Our view: bids are increasingly likely to stay flat through this harvest than rise, as growers compete in another oversupplied sellers' market for the available homes. High shipping costs and cheap Baltic beans are not helping.

On 22 September we moved our new-crop guide to A$450-460mt delivered Melbourne and Geelong port zone, and said reaching it may depend on growers holding beans until Egyptian buyers lift their bids. We have reviewed the return holding faba beans delivered last season, the Latvian crop, and how much room Egypt has this season for Baltic beans.

At present, the majority of export demand has been satisfied, domestic consumers appear well covered, and a significant volume of faba beans still remain held on farm. At the same time, the global supply outlook is improving, with the Egyptian harvest approaching and most Australian export demand already satisfied. Taken together, these factors suggest very limited upside potential for faba bean prices in the current market GrainSource therefore maintains a strong sell view

Executive Summary February pulse markets have shifted from price discovery to reduced participation , with behaviour having a larger impact on trade flow than outright price moves. With nearby export programs largely completed and vessels cleared, urgency has dropped out , and buyers are no longer forced to execute. Export participation across fabas, lentils, and chickpeas has become more selective and timing-driven , with enquiry levels remaining visible but conversion into