums in niche export markets can be exceptionally fragile and can vanish without warning, underscoring the risk of holding specialty crops in anticipation of market appreciation.

Disclaimer: My analytical process is a hybrid model, combining customized AI tools with manual expertise. The AI is trained for initial data synthesis and signal detection, leaving the crucial work of strategic interpretation and final analysis to me.