Grain News

Canaryseed experienced a slight uptick in old crop value this week, with trades occurring in the range of $0.41/lb FOB farm for spring shipment. However, new crop bids weren’t as active and remain unchanged and at $0.35/lb FOB farm, including an act of God clause. It seems the majority of buyers are still content with current values, hinting their coverage on both old and new crop has left them mostly satisfied in their positions. This is not to say they won’t take on additional sales, rather their willingness to increase bids seems unlikely. That said, there is always a chance to negotiate an additional cent or two back into the farm by having slightly higher offers posted for any potential short covering opportunity and/or if new pockets of demand emerge.

Green pea markets experienced some action this week with new crop offers trading at $13.50 – $14/bu picked up with an act of God (AOG) and old crop hitting the books at $19.00 – $19.50/bu FOB farm or $20.00/bu delivered. Old crop yellow peas bids are firm as well, now quoted at $13.00/bu picked up or higher in some areas, while new crop trades at $10.00 – $10.50/bu picked up with AOG, depending on location. Maple peas continue to hold strong at $25 – $26/bu for old crop and $19-$20/bu for new crop (variety dependent). Supplies are becoming limited across all pea varieties, which may lead to strengthening numbers. However, reports suggest that Russian peas will potentially limit some upside potential. Pea acres are expected to increase in Russia and Ukraine to prewar levels, adding competition in Europe and China. If you have a target price for old or new crop peas, we highly recommend exploring firm offer options, as they seem to have garnered the most interest over the past week.

Chickpea exports remain strong for yet another week, with significant shipments directed primarily to Turkey and the US. Statistics Canada reported a production number of 142,000 metric tons and year-to-date exports total 137,000 metric tons, suggesting Canada should be nearly depleted of supply. As values persist at stagnant and unattractive levels for both old and new crop and growers continue to show reluctancy to sell, it poses the question: where is the supply coming from? Looking ahead, noteworthy rainfall in Southwest Saskatchewan, although not extending as far east into the chickpea growing area as some hoped, sets up part of the region for favorable planting conditions. On the global scale, Mexico is poised to commence its harvest soon, while Australian exports, although below average, remain steady, exerting continued pressure on North American values. Presently, statistical data may be unreliable, but market sentiment suggests an ample supply remaining in the bins, thereby keeping values stable.

The green lentil market continues carrying its bearish sentiment this week as anticipation builds for a larger 2024-25 harvest. Old crop stocks of large and small green lentils have dwindled to what seems to be bin bottoms, which is helping maintain spot values, although most purchasers aren’t quite as strong as they once were. Those with green lentils on hand may still be in luck though, as light trade still takes place at 81-82 cents/lb FOB on large green varieties and 80 cents/lb on smalls. However, new crop markets have seen an overall decrease in value, with large greens trading at 53 cents FOB and small greens now trading at 46 cents FOB, both with an Act of God. These prices still present favorable hedging opportunities and with acres increasing in both Canada and the US, markets are expected to continue softening as seeding progresses. Meanwhile, the red lentil market remains stable with old crop trading at 34 cents/lb FOB farm and new crop indicated at 32-33 cents FOB farm with an Act of God clause. A positive aspect for red lentils is that India is nearing the conclusion of its Rabi harvest, and there appears to be minimal harvest pressure on pricing, which means we could see continued stability.

The barley market has been relatively quiet this week, with producers turning their attention to seeding preparation amid better weather conditions. Current values are hovering around the $5/bu range in the central part of Saskatchewan, with slightly lower bids to the east and stronger bids to the west, ranging from $5.25 to $5.35/bu FOB farm along the western border of Sask. As is normally the case, buyers continue to show stronger numbers in southern Alberta due to the proximity of feedlot alley. Targets have proven effective in soliciting better bids in the eastern part of the province, so it’s worth considering when seeking prices. New crop prices are generally consistent with spot bids, indicating a sideways trend in pricing for the foreseeable future, although unexpected developments could always arise to disrupt this pattern.

The mustard market remains stable this week, with prices holding steady and buyers showing interest in small tonnages. Prices have returned to levels seen in 2021/2022 after the volatility experienced previously. New crop yellow mustard continues to trade at $0.50/lb to $0.52/lb, including an Act of God clause, while old crop prices generally range in the low $0.50s, though some product has moved as high as $0.60/lb delivered plant. Considering the potential for higher values, it may be wise to place an offer on spot yellow mustard—please discuss this option with your merchant. Oriental and brown mustard are trading in the low $0.40/lb range FOB farm for both old and new crop, with limited acres available at $0.42/lb for new crop brown mustard. Bookings have increased recently as prices have stabilized on the new crop front. While there’s still a decent supply of certified mustard available, deliveries are currently underway. Those in need of last-minute mustard seed are advised to contact us as soon as possible so we can try to arrange delivery to your farm.

Soybean prices experienced a downturn this morning as traders await the USDA’s WASDE and export sales reports, both scheduled for release on Thursday morning. Analysts in Brazil are revising their current month soybean export volumes upwards. Local prices are currently ranging from $13.90 to $14.40/bu FOB farm, with variations depending on location. There is anticipation of an increase in new crop Canadian faba acres this coming season, with bids for #2 quality tannin varieties hovering around $10 FOB farm. Old crop #2 faba bids range from $10.00 to $10.50/bu FOB farm, while feed quality values are approximately $9.50 to $10.00/bu FOB farm, varying by location. Dry bean exports to Mexico have contributed to market strength, particularly for pinto and black beans, with black beans leading the way for attractive bids and pintos responding slightly slower. New crop opportunities for great northern beans exist in the low 60¢ range, picked up on farm with an Act of God clause.

Canola futures have benefited from strong crude oil markets and the related demand for biodiesel. Forecasted low canola exports are expected to lead to higher carryout. The relatively high price of Canadian canola has prompted international buyers to seek alternatives from other global suppliers. Uncertainty persists regarding soybean production numbers from South America, compounded by ongoing conflicts in the Middle East. These factors are providing support for both crude oil and vegetable oil markets. Local canola bids are currently in the range of $13.00 to $13.50 FOB farm for April/May shipping.

Oat prices have remained steady, with values holding at around $4.50/bu delivered to select areas. Despite global supplies being considered relatively tight, there haven’t been any significant rallies reflecting the small cushion of available stocks. In the US, oat prices have also remained relatively stable, with domestic supplies slowly entering the market. This stability is more reflective of demand dynamics than supply. Prices are expected to continue moving sideways until there is greater clarity on seeded acreage and how weather patterns unfold heading into the 2024/25 crop year. Early reports suggest that acreage is expected to increase in the UK, EU, Australia, and Canada.

Flax prices have held relatively firm, although the momentum seen in previous weeks has tapered off. Firm offers around $16.00/bu picked up may still be attainable if freight costs align, however, it seems bids are slowly retracting from these levels. While new crop acres are anticipated to be significantly lower in 2024, the trajectory of prices will depend on factors such as consistent imports into China and Europe (or lack of) and what type of yields are experienced. Russian flax exports continue to dominate many markets, but discussions of a potential oilseed tariff from Europe may redirect Russian exports more heavily towards China. This could create opportunities for more Canadian flax to penetrate the European market, though consequently limiting Chinese market opportunities. The timing of these tariffs remains uncertain, so the situation warrants a wait-and-see approach for now.

