For the Quarter Ending March 2026
Pulses Prices in North America
- In United States, the Pulses Price Index rose quarter-over-quarter in Q1 2026, driven by rising costs.
- The Pulses Demand Outlook grew in March 2026 alongside 4.0% retail sales and 3.3% CPI.
- The Pulses Production Cost Trend escalated in March 2026, reflecting a 4.0% producer price increase.
- With unemployment at 4.3% and consumer confidence at 91.8 in March 2026, buyers favored staples.
- The Manufacturing Index expanded while industrial production grew 0.7% in March 2026, supporting food processing.
- Institutional demand for domestic food assistance programs strengthened during February 2026, supporting the agricultural market.
- The Pulses Price Index faced upward pressure as imported volumes trended higher in January 2026.
- The Pulses Price Forecast remained elevated in March 2026 as agricultural fertilizer application rates weakened.
Why did the price of Pulses change in March 2026 in North America?
- Urea and anhydrous ammonia fertilizer input costs surged significantly across the region in March 2026.
- Total domestic lentil and pea production contracted in January 2026 due to reduced harvested area.
- Severe energy infrastructure disruptions caused nitrogen fertilizer production costs to spike sharply in March 2026.
Pulses Prices in APAC
- In China, the Pulses Price Index rose quarter-over-quarter in Q1 2026, driven by tightened domestic inventories and delayed sowing.
- The Pulses Production Cost Trend fluctuated in Q1 2026 as the 0.5% PPI increase elevated agricultural input expenses.
- The Pulses Demand Outlook strengthened in March 2026, supported by a 1.0% CPI increase, maintaining staple food purchasing power.
- Robust industrial production growth of 5.7% and an expanding Manufacturing Index in March 2026 boosted agro-processing consumption.
- Slower retail sales growth of 1.7% and a 5.4% unemployment rate in March 2026 shifted consumption toward affordable proteins.
- A low consumer confidence index of 91.6 in February 2026 favored economical Pulses, while Canadian pea imports surged.
- China eliminated import duties on Canadian peas in March 2026, prompting a significant recovery in bilateral trade flows.
- The Pulses Price Forecast remained bullish throughout Q1 2026 as domestic sowing slowed due to cooler weather conditions.
Why did the price of Pulses change in March 2026 in APAC?
- Domestic pulse inventories tightened significantly in Q1 2026 due to delayed soil warming and sowing.
- Rising factory-gate prices in March 2026 increased operational costs for agricultural inputs and food processing.
- Tariff removals in March 2026 stimulated import demand, while domestic buyers sought alternative plant-based proteins.
Pulses Prices in Europe
- In Germany, the Pulses Price Index was stable quarter-over-quarter in Q1 2026, as raw bean feedstock values stabilized.
- The Pulses Demand Outlook remained steady in February 2026, supported by a 0.7% increase in retail sales.
- The Pulses Production Cost Trend increased in March 2026, driven by 2.7% CPI inflation and surging urea fertilizer prices.
- Despite a -0.2% decline in producer prices in March 2026, uncommitted pea supplies tightened significantly during January 2026.
- The Manufacturing Index expanded in March 2026, while industrial production remained stagnant at 0.0% in February 2026.
- A stable 4.2% unemployment rate and negative -24.7 consumer confidence in March 2026 drove demand for staple pulses.
- Consumer engagement for feed pulses weakened, resulting in minimal purchasing activity within the sector in January 2026.
- The Pulses Price Forecast stabilized in Q1 2026 amid severe geopolitical disruptions affecting agricultural supply chains.
Why did the price of Pulses change in March 2026 in Europe?
- Raw bean feedstock values remained uncompetitive and stabilized across the German market in January 2026.
- Processors and merchants fully secured their pulse volumes, tightening available uncommitted supplies in January 2026.
- Urea fertilizer prices surged from geopolitical disruptions in the Strait of Hormuz in Q1 2026.
