Peas and Lentils See Surge in US Planting Intentions

US farmers are reallocating acreage toward peas and lentils for the 2026 season, responding to shifting consumer protein preferences and structural demand signals tied to widespread GLP-1 adoption. Planting intentions reported in regional surveys and cited in Investing.com on Apr 23, 2026, indicate a material uptick in pulse acreage in northern-tier states, with some county extension offices reporting increases of 15–30% year-on-year. The move reflects two converging forces: stronger pricing for dry pulses in late 2025 and early 2026 and the dietary response to weight-loss drugs that reduce per-capita meat consumption growth. Traders and processors are already repositioning: basis levels for certain pulse contracts have firmed, and processors in the Northern Plains signalled earlier contracting cycles than in prior years. This article synthesises the data, provides sectoral implications for agribusiness and input providers, and offers a Fazen Markets Perspective on potential second-order effects for protein supply chains.

Context

Pulse crops — primarily dry peas and lentils — have historically occupied a niche position in U.S. cropping rotations, concentrated in states such as North Dakota, Montana and Idaho. These crops offer rotational benefits (nitrogen fixation) and typically compete for acreage with spring wheat and canola in the northern Plains. According to regional extension reports and coverage in Investing.com (Apr 23, 2026), decision-making for 2026 has shifted materially as farmers respond to relative returns. While pulses remain a small share of total U.S. row crop acres, the reported increase in planting intentions — often cited in the range of +15% to +30% YoY in affected counties — is large enough to affect local supply chains and carry implications for input suppliers, logistics and export handlers.

The macro backdrop is important. GLP-1 class drugs — notably semaglutide and similar therapies — continued to expand in 2025–26, with pharmaceutical producers reporting substantial sales growth year-over-year in their 2025 results (company filings, 2025). Health-driven dietary shifts associated with these therapies, coupled with persistent retail and foodservice menu innovations that promote plant proteins, are altering demand growth profiles for animal proteins. Several processors and co-operatives have flagged earlier and larger contracting windows for pulses in 1H 2026 than in prior seasons, a signal that supply-chain actors expect higher volumes and are moving to secure throughput capacity.

There is also a policy and trade angle: Canadian pulse production and exports — historically a large share of North American pulse flows — experienced variable output in 2025 and has tightened certain varietals, creating an opportunity for U.S. origin pulses to capture incremental export market share in 2026. U.S. exporters and river freight operators are therefore attentive to how acreage shifts translate into port volumes in the second half of the marketing year.

Data Deep Dive

Primary data points referenced in market and extension reports include the Investing.com article dated Apr 23, 2026, which compiled producer comments and regional planting plans. Specific headwinds and tailwinds were quantified locally: in parts of North Dakota and Montana, reported planting intention increases ranged from 15% to 30% YoY for dry peas and lentils, according to county extension estimates cited by local grain merchandisers and brokers (Investing.com, Apr 23, 2026). Those increases are not uniform across the country; concentration remains in the northern Plains and inland Pacific Northwest.

Price signals in late 2025 and Q1 2026 corroborate planting shifts. Pulse cash bids in regional elevators firmed relative to the same period in 2025, prompting earlier contracting by processors who fear supply bottlenecks later in the season. Export demand has been cited as a partial driver: handlers noted stronger inquiries from South Asian and Middle Eastern buyers for certain lentil grades in late 2025, which tightens short-run availability domestically. Processors have disclosed contracted volumes for spring delivery earlier than in previous years, though public, audited numbers for the 2026 crop are not yet available as of Apr 23, 2026.

On the demand side, aggregate animal protein consumption growth rates have moderated in countries with fast GLP-1 adoption. Pharmaceutical company disclosures for 2025 showed double-digit increases in GLP-1 prescription sales versus 2024 (company filings, 2025), and several independent market studies released in late 2025 point to a 1–3% reduction in annualized red-meat consumption growth in high-penetration markets. These figures are modest in absolute terms today but meaningful in expectations formation for processors and retailers planning multi-year capacity and sourcing strategies.

Sector Implications

For processors and grain merchandisers, a shift toward pulses offers both margin opportunities and operational challenges. Higher pulse volumes can lift throughput utilisation at pulse-cleaning and packaging plants — facilities that have historically operated below capacity during some seasons. However, pulses require different handling, storage and cleaning lines than cereals, so processors face short-term capex or switching costs. Companies such as Archer-Daniels-Midland (ADM) and Bunge (BG) have diversified origination platforms and may capture logistical upside, but smaller, specialist processors could benefit disproportionately if consolidation in the supply chain accelerates.

Input suppliers stand to see changes in product demand: pulses reduce the need for nitrogen fertiliser due to their N-fixing properties, which can compress fertiliser demand for rotational acres. Seed companies and inoculant suppliers, by contrast, see upside if pulse acreage grows — the market for certified pulse seed and rhizobial inoculants would expand. Equipment makers and custom seeders in the northern Plains are already reporting higher inquiries for pulse-appropriate planters and harvest equipment for delivery in 2026 and 2027.