In the wheat market, forecasts indicate that China is expected to increase its production by 1% compared to last year’s crop. With a 138 million MT crop in 22/23, this would add approximately 1.38 million MT to Chinese stocks. Additionally, corn prices in China are at historically low levels, which will replace feed rations of wheat. Given that China is Canada’s top wheat customer, monitoring Chinese demand will be crucial as their crop progresses through May and June. Locally, to begin the week, CWRS was trading in a range of up to $8.50/bu delivered to Saskatchewan plant, with CPSR at $8.10/bu and CWSWS at $8.35/bu. Durum prices were reported at $10.75/bu delivered to Saskatchewan plant for summer shipping in most cases though grower in Southeast SK may see that value as a FOB farm number. Feed wheat prices remain relatively unchanged, trading in a range of $7.00-7.50/bu FOB farm, depending on type, quality, and location. For those seeking fall wheat pricing, it is advisable to contact your merchant to explore available options in your area.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

Peas remain active as we enter April, signaling the need to consider moving tonnage. New crop yellow peas are currently indicated in the price range of $10.00 – $10.50/bu FOB farm, including an act of God clause, while green peas are quoted at $13.00 – $13.50/bu FOB farm with an act of God. Maple peas continue to lead in new crop values, with $20.00/bu FOB farm achievable today also including an AOG. Although old crop pricing has softened slightly for yellow and green peas, posted numbers remain competitive. Old crop yellows are still fetching $13.00/bu delivered to various locations, while green peas range between $17.50 – $18.00/bu for good quality. There may be temporary opportunities for higher values across all pea varieties, so posting firm offers this week could be a strategic move, allowing buyers to provide feedback on market conditions and offer counter bids. As always, feel free to reach out at any time if you require further information!

As anticipated, green lentil prices have begun to decline, affecting both new and old crop bids. The USDA planting report revealed a 40% surge in lentil acres in the US for the upcoming season, primarily seen in medium green lentils. Canada is also poised for an increase in green lentil production, potentially leading to a supply surplus if weather conditions remain favorable and average yields are attained. If you haven’t already, we strongly advise locking in 10bpa on your green lentil acres with an act of God clause. Although finding top end values is becoming increasingly challenging, we still have a few indications at 53 cents/lb FOB farm, though some buyers have reduced bids to 50 cents. New crop small greens are currently priced at 50 – 51 cents/lb picked up with an act of God. As for old crop, prices have receded to 78 – 80 cents/lb on #2 large greens and 78 cents/lb on #1 small greens. Shifting to red lentils, old crop bids remain at 33-34 cents picked up, while new crop prices stand at 33 cents delivered with an AOG. In the international red lentil market, India’s harvest appears to be progressing well, potentially reducing the need for imports. Additionally, Kazakhstan has ramped up its lentil exports and has expressed intentions to increase red lentil production this year, which would translate into additional competition for Canadian product.

Flax prices are currently holding at $16.00/bu picked up, depending on location, this week. However, buyer demand at this value appears to be slowing slightly compared to previous weeks. To navigate this market, it’s advisable to contact your Rayglen merchant with a firm offer to try and capture top-end bids. The movement of flax to Thunder Bay suggests that some Canadian supplies are likely destined for European markets, while values in Kazakhstan have softened due to quality concerns. Russia remains the primary supplier of flax destined for China and despite a built-up of supply in warehouses, there has been a slight uptick in Chinese values. Import projections for the 2024/25 year indicate support for stronger volumes from North America, with fewer planted acres expected in Canada and the US. New crop values are currently hovering around $15.50/bu picked up with an act of God clause.

The oat market continues to observe its quiet spell this week. With a decline in the purchase of oat products in North America, supply appears to be aligning with demand. Looking ahead, the market is expected to maintain its current trajectory. There may be a slight uptick in old crop pricing as the market addresses short positions throughout the remainder of the crop year, though this is just speculation. New crop prices are expected to remain stable until we get closer to harvest, particularly if crop size falls below estimates. Early projections for seed acres show an increase compared to last year but are in line with the five-year average. Old crop number 2 oats have been trading in the range of $4.25 to $4.75/bu delivered for May to July movement. New crop prices are currently at $3.75/bu delivered. Organic oat pricing has reverted to a more typical spread compared to the conventional market, with bids ranging between $9.00 and $10.00/bu delivered.

Considerable discussion ensued last week regarding the reported statistics on chickpea acres in both Canada and the US. Despite concerns that these figures were ambitious, the chickpea markets have shown relatively little reaction. Old crop bids for #2 or better Kabulis, with up to 15% 7mm, have weakened slightly, now valued at $0.46-$0.47/lb FOB farm with movement scheduled from April to June. New crop prices for #2 Large Kabuli have declined to $0.40/lb FOB farm with an AOG and movement is slated from September to December of 2024. Feed markets have also quieted down, with no trades recorded since the end of February. Producers are increasingly considering how global market dynamics are influencing chickpea values. This has prompted speculation about the potential direction of the market and could impact decisions on acreage allocation for the upcoming season. If market conditions continue to deteriorate, chickpea acres may be diverted to more profitable alternatives such as peas or lentils, provided seed availability permits.

Feed barley prices have remained relatively stable, though a slight increase in buyer interest is contributing to a bit firmer market. Bids of $5/bu picked up on farm are achievable across most areas of the province today and trades are starting to hit the books. It’s worth noting that values may vary slightly depending on location; central Saskatchewan and areas further east may see marginally lower values, while bids tend to strengthen further west. Producers with product still on hand should anticipate movement extending into the summer months, as road bans are currently in effect in many areas and purchasers look to schedule movement for when full weights can be accommodated. If your area allows primary weights to be shipped, there may be an opportunity for some quicker movement options. Bids for fall delivery feed barley are holding steady, consistent with current values, for those seeking early harvest timeline movement. As for malting barley, the market has been relatively quiet, and there hasn’t been much, if any, information to share on that front. Analysts anticipate a decrease in seeded acres, with projections suggesting acreage below 7 million, a forecast we expect to be accurate.

Canola futures have shown signs of recovery in the past week, though they have yet to reach recent highs. May futures are currently hovering around $638/MT, compared to $626/MT last week. Looking ahead to new crop pricing, November futures have risen to $655/MT.  Many producers have taken advantage of the recent rallies to increase sales on old crop, and some are also considering locking in profitable sales for next year. Domestic crush activities continue at a rapid pace; however, it is likely that our current stocks cannot be entirely consumed, leading to some carryover into next year.  As crushers are now focusing on summer delivery, making sales now might be necessary to ensure cash flow and sufficient bin space leading into harvest. Therefore, it is prudent for producers to consider their selling strategies carefully.

Mustard markets have shown a more stable condition on both old and new crop for several weeks now. Buyers seem to be consistently booking product in small tonnages, which is viewed positively following the drastic price volatility experienced previously. New crop yellow mustard continues to be offered and purchased in the range of $0.50/lb to $0.52/lb, including an Act of God clause, while old crop prices are generally bid in the low $0.50s. That said, this week we’ve seen potential for spot yellow mustard trades to command values closer to $0.57 FOB and growers are encouraged to take advantage of these opportunities when they arise. Oriental and brown mustard are trading in the low to mid $0.40/lb range FOB farm for both old and new crop, with limited acres available at $0.42 for new crop brown mustard. Please contact our office if you have an interest in forward contracting as acreage bookings have been underway. While there’s still a decent supply of certified mustard available, deliveries are currently taking place. Those in need of last-minute mustard seed are advised to reach out as soon as possible so we can try to secure delivery to your farm.