For the Quarter Ending December 2025
Pulses Prices in APAC
- In China, the Pulses Price Index declined quarter-over-quarter in Q4 2025, driven by weak consumer demand.
- Pulses demand outlook was mixed in Q4 2025, with industrial growth contrasting with soft consumer spending.
- Production costs for Pulses decreased in December 2025 as the Producer Price Index fell by 1.9% year-on-year.
- Consumer demand for Pulses weakened in December 2025, reflected by a low 0.8% CPI year-on-year.
- Industrial Production rose by 5.2% year-on-year in December 2025, supporting industrial Pulses demand.
- Retail sales growth was modest at 0.9% year-on-year in December 2025, indicating subdued consumer purchasing.
- The Manufacturing Index expanded in December 2025, suggesting increased activity in pulse-consuming sectors.
- Overall, the Pulses market demand faced headwinds from cooled consumer sentiment during Q4 2025.
Why did the price of Pulses change in December 2025 in APAC?
- Weak consumer demand, evidenced by 0.8% CPI and 0.9% retail sales growth in December 2025.
- Falling producer prices, as the Producer Price Index declined by 1.9% year-on-year in December 2025.
- Moderate unemployment at 5.1% in December 2025, contributing to constrained overall purchasing power.
Pulses Prices in Europe
- In Germany, the Pulses Price Index remained stable in Q4 2025, supported by stable consumer purchasing power in December 2025.
- Pulses production costs declined in December 2025, with the Producer Price Index falling 2.5% year-over-year.
- The Pulses Price Index was stable in Q4 2025, as the Consumer Price Index rose 1.8% YoY in December 2025.
- Pulses demand remained stable in Q4 2025, with retail sales rising 1.1% year-over-year in November 2025.
- Industrial production expanded 0.8% year-over-year in October 2025, modestly supporting Pulses industrial inputs.
- The Manufacturing Index contracted in December 2025, signaling weakening industrial demand for Pulses value chain chemicals.
- Consumer confidence declined to -17.5 in December 2025, impacting demand for processed Pulses products and chemicals.
- Unemployment remained stable at 6.2% in December 2025, supporting consumer income and overall food product demand.
Why did the price of Pulses change in December 2025 in Europe?
- Pulses production costs declined in December 2025, with PPI falling 2.5% year-over-year.
- Stable consumer purchasing power, with CPI rising 1.8% YoY in December 2025, supported Pulses demand.
- Contracting Manufacturing Index in December 2025 indicated weakening industrial demand for Pulses chemical inputs.
Pulses Prices in North America
- In the United States, the Pulses Price Index rose in Q4 2025, driven by strengthening natural gas feedstock costs in December 2025.
- Pulses production costs increased in Q4 2025, due to Henry Hub natural gas spot prices strengthening in December 2025.
- Producer input costs rose by 3.3% year-over-year in December 2025, increasing Pulses production expenses.
- Pulses demand strengthened in Q4 2025, supported by a 2.0% rise in industrial production in December 2025.
- Robust consumer spending, with retail sales up 3.9% in December 2025, bolstered Pulses demand.
- Global nitrogen inventories remained below average through Q4 2025, indicating tighter supply conditions.
- Ammonia supply constraints in December 2025, from production disruptions, and limited Pulses spot market availability.
- Rising agricultural production expenses and tightening farm margins in 2025 influenced the Pulses market.
- Consumer confidence, at 89.1 in December 2025, supported overall economic activity and Pulses demand.
- Global fertilizer use and agrochemical market growth propelled Pulses demand throughout 2025.
Why did the price of Pulses change in December 2025 in North America?
- Natural gas feedstock costs for nitrogen fertilizers strengthened significantly in December 2025.
- Ammonia supply remained constrained in December 2025, limiting spot market availability.
- Producer input costs rose year-over-year in December 2025, increasing production expenses.