Trade flows could shift, too. If U.S. origin pulses scale up, exporters could capture market share from Canadian or Australian shipments where 2025 output was variable. This would place upward pressure on river and barge freight in the Upper Midwest and increase demand for containerised pulses shipped from Pacific ports. Long-term, if pulses become a more substantial rotation crop in the U.S., commodity indices and ETFs tracking agricultural baskets may have to rebalance exposures to reflect altered production patterns.

Risk Assessment

Several execution risks could blunt the current enthusiasm for pulse acreage. Weather remains the dominant idiosyncratic risk: spring planting delays or a hot/dry summer could reduce yields dramatically for peas and lentils compared with more drought-tolerant cereals. Pests and disease pressures are another variable; a rapid acreage increase could compress varietal diversity and amplify incidence risk for specific pathogens, increasing crop insurance claims and loss ratios. Insurers and risk managers will likely monitor these exposures closely in 2026.

Price risk is also asymmetric. If acreage increases broadly across the northern Plains without commensurate lift in demand, downward pressure on cash prices could materialise in harvest 2026, reversing the incentive structure that prompted the acreage shift. Conversely, if export demand strengthens and logistics constraints bind, price spikes could occur, which raises basis volatility and forces earlier hedging decisions by processors and merchandisers. Counterparty execution risk is non-trivial when processors pre-contract forward volumes and then face basis slippage.

Policy and trade volatility create additional tail risks. Any unexpected tariffs, phytosanitary restrictions, or logistical disruptions at major ports would disproportionately affect pulse exports given their concentrated origin and grading requirements. Market participants should also watch commodity fund flows and index rebalancings: if passive funds materially increase exposure to agricultural commodities, short-term liquidity and volatility dynamics could change rapidly.

Fazen Markets Perspective

Our contrarian view is that the current structural narrative — GLP-1 adoption permanently reducing animal-protein consumption materially enough to rewire U.S. cropping patterns — is overstated in the near term but directionally correct over a multi-year horizon. In practice, farmers respond to annual relative returns, and pulses offer an attractive rotation option with favourable prices and agronomic benefits. However, the scale needed to transform U.S. protein supply chains is large: even a 20–30% increase in pulse acres in key counties translates to a small percentage of total protein calories nationally. Expect incremental margin compression for meat processors over several years rather than an abrupt demand cliff.

From an investment-analytical lens, beneficiaries in the near term are likely to be regional pulse processors, seed and inoculant suppliers, and logistics firms that can cost-effectively handle pulses. Large diversified agribusinesses with flexible origination and processing footprints (e.g., ADM, BG) should manage transition costs better than smaller standalone processors. We also observe potential positive externalities: increased pulse acreage can improve soil health metrics and reduce nitrogen input demand, which has implications for fertilizer manufacturers and input intensity analyses.

Operationally, monitor early contracting windows, basis movement, and processor utilisation rates as real-time indicators of how the acreage shift translates into available supply. We recommend that risk managers and trading desks treat reported planting intention changes as a directional signal that requires confirmation by published USDA acreage reports, regional yield assessments throughout the growing season, and export sales data in 3Q–4Q 2026.

Outlook

Over the next 12 months, watch three variables closely: realized acres and yields (USDA acreage and crop progress reports in mid-2026), export sales and shipment data through the US Census and USDA FAS (partial-year 2026 trade flows), and pricing signals in cash markets and nearby futures during harvest. If planted area increases are realised and yields are at or above trend, expect a modest build in available pulse supplies that will pressure premiums but could expand processor margins via scale. If weather or demand disappoints, price volatility could spike and create idiosyncratic winners and losers across the value chain.

Longer term, if GLP-1 adoption and plant-protein consumer preferences persist, the incentive for pulses as a rotation crop will strengthen. That could encourage investment in processing capacity, contracted procurement models, and varietal development targeted at U.S. conditions. Investment themes to track include specialist pulse processors, seed and inoculant manufacturers, and logistics players with nimble origination capabilities.

Bottom Line

A notable reallocation of U.S. acreage toward peas and lentils in 2026 — with local planting intentions reported up to 15–30% YoY in some counties (Investing.com, Apr 23, 2026) — reflects evolving demand and agronomic incentives, but execution and weather risks will determine whether this becomes a durable structural shift. Market participants should treat current signals as directional, not definitive, and monitor USDA reports and export sales for confirmation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

FAQs

Q: How large is the acreage shift relative to total U.S. row-crop acres?

A: Even a 20–30% local increase in pulse planting intentions affects a small share of total U.S. row-crop acres; pulses remain a niche that can influence regional supply chains materially but will not, in the near term, displace major staples like corn and soybeans nationally. Monitor USDA acreage reports in June 2026 for official national figures.

Q: Could GLP-1 drugs materially reduce meat demand in the near term?

A: Evidence suggests GLP-1s affect individual consumption patterns, and pharmaceutical company filings in 2025 showed substantial uptake; however, the aggregate impact on national meat consumption is likely gradual. Expect multi-year shifts rather than an immediate structural drop.

Q: Which companies or sectors should investors track for exposure to this trend?

A: Track regional pulse processors, seed and inoculant suppliers, and diversified agribusinesses with flexible origination platforms. Also watch logistics providers servicing the Upper Midwest and Pacific ports. See related coverage on topic and pulse-processing dynamics at topic.