Soybean futures are showing gains this morning but are still below the peak of over $12 set a few weeks ago. Recent support stems from forecasts indicating a slowdown in U.S. planting pace. However, Brazilian export activity and a relatively strong greenback are tempering the gains in futures prices. Local bids are currently ranging from $14.00 to $14.50/bu FOB farm, depending on location. There’s anticipation of an increase in new crop Canadian faba acres and new crop bids for #2 quality tannin varieties are around $10 FOB farm. For old crop #2 faba beans, bids are in the range of $10.00 to $10.50/bu FOB farm, while feed quality values hover near $9.50 to $10.00/bu FOB farm, varying by location. Dry bean exports to Mexico have strengthened the market, particularly for pinto and black beans. Black beans are leading in attractive bids, with pintos showing slightly slower responses. New crop great northern opportunities are available in the low 60¢/lb range picked up on farm with an Act of God clause.

Canaryseed prices and demand remain unchanged for another week. Old crop continues to trade at $0.40/lb FOB farm for spring shipping, while new crop remains steady at $0.35/lb FOB farm with an Act of God clause on 10bu/acre. Reports indicate that current levels of farmer selling are sufficient to meet today’s export demand, something that has been conveyed for some time. Although export movement was slow to start the year, there was a slight increase in February/March, but a larger boost is still needed to regain normal pace. New crop pricing at $17.50/bu has integrated well into many growers’ rotation and with the sowing season quickly approaching, we still have planting seed available. Consider discussing the potential inclusion of canaryseed in this year’s rotation with your merchant!

There isn’t much excitement to report on wheat this week, with reports of Black Sea wheat continuing to lead the way. Closer to home, the USDA Prospective Plantings Report released last week indicated a slight decline in the U.S. all wheat seeded area to 47.5 million acres (a 4% drop), but with a significant increase of 21% in durum acres, reaching a record two million. Locally, CWRS for May movement is trading at $8.40/bu delivered, CPSR at $7.90/bu, and soft white and red winter wheat both at $8.20/bu delivered. Feed wheat bids have remained steady over the past few weeks, ranging between $7.00 and $7.50/bu FOB farm. Current durum bids show $10.75/bu delivered to Saskatchewan plants. With location-sensitive opportunities emerging periodically, it’s a wise strategy to have a target in place in case wheat prices strengthen and/or small one-off opportunities arise and boost current bids.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

The red lentil market saw a slight change this week, particularly in new crop values, which have started to firm up slightly. We can now secure 33 cents/lb delivered with an Act of God on 10 bu/acre to a couple different locations. Those looking for FOB farm pricing are encouraged to reach out to their merchant. Otherwise, the lentil market has remained largely unchanged. Old crop red lentils are priced at 33-34 cents picked up. Meanwhile, old crop green lentils appear to have reached their peak, with #2 large greens at 80-82 cents and #1 small greens at 80 cents, both picked up on farm. New crop green bids continue to retract as buyers are mostly satisfied with their previously signed-up acres. New crop large greens might still find a market at 54 cents delivered, but 50 cents picked up is a common bid. Similarly, new crop small greens are also seeing bids at 50 cents picked up. If you haven’t already, we highly recommend locking in 10bpa on your green lentil acres. With the expected increase in acreage, there’s a likelihood of significant green lentil stocks on farms if we achieve average yields.

Mustard prices have remained steady for both old crop and new crop, with minimal changes in yellow, brown, or oriental varieties. New crop yellow mustard continues to be offered and purchased in the $0.50/lb price range, including an Act of God, while old crop triggers around the same range. Although there has been some discussion around oriental and brown mustard, penciling in the $0.40/lb FOB farm value appears to be a safe bet. A reasonable firm offer on these varieties may catch buyers’ attention today, but it seems that the desired tonnage remains relatively soft. Given the timeframe from now until the 2024 harvest, it seems prudent to avoid waiting for a significant price surge. We still have a decent supply of certified mustard available, but deliveries are being planned. Therefore, if you’re on the fence, it’s highly suggested to make a decision and avoid any potential increase in freight costs.

Producers are facing a dilemma in deciding what to grow as they observe slight fluctuations in the wheat market, generally trending downward from desirable levels. It is predicted that acres will likely decrease in both the US and Canada for the upcoming seeding season. This decline is partly due to the lackluster value of wheat, intense global competition, which is leaving bushels in the bins, and, to a lesser extent, growing conditions. With reduced acres, it’s evident that this could impact values in the latter part of 2024. Currently, #1 CWRS 13.5 protein is being bid at approximately $8.65/bu delivered into central Sask, with feed bids holding in the $7 range. The durum market mirrors a similar story, with plenty of bushels left in the bin from last year, limited current overseas interest, and growers deliberating on acreage decisions. While there is a feeling that there is more potential for a rally in durum prices, growers remain uncertain about the market’s direction compared to spring wheat.

Oat prices have remained stagnant, fluctuating between $4.00-$4.50/bu delivered for old crop, while new crop prices hover around $3.75/bu delivered. This lack of movement is primarily attributed to demand rather than supply. Globally, oat supplies are lower than average, and heading into the 2024/25 year, Canadian oat stocks have minimal cushion. Experts note a decline of approximately 12% in the use of milling oats in North America, largely due to inflation costs. The outlook for seeded acres this year is positive, with expectations of increases not only in Canada but also in the UK, EU, and Australia. However, favorable weather conditions and decent yields will be crucial in preventing the market from becoming chaotic due to such low ending stocks. Organic oats continue to see demand, with prices at $10.25/bu delivered into Manitoba.

In the barley market, trade activity has been light this week. While bids have remained steady, and possibly slightly stronger in some regions, overall activity has been subdued as buyers and sellers remain relatively inactive. Improved weather conditions and the onset of road bans typically lead to a slowdown in trade during this time. Most areas of the province can secure $5/bu picked up on farm for both old crop and fall sales, while stronger values are observed to the west, benefiting from freight advantages to feedlot alley. Malting markets remain quiet, with new and old crop bids proving elusive. Factors such as strong corn imports and weak barley exports contribute to the pricing challenges compared to recent years. Lower seeded acres may alleviate some pricing issues, but the extent of this impact remains uncertain.

The pea markets continue to show stability, with only minor changes compared to last week. There’s increased activity in new crop pricing, with buyers showing interest across all classes of peas. Maple pea pricing is leading the way, ranging from $20 to $21 FOB depending on variety, with an Act of God clause. Green peas are priced between $13.00 and $13.50 FOB with an Act of God, although values are slightly lower compared to earlier offered contracts. Yellow peas are trading in the range of $11.00 to $11.25 delivered with an Act of God. For old crop maples, buyers are still interested in purchasing, but prefer to see firm offers. Green peas trade between $17.50 and $18.00 FOB farm, depending on movement and location. Yellow peas, on the other hand, are mostly trading at $12.50/bu, with a few contracts triggering slightly higher on firm offer. Pea markets are expected to remain stable in the short term as they await further news from India regarding the pea tariff. The India Rabi season will soon head into its harvest, which may temporarily pause market activity until production numbers are known. Additionally, it’s important to monitor reports on the completion of the Pakistan harvest and the upcoming China south harvest in May/June for further market insights.