For the Quarter Ending September 2025
Pulses Prices in North America
- In the United States, the Pulses Price Index rose quarter-over-quarter in Q3 2025, driven by increased costs and robust consumer demand.
- Pulses production costs increased, with the Producer Price Index for final demand rising 2.6% year-over-year in August 2025.
- Consumer Price Index increased 3.0% year-over-year in September 2025, reflecting higher operational costs for pulse producers.
- Demand for Pulses was supported by strong consumer spending, as retail sales increased 5.42% year-over-year in September 2025.
- A low unemployment rate of 4.3% in September 2025 bolstered consumer purchasing power, supporting pulse demand.
- Industrial production showed minimal growth at 0.1% year-over-year in September 2025, indicating stable industrial demand.
- Despite declining consumer confidence to 94.2 in September 2025, pulses may benefit as an affordable food option.
- The Pulses Price Index is forecast to maintain upward pressure due to persistent cost increases and sustained consumer demand.
Why did the price of Pulses change in September 2025 in North America?
- Rising production costs, evidenced by a 2.6% increase in PPI for final demand in August 2025.
- Strong consumer demand, with retail sales up 5.42% year-over-year in September 2025.
- Higher overall inflation, as the CPI increased 3.0% year-over-year in September 2025.
Pulses Prices in Europe
- In Germany, the Pulses Price Index remained stable quarter-over-quarter in Q3 2025, influenced by mixed market signals.
- Pulses production costs decreased in September 2025, driven by a 1.7% fall in industrial producer prices.
- Industrial production declined 1.0% in September 2025, indicating reduced demand for industrial Pulses applications.
- The Consumer Price Index rose 2.4% year-over-year in September 2025, potentially eroding consumer purchasing power.
- Retail sales increased 0.2% year-over-year in September 2025, supporting stable consumer demand for Pulses.
- Germany's Manufacturing Index showed a contracting trend in Q3 2025, impacting overall industrial Pulses demand.
- Stable unemployment at 6.3% in September 2025 underpinned consistent consumer spending on food items.
- Pulses demand outlook is mixed, with stable consumer spending balancing weaker industrial activity.
- The Pulses Price Index forecast suggests stability, influenced by balanced cost reductions and demand trends.
Why did the price of Pulses change in September 2025 in Europe?
- Industrial producer prices fell 1.7% in September 2025, reducing Pulses production costs.
- Industrial production decreased 1.0% in September 2025, dampening industrial Pulses demand.
- Stable unemployment at 6.3% and 0.2% retail sales growth supported consumer Pulses demand.
Pulses Prices in APAC
- In China, the Pulses Price Index fell quarter-over-quarter in Q3 2025, influenced by deflationary pressures and weak consumer confidence.
- The Consumer Price Index (CPI) decreased by 0.3% year-over-year in September 2025, signaling weak consumer demand for Pulses.
- Producer Price Index (PPI) contracted by 2.3% year-over-year in September 2025, reflecting weak industrial demand for processed pulse products.
- The Manufacturing Index showed a contracting trend in September 2025, suggesting reduced industrial demand for Pulses as raw materials.
- Pulses demand outlook faced headwinds from a 5.2% unemployment rate in September 2025, impacting consumer purchasing power.
- Consumer confidence remained low at 89.6 in September 2025, leading to cautious spending on food items including Pulses.
- Industrial production expanded by 6.5% year-over-year in September 2025, offering some support for industrial pulse applications.
- Retail sales increased by 3.0% year-over-year in September 2025, indicating robust consumer spending on Pulses.
Why did the price of Pulses change in September 2025 in APAC?
- Deflationary pressures from a 0.3% CPI decrease in September 2025 dampened consumer demand.
- Weak industrial demand, evidenced by a 2.3% PPI contraction in September 2025, impacted pulse product prices.
- Contracting Manufacturing Index in September 2025 signaled reduced industrial activity, lowering demand for Pulses.