Canaryseed pricing remains unchanged this week, with demand holding steady as buyers continue to seek supplies. Sellers are meeting the needs of buyers, resulting in steady trading activity. Spot trades are occurring at 40 cents picked up on farm for movement in April/May. With trade volumes unsubstantial, the market remains fairly stable. Some analysts speculate that StatsCan’s projected seeded acres may be overstated, suggesting that actual acres may be closer to last year’s numbers. That said, canaryseed compares favorably to other crops in terms of profitability, so a slight increase in acres is likely to occur. New crop contracts are currently trading at 35 cents per pound picked up on farm, including an act of God clause covering drought. Additionally, we have seed available, so be sure to discuss your options with your merchant.

Canola prices are experiencing a decline today ahead of the USDA’s report and the Easter long weekend. At the time of writing, May futures have dropped by roughly $20/mt compared to the previous week, now sitting at $626.1/MT. This drop is not unexpected, especially considering the pullback in bean values as the Brazilian bean crop is nearly 70% harvested. According to StatsCan numbers from February, crush was up by 10.6% compared to the same time last year, which may have influenced market sentiment. Additionally, new crop values have also taken a hit, with November futures coming in at $643.9/MT. Given the expectation for a decent carryover of old crop tonnage into the new crop year, finding pricing bumps in the market like last week can be significant. We encourage growers to take advantage of small price rallies in this market and capitalize on better returns.

The flax market has seen notable activity over the past two weeks, with strong bids carrying over into the week leading up to Easter weekend. From March 10-15th, Week 33 of the shipping year, reports indicate the highest number of flax deliveries in 23/24 at 5500 MT. Internationally, the European Commission has proposed an import tariff on Russian and Belarus oilseeds. While not yet imposed, if established, the EU could shift some attention back to Canadian supplies. Depending on the timeframe of a potential tariff, both old and new crop prices might receive support, though only time will tell how this scenario unfolds. Buyers have been active in purchasing old crop brown flax at $16.00/bu FOB farm for spring movement, with some smaller purchases on yellow at $22.00/bu FOB farm in SE Saskatchewan. New crop values have remained unchanged from recent weeks, at $15.50/bu FOB farm or $16.00/bu delivered on brown, while values for yellow are still pending for the fall.

Chickpeas are facing challenges this week in attracting bids for both new and old crop. Old crop prices have weakened, with indications at $0.52/lb FOB farm on product with 30% 9mm sizing. New crop values are becoming harder to find as many buyers await India’s harvest news. In recent weeks, India has observed a decline in domestic kabuli prices, suggesting a larger harvest. Similarly, Mexico had anticipated larger acres for this year’s harvest, but unfavorable growing conditions have led to vegetation maps predicting lower yields. While Canada’s acres are expected to increase, the sudden lack of bids will likely limit this increase. New crop values today are indicated around $0.40/lb FOB farm on 10bu with Act of God.

The soybean market has retraced some of its gains from last week, with domestic traders adjusting positions ahead of the USDA Prospective Planting report on Thursday. It is anticipated that US soybean acreage will increase by 3 million acres compared to 2023 planting. Additionally, Brazil continues to revise down its soybean export forecasts, further reducing to 495.7 million bushels. Local soybean prices are currently in the range of $14.00-$14.50/bu depending on the farm’s location. Meanwhile, there is an expectation of an uptick in Canadian faba acres for the new crop season. Bids for #2 quality tannin varieties are around $10/bu FOB farm.  Old crop #2 faba bids range from $11.50-$12.00/bu FOB farm, while feed quality values hover near $10.00-$11.00/bu FOB farm, depending on the location. Dry bean exports to Mexico have strengthened the market, with attractive bids for pinto and black beans. Among these, black beans are leading the way, while pintos are responding at a slightly slower pace. Opportunities for new crop great northern beans are available in the low 60¢ range, picked up on farm with an Act of God clause.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

Barley markets can be compared to this year’s winter – just when you think it’s over, mother nature rears her head again. Despite speculations of further price drops for old crop feed barley, bids continue to hold steady in the range of $4.50 – $5.00/bu FOB farm this week, contingent on delivery window. Current pricing remains historically favorable, and the expected larger carryover into the 2024 crop year suggests that a sudden uptick in value is unlikely. New crop bids are indicated around the same level as old crop and given the relatively short period from now until August, buyers have enough corn and barley inventory to meet their needs without needing to increase bids. The malt segment of the barley market remains subdued, as reports suggest maltsters are still comfortable with old crop supplies and existing production contracts.

The pea market has remained relatively stable, despite the extension of the reduction in Indian tariffs until April 30th. Potential upward shifts may arise if there is further extensions made, which could provide support for new crop values. However, considerations must also be made for the possibility of reduced Chinese demand, stemming from increased interest in Russian peas and the US anti-dumping case imposing high duties on Chinese imports of pea proteins. This anti-dumping case might lead to heightened US demand for Canadian pea proteins, but the outcome remains uncertain. Old crop bids have mostly remained unchanged, or slightly softer, with yellow peas at $12.50 – 13.00/bu, green peas at $17-17.50/bu, and maple peas at $25-26/bu, all quoted as FOB farm pricing. New crop values hover around $10-10.50/bu for yellows, $13 – 13.50/bu for green peas, and $18-19/bu for maple peas (variety dependent). All production contracts are quoted as FOB farm with an act of God clause.

Buying interest in flax has shown a slight uptick this week, albeit for limited quantities. For those looking to sell, $16.50/bu delivered for April/May is achievable, delivered plant in central SK. New crop prices remain stable, ranging from $15.00-$15.50/bu picked up with an act of God clause. Reports indicate a lower-quality flax supply from Kazakhstan, coupled with a smaller inventory after their 2023 harvest. However, since Chinese demand remains subdued, exports have not been significantly impacted. Canadian supplies continue to meet export demand adequately, and a significant decrease in supply is not expected until later in 2024/25. If the US and the Black Sea region also experience smaller production numbers, we may see a shift in flax prices. Until then, it’s wise to capitalize on price rallies when they occur.

Chickpea markets have experienced further downturn this week, presenting challenges for sellers. It has become increasingly difficult to find buyers willing to purchase chickpeas, especially US bushels and the market will seemingly trickle in product until something more significant happens. Furthermore, feedback from the trade indicates that end users are generally unresponsive, leading to minimal trade activity at the moment. Old crop #2 large Kabulis are trading at $0.52/lb FOB farm with a 60-day window for movement, while new crop prices are around $0.40/lb FOB farm with an act of God clause and movement between September and December. There is a general belief that chickpea acres may slightly increase in the upcoming seeding season, but the current market conditions have left many wondering if this trend could change suddenly. Feed markets have also quieted down in recent weeks, prompting speculation about the reasons behind this shift. Whether it’s due to limited availability or a change in market dynamics is still uncertain. We remain available to discuss both new and old crop options.

The canary market remained mostly flat this week, with spot trades at 40 cents picked up on farm for movement in the next couple of months. Farmer sales have continued at a slow, but steady pace, without any significant waves of tonnage being sold that would overwhelm demand. Some analysts speculate that StatsCan’s projected seeded acres of 291,000 may be overstated, suggesting that actual acres may be closer to last year’s numbers. While we anticipate a slight increase in seeded acres, we don’t expect any significant jumps, though canary still remains a favorable option when compared to many other crops. New crop contracts are still available at 34 to 35 cents per pound picked up on farm, including an act of God clause covering quality and quantity.

Oats saw little change or activity over the past week, with most buyers indicating that their large needs are already covered. Old crop prices hover around $4.50/bu delivered to plant in Saskatchewan for milling quality, while new crop prices are quoted at $3.80/bu delivered. Feed prices remain quiet, with bids ranging between $3.50-3.75/bu FOB farm. For growers in Manitoba or southeastern Saskatchewan raising organic oats, posted bids sit at $10.25/bu delivered to Manitoba plants. We continue to encourage growers to utilize our offer system if they have a specific sell point in mind, especially for new crop. With the expected increase in oat acres this spring, having an offer ready could be a prudent strategy while waiting for buyers to engage in the market.

The canola market has continued its upward trend this week, marking roughly one month of positive movement for producers. At the time of writing, May futures are sitting at $646.70/MT, compared to last week’s $628/MT. The market continues to benefit from strong domestic crush activity and exports to China, along with robust performance in crude oil and vegetable oils globally. While the market direction remains uncertain, those holding a significant portion of their production should consider taking advantage of this strong rally and pricing some of their crop soon. New crop prices are also noteworthy, with November futures reaching $660/MT. Some marketing advisors are recommending making small new crop sales, with prices approaching $15/bu delivered into the plant in certain locations.

It was a relatively quiet week in terms of mustard price fluctuations. Stability in bids has become more typical and prices have become somewhat more predictable for the time being. This trend has persisted for a few weeks now, and occasionally, the odd “above market” bid for current crop emerges. While the quantities involved in these spot bids are small, it’s encouraging to see some demand. Spot pricing for yellow mustard remains steady in the range of 50 cents FOB farm, while new crop prices are indicated at 48-50 cents on the higher end, including an Act of God clause. Brown and oriental varieties continue to be quoted in the 40 cents per pound range for spot and production contracts, though we’ve seen some demand for slightly higher valued oriental sales. We still have a good supply of all types of certified mustard seed, although delivery schedules are being finalized. If you’ve been undecided, now is the time to act as the window for free delivery to the farm is quickly closing. Starting with high-quality seed increases the chances of achieving a #1 grade. Reach out to your merchant to discuss further.

The wheat market is facing some downward pressure today. Bids for #1 CWRS with a 13.5 protein content are currently around $8.50/bu delivered in central Saskatchewan. Additionally, new crop values have emerged, starting at $7, although most growers are hoping for higher prices. This market is experiencing pressure from oversupply, leading to a downward trend in prices. There appears to be a significant amount of wheat available domestically, which is expected to carry over into the upcoming marketing year, amounting to roughly 3 million tonnes, on par with 22-23 levels. While global stocks are anticipated to be tighter than the previous year, the abundance of domestic supply is dampening the outlook for this crop. Feed values are hovering around $7/bu picked up on the farm with limited demand. Given that most of this year’s crop was of good quality, feeders haven’t been actively seeking wheat, contributing to the subdued market conditions.

The lentil market continues to present favorable opportunities for producers. Old crop red lentils have seen some demand this week at 35 cents/lb delivered, while old crop large greens remain in the 80-82 cent/lb range and old crop small greens are quoted in the 78-80 cent/lb range. New crop reds have been quiet in trading so far, with prices remaining at 30-31 cents/lb for new crop with an Act of God clause, although higher prices are available for deferred delivery contracts. New crop greens lentils have slipped across the board with bids sitting around 50 cents/lb FOB farm for smalls and 53 cents/lb for large types. Old crop French green lentils have backed off to 60 cents for old crop and 50 cents for new crop. Beluga lentils have seen limited interest in new crop, but old crop has traded as high as 78 cents in the last couple of weeks. There are still great opportunities available for locking in new crop prices on large or small green lentils, so we encourage growers to get some product signed up as the new crop market is likely to continue softening as seeding approaches.

The soybean market is receiving a boost from traders buying back previously established short positions. With Brazil’s soybean harvest about two-thirds complete, export pressure will soon be felt on domestic bids. Local prices are in the range of $14.25-$14.75/bu FOB farm location dependent. Anticipated upticks in new crop Canadian faba acres are expected. New crop bids for #2 quality tannin varieties are in the $10 FOB farm range. Old crop #2 faba bids are in the range of $11.50-$12.00/bu FOB farm, while feed quality values are near $10.00-$11.00/bu FOB farm location dependent. Dry bean exports to Mexico have strengthened the market, with pinto and black beans fetching attractive bids, particularly with black beans leading the way and pintos showing a slightly slower response. New crop great northern opportunities exist in the low 60 cent range picked up on farm with an Act of God clause.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

What can we say about the pea market that hasn’t already been discussed? Much of the conversation still revolves around India’s decision on the extension of reduced import tariffs as well as monitoring demand from China. Both these factors will influence yellow pea pricing, though to what extent is unknown. Anticipated increases in pea acres this year, particularly in green and maple peas, add to the uncertainty. Currently, old crop yellow peas are priced at $13/bu FOB  crop and $10 – 10.50/bu for new crop with an Act of God (AOG). Green peas command prices of $17 – 17.50/bu FOB based on a max 3% bleach spec, while new crop prices hover around $13.00/bu on farm with AOG. Higher bleached old crop green pea demand is still seen as well and we encourage growers to reach out with their specs for firm bids. Spot maple pea bids range from $25-26/bu, while new crop is indicated at $18-19/bu, both location and variety dependent.

Mustard values seem to have stabilized after a period of volatility. Prices have remained relatively flat for a few weeks, signaling a sense of calm in the market. With an anticipated reduction in acreage this year, attention turns to final planting decisions and just how many acres will hit the dirt as we approach mid-March. Spot pricing for yellow mustard remains steady in the low 50-cent per pound FOB farm while new crop is indicated at 48 cents on the high end, including an Act of God clause. Brown and oriental varieties continue to be quoted in the 40 cent per pound range for spot and production contracts. We still have a good supply of all types of certified mustard seed, though delivery schedules are being made, so if you’ve been undecided, now is the time to act. Starting with high quality seed increases the chances of achieving a #1 grade. Reach out to your merchant to discuss further.

Barley values continue to hold, but uncertainty looms over how long this will last. Old crop values still range from $4.50 – $5.00/bu FOB farm depending on area and delivery timeline into the feed market. Malt barley bids, both spot and production, are scarce. Maltsters seem content with current old crop purchases to carry them into the next harvest and reports suggest they have secured decent new crop coverage as well. This week, there have been soft indications of $5.00/bu FOB farm for new crop feed barley and it is advisable to consider these values. As always, these new crop programs are Deferred Delivery Contracts (DDC) and do not include an AOG. Considering the expected carry-over from the 2023 crop year, significant upward movement in new crop pricing is unlikely.

Big numbers are emerging from StatsCan regarding chickpea acres, with estimates showing a 27% increase over last year. Export volume reports have been robust, raising questions about ending stocks and highlighting discrepancies in production estimates over the past few years. Globally, Mexican acres are up, but reports of poor growing conditions suggest potential yield effects. Australia’s weak exports hint at supply issues, while conflicting reports emerge from India, with government data indicating reduced chickpea planting compared to informational sources. In essence, the market is a mixed bag of uncertainties. Values remain unchanged from last week, and while selling opportunities exist, it’s advisable to offer out bushels rather than solely seeking the best bid.

According to this week’s StatsCan report, 2024/25 Canadian flax acres are estimated to be 16% lower compared to last year. Unsurprisingly, the anticipated carry-over into 2024/25 is also expected to be lower. Exports in the first quarter of 2024 have been relatively quiet, with the majority of Canadian flax supply still heading to the US. Internationally, soft Chinese demand has led to reduced movement of Kazakh flax into China. For those holding flax in bins, bids of $15.00-$15.50/bu picked up are still possible for select freight areas, contingent on delivery timeframe. Analysts don’t foresee any significant rallies as we head into spring and unless global supplies are reduced, prices are expected to trend sideways.

Canaryseed markets maintain the sideways trajectory they’ve been on for some time. New crop values persist at 34 to 35 cents per pound as a picked-up-in-the-yard price with an act of God clause. Seeded acreage reports predict just shy of 300 thousand acres of canaryseed, but with weakness in other cereals, canary may attract a bit more attention yet. We suggest canary as a decent option for hedging sales in the fall with a contract including an act of God clause, as such contracts aren’t available for every crop, making it a safer play. Spot trade remains at 40 to 41 cents a pound FOB depending on the area, this week, and growers continue to make incremental sales at these levels without flooding the market, thus maintaining stability for the time being.

Once again, the oat market sees little change from last week. This week’s StatsCan report estimated a 21.6% increase in oat acres for 2024, pegging the crop at 3.1 million acres versus 2.5 million acres last year. Analysts dub oats the acreage winner for this report, but some believe the estimated increase is understated, possibly leading to further increases. Local markets witness soft demand, with buyers having already met current and near-future needs. Old crop values sit between $4.30-4.75/bu for milling quality and summer movement. Feed oats trade around $3.75/bu FOB farm for spring movement. While new crop pricing remains elusive, if you’re planning acres and have a firm sell price in mind, consider reaching out to your merchant with an offer to be among the first to secure some acres should a window of opportunity arise.

What not long ago felt impossible is unfolding before our eyes. The canola market has been experiencing a modest upward trend over the past ten days. The looming question is whether this trend will persist. The rally seems driven by China’s purchase of Canadian canola, something they have been avoiding for a while now. China wields significant influence over markets but tend to be value purchasers. Should futures values continue to rise, the question arises: at what point will they reduce Canadian origin purchases? With ample canola still on farm in Western Canada, it would take a rapid export pace to deplete stocks. Therefore, making some sales during these market rallies is advisable for those still holding a higher percentage of their production. May futures currently stand at $628/MT, up from $596/MT at this time last week.

The wheat market has exhibited some volatility this week. Despite initial market pressure as China balked on their third red winter wheat sale with the US, there was a brief uptick in prices. However, bids have generally remained subdued due to the large global supply. Moving forward, challenges are anticipated in this market, making it crucial to capitalize on any temporary market rallies. While total wheat acres are forecasted to decrease by roughly 2%, strong production expectations may cause total supply to climb by a couple of percentage points. Overall, a cloud of uncertainty hangs over this market. A #1 CWRS 13.5 protein is currently being bid at approximately $8.70/bu delivered into central Sask, with feed bids holding in the $7 range. Shifting focus to durum, the outlook isn’t much brighter. Increased production from Turkey, Kazakhstan and Russia is putting pressure on the market, with some end-users opting for wheat over durum due to price disparities. Consequently, expect to see more “regular wheat” entering the durum market, potentially leading to durum pricing aligning with spring wheat, especially if this year’s yield is strong. Grey clouds loom over this market.

The lentil markets experienced a slip this week, particularly affecting large green lentils. The drop in large green lentil prices appears to be a reaction to the projected seed acres released by StatsCan on Monday. The report suggests a 4% increase in acres from last year, although it’s worth noting that this data was collected in December. Since then, there has been a surge in new crop pricing, causing a considerable shift in seeding intentions. The trade now believes that seed area for lentils will be 10% or higher than last year, with the only limiting factor being seed availability. New crop large green lentils have lost 4 cents since Monday, while old crop prices remain stable at 80-82 cents. Small green lentils have not been as severely affected as large greens, with prices for new crop remaining in the 50-cent range with AOG and old crop at 80 cents. Red lentils struggle to gain traction, as the market finds cheaper and closer sources than Canadian product. The red lentil market is also impacted by India reducing imports due to expectations of a large crop in 2024. Old crop is trading in the 32-34 cent range, FOB farm, with new crop indicated at 29-31 cents FOB with an AOG.

The soybean market continues to largely trade based on weather reports, given the “much ado about nothing” USDA report from last Friday. Some concern over South American production levels have been offering momentum to this market, however, now there is a bit of a tug-o-war between South American pending harvest pressure and recent heavy rains threatening to impede harvest or perhaps quality. Bids are in the range of $14.25-$14.75/bu FOB farm, location dependent. New crop Canadian faba acres are anticipated to see an uptick though new crop bids for #2 quality tannin varieties remain in the $10 FOB farm range.  Old crop #2 faba bids are quoted around $11.50-$12.00/bu FOB farm, while feed quality values are near $10.00-$11.00/bu FOB farm, location dependent. Dry bean exports to Mexico have bolstered the market. Pinto and black beans are fetching attractive bids, with black beans leading the way and pintos a little slower to respond. New crop great northern opportunities exist in the mid-50¢ range picked up on farm with AOG.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

As we step into March, the oats market remains unchanged, with no significant developments on either old or new crop fronts. As we’ve been highlighting for some time now, buyers are satisfied with their current inventory levels, making aggressive market pushes less appealing from their perspective. Recent moisture across the prairies hasn’t spurred significant market movements either. Old crop values continue to hover around the $4.50 to $4.75 per bushel range, but even these prices don’t seem particularly firm, with delivery windows extending into the summer months. New crop oats are indicated around the $4.50 per bushel range, but again, this value lacks depth. Nevertheless, when you crunch the numbers, oats still emerge as an attractive cereal crop to consider growing.

There’s not much new to report in the pea market that hasn’t already been covered in previous weeks. Even if the zero-import tariff in India isn’t extended, Canadian ending pea stocks are expected to remain low which could provide continued support. However, if the tariff is extended, we might see further strength in pricing that carries over to new crop. Currently, yellow peas are trading at $13.00 per bushel picked up, with new crop values ranging from $10 to $10.50 per bushel picked up with an Act of God clause. Green peas are priced at $17.00 per bushel picked up, based on a maximum 3% bleach spec. Higher bleached pricing is available, so please call our office with your spec. New crop green peas have been trading at $13.50 per bushel picked up with an Act of God clause. Old crop maple peas have been quiet due to limited supplies, but if you have product in inventory, bids sit at $25 to $26 per bushel on farm. New crop maple peas are priced at $18 to $19 per bushel picked up with an Act of God clause, depending on the variety.

As with most special crops, chickpeas have seen a downward trend over the past 7 days, succumbing to market pressures. This decline primarily affects old crop, while new crop prices have remained relatively steady. The active buyers may vary from week to week, but there’s consistently someone at the table looking to make purchases. Old crop #2 Kabulis are currently valued around $0.52-$0.55 per pound FOB farm, with pricing dependent on sizing. As you’re cleaning your seed, consider taking a sample for sizing, as larger chickpeas can lead to increased value. Making offers has proven to be a successful strategy for securing additional value from the market, and although the increase may not be huge, every bit counts in the end. Turning to new crop bids, contracts for #2 large Kabulis are approximately $0.45 per pound FOB farm, with an Act of God clause covering 10 bushels per acre. These contracts typically include clauses specifying Max 10-15% 7mm sizing, varying from buyer to buyer. Feed markets have recently quieted down, but if you’re seeking value, don’t hesitate to reach out. Whether you’re in need of seed or want to discuss chickpeas’ profitability compared to other crops this year, feel free to give us a call.

Barley prices have remained relatively stable this week, with some areas of the province still fetching around $5 per bushel. The highest values are seen in the west, with bids in locations further east are slightly lower, nearing $4.50 per bushel. Despite consistent sales on barley week to week, on-farm stocks have not decreased significantly enough to stimulate price movement. Additionally, the prevalence of cheap corn moving northward has further dampened expectations for any significant changes in the barley market this spring. While barley prices often trend upwards heading into the summer months, it doesn’t seem likely to be the case this year. While there’s always the possibility of unexpected developments bolstering prices, relying on wishful thinking alone won’t put money back into the farm.

The soybean market is poised to take direction from Friday’s USDA report, with analysts closely monitoring Chinese demand and South American production estimates. Bids are currently ranging from $14.00 to $14.50 per bushel, depending on the farm’s location. Anticipation surrounds the uptick in new crop Canadian faba acres, reflected in bids for #2 quality tannin varieties hovering around $10 per bushel at the farm gate. For old crop, #2 faba, bids are in the range of $11.50 to $12.00 per bushel, with feed quality values ranging from $10.00 to $11.00 per bushel, again contingent on the farm’s location. The market has seen a boost from dry bean exports to Mexico, particularly in pinto and black beans, where attractive bids are prevalent, with black beans leading the way. Additionally, new crop opportunities for great northern beans are available in the mid-50 cent range, picked up on the farm with an Act of God clause.

The wheat market continues its steady pace with minimal excitement. Old crop values for CWRS 13.5% protein are holding steady around $8.50 per bushel for delivery into central Saskatchewan, with a decline of roughly $0.50 per bushel for CPSR. SCIC numbers aren’t exactly instilling optimism in this market; rather, they depict a battle for acres. However, the direction in which to push remains unclear, particularly for those whose rotations consist of cereals and canola. This pricing and planting dilemma isn’t unique to us; the US is also witnessing a pullback in new crop pricing, which may lead to increased bean acres. Keep an eye out for March 28th, when the US planting intention report will be released along with the quarterly stock report. Shifting focus to durum, old crop values are holding steady around $10.75 per bushel, while new crop values hover at $9.75 per bushel. The SCIC value for durum presents the only favorable cereal outlook, at $10.86 per bushel for a #2 grade. Perhaps this will encourage a few more acres to be planted.

The flax market remained relatively stable over the weekend, with old crop brown flax trading in the range of $15.00-15.50 per bushel FOB farm for summer shipping. New crop brown flax is being offered in a wider range of $14.00-15.50 per bushel FOB farm. Old crop yellow flax saw some slight trading last week between $19.00-23.00 per bushel FOB farm, depending on the shipping timeframe and quality. New crop yellow flax is currently bid at $18.00 per bushel FOB farm, with this value likely tradeable for producers in Alberta or the western side of Saskatchewan. Flax shipments continue to move domestically and into the U.S., with limited additional export demand. Analysts are hopeful for additional spring demand into Europe with the warmer months approaching and the reopening of the St. Lawrence Seaway in April. Provincial crop insurance prices have been released, with Saskatchewan flax pegged at $13.85 per bushel for #1CW, falling between Manitoba’s price at $12.57 per bushel and Alberta’s at $13.97 per bushel.

Has the canola market managed to find the bottom? Only time will tell, but the market has been holding steady over the last week, which is seen as a positive development for producers after experiencing a general downtrend in the past couple of weeks. May futures are currently at $596 per metric ton, slightly higher than the previous week. The key factor influencing this market is determining the price point that countries like China are willing to buy at. While domestic crush has been active throughout the year, reducing stock levels through exports is essential to stabilize prices. Producers should keep an eye on local basis levels if considering sales, but crush facilities are likely to remain the best option for the time being.

Mustard prices have remained relatively flat this week, with growers still digesting crop insurance numbers for Saskatchewan, which were recently released. Initial impressions suggest that the coverage for yellow mustard is decent, while brown and oriental seem to drag a bit. Current spot pricing for yellow mustard is holding steady in the $0.50 per pound FOB farm range for both old and new crop, including an Act of God. Brown and oriental varieties are generally priced at $0.40 per pound for spot and production as well, though there is currently a small opportunity to secure higher values on oriental this week; call for details. We still have a good supply available of all types of certified mustard seed with free delivery to your yard. It’s crucial to start each mustard growing season with new certified seed to avoid significant downside risk associated with cleaning your own. Mustard seed can lose grade easily, especially with inseparables. Feel free to call our office to discuss further.

Canaryseed prices have been and look to continue trading sideways for the time being. If you’re interested, it might be worth contacting us to try out targets for both old and new crop. There could be an opportunity to squeeze an extra penny from this market if growers are in good freight areas and/or small “one-off” opportunities arise. Old crop bids are currently at 40 cents per pound picked up, while new crop bids sit near 34-35 cents per pound, on farm, with an Act of God clause. It’s possible that an offer at 41 cent FOB offer may trade, reiterating the suggestion to use firm targets as a part of your marketing. Canaryseed has become a more viable option this year when comparing returns to other cereal crops, so if you’re in need of planting seed, give us a call! Those already planning to sow canaryseed, consider locking in 10-15bpa under production contract with an act of God to protect yourself against possible market downturn as we suspect acres could be up this coming season.

Lentil markets have seen a slight softening in new crop pricing, while old crop prices remain relatively stable. Following the release of crop insurance numbers last week and consistent new crop grower sales, the price of new crop large green lentils has seen a dip, now trading at 55-57 cents delivered at the top end with an act of God (AOG). Some deferred delivery contracts (DDC) are still available at 60 cents, though this offers a lot of risk if this market manages to make its way back to 80 cents next season. New crop small green lentils are trading in the range of 50-52 cents with AOG and although contracts are available, demand doesn’t seem to be as strong this week. New crop red lentils are currently in light trade at 30-31 cents with AOG. Old crop prices for Large Green Lentils (LGL) continue to hover around the 81-82 cent range for a #2 or better for March to May movement. Small green lentils are trading at 74-75 cents generally, though 80 cent indications have popped up from time to time – keep a close eye on this market. Red lentils are in the 32-33 cent range, with the occasional offer still being picked up at 34 cents. With fall contract pricing showing an improvement over crop insurance values, it is advisable to consider forward booking.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

Some minor changes happened in the pea market this week when we look at pricing. New crop yellow peas had $10.50/bu picked up trading in a few areas with an act of God. Old crop remains at $13/bu picked up in most areas, with a couple locations able to secure $13.50/bu. Green peas had no change with old crop floating around $17 – 17.50/bu and new crop at $14/bu delivered ($13-13.50/bu picked up). Maple peas are still at $25-26/bu on old crop and new crop had a slight increase to $18/bu picked up with an act of God. Call your merchant on your variety as some buyers are variety specific at this value.

The brown flax market remains steady again this week. Buyer bids continue to range in the $14-$15.50/bu picked up on the farm depending on movement and farm location. The trajectory of this crop remains muted for the remaining of the old crop year, spilling into new crop. Newly released Saskatchewan crop insurance numbers trickled out yesterday with $13.84/bu designated to flax. That number is not going to encourage more new crop acres as expectation was already set to trail lower than last year’s numbers. With a decent chunk of old crop to slosh through yet and minimal overseas interest on the buy side, there are some constraints on this crop. New crop values remain unchanged between $15-$15.50/bu picked up on the farm with an AOG.

Barley prices continue to take their lead from imported US corn values due to corn’s now common substitution for domestic barley. Feed barley values currently hang near $4.50-$5.00 fob farm. Barley carryout stocks are anticipated to be 35% higher than last year and create 1M metric tonne stockpile. The reduction in both exports and domestic consumption are anticipated to limit market upside and cause domestic barley prices to continue to track corn. US corn inventory is adequate to supply Canadian domestic feed demand well into new crop, thus muting much expectation for a late season rally.

Canaryseed has been a quiet market for a while now. Old crop and new crop bids have been steady to trending slightly downwards. Old crop bids are at 40 cents/lb picked up and new crop is at 34-35 cents/lb with act of God. Exports have been down, which is keeping this market quiet. What we can say is the buying power does seem to be limited on new crop values. Buyers have been adjusting their new crop prices as they have been locking in some acres at 10bu/acre, which is why we are seeing 34 cent bids this week as opposed to the 35 that was readily available all last week. If you are putting in canaryseed, consider locking in some new crop if we can still secure that 35 cents.

Black Sea supplies are still abundant and weighing on the global price complex. Canadian exports are still trading globally, albeit at lower prices. HRS milling wheat is priced from $8.42-$8.62 delivered. Prices for domestic feed values are being driven by feed corn imports into Southern Alberta. Feed wheat values range from $6.75-$7.25 fob farm. Canadian durum values still being dictated by Turkish export values. Many analysts continue to say they don’t anticipate much upside to old crop durum values and are encouraging growers to find markets. Old crop durum continues to hover around $11.00 delivered.

The opening line for lentils is pretty well identical to the last couple of weeks, with green lentil pricing leading the way as one of today’s top commodities. Old crop large greens are pricing in at $0.82/lb FOB farm, with small greens slightly behind at $0.76/lb FOB farm. New crop large greens are seeing values of $0.58/lb FOB farm and small greens at $0.52/lb FOB farm. Old crop reds have declined slightly and are trading at $0.33/lb FOB farm, while new crop reds are stagnant in the range of $0.30-0.31/lb delivered. For Alberta producers, new crop reds may see some action at the $0.32/lb FOB farm level – reach out to your merchant to see if you are within the buyer’s range. A large red lentil crop in Australia has curbed Canadian red lentil export demand as of late, and all eyes will be on India’s upcoming harvest in the next month and a half. While new crop green lentils are quick to trade at these levels, we encourage red lentil growers to discuss the offer system with their merchant if they are looking to sign their acres slightly higher than what we are seeing today.

Chickpea markets remain quiet but also strong compared to the rest of commodities we grow in Western Canada. Pulses in general are holding up and expectations are for increased acres across the board. For chickpeas in the bin, we are seeing trades around $0.55/lb FOB farm, depending on sizing. If you have strong sizing, let us know what you’re looking for as offers can be a good way to squeeze out some more value. Looking out to new crop, we are seeing contracts for #2 large Kabuli chickpeas around $0.45/lb FOB farm with an AOG on 10 bu/acre. This number pencils out well and is worth a look if you like making money.

Oat pricing continues to stay the course, which in today’s grain pricing climate, is a positive. If you’re looking at moving some oats that you have in the bin, sooner may be better than later, as buyers are already looking out towards the summer for delivery. Bids for #2CW oats are in the $4.75-$5/bushel range with delivery to various locations. Heavy and dry feed oats are still in the $4/bushel range FOB farm dependent on your location. Using our crop planner, plugging in $4.50/bushel for new crop oats, they come out as our best cereal option to grow this year. In tough market conditions, ensuring profitability is critical so be sure to keep your eyes open for new crop opportunities and take some risk off the table.

Bean markets roll into the week with not much new to report on old crop or new crop values. Without much carry over of old crop sitting in the bins, it’s apparent that most buyers have just rolled the dice and are comfortable to sit and wait for new crop to come off and move their contracts they were able to obtain. Getting tonnage locked in for both new and old is still possible so call Rayglen with what you have, and let us to do the work for you. Although the market has pulled back and has been stagnant, anything is always for sale or can be bought for the right price. Switching over to faba beans and the spread between old crop and new crop values remains par this week. $10.00/bu FOB farm across the board but the attractive part is those new crop values do come with an act of God attached to it.

Mustard pricing traded fairly flat this week. It appears calm for now after some terrible downward corrections in yellow mustard recently. Pricing for yellow mustard sits in the low .50’s fob farm for old crop and in the same range for new crop with an Act of God. 10 bu per acre is available with an act of God and buyers would look at anything from 5 bu to 10 bu if that’s what you prefer. Brown mustard is priced at 40 cents/lb for both old and new crop, while spot oriental sits in the 40’s. Show us an offer on the new crop oriental, as we might be able to get a little more. The crop insurance numbers are starting to trickle out here and they seem strong. So…we still have a good supply of all types of certified mustard seed available with free delivery to your yard. Again…we cannot stress the importance of starting each mustard growing season with new certified seed, as cleaning your own can carry significant downside risk and is generally not financially beneficial. Mustard seed loses grade easily with inseparables for example. Call our office to discuss further.

Through week 28 of the shipping year, Canadian canola is behind last year’s export pace by 1.5 million MT. Crush continues to sit ahead of last year’s pace, with StatsCan reporting January as the fifth highest monthly volume on record. While domestic crushing is strong at over 900,000MT for five consecutive months, these numbers are not enough to make up for the lack of exports. At the time of writing, canola futures sit in the red at $574/MT March. Local prices are showing a range between $12.00-13.00/bu delivered plant, with some crushers showing spring delivery in the range of $13.00-13.50/bu delivered. Let your merchant know if you are looking to have product picked up on farm, as quick shipping options have popped up occasionally in certain areas.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

There hasn’t been any significant changes in the pea market since last week. Yellow peas continue to see trades at the $13.00 – $13.50/bu picked up level, $8.75 – 9.00/bu USD. With new crop values posted at $9.50/bu. However, there have been some offers trading around $10.00/bu with an act of God. Green peas are still strong at $17.50 – 18.00/bu on old crop and new crop values posted closer to $13.00/bu. Old crop maple peas are at $25.00 – 26.00/bu with new crop values at $18.00/bu delivered. We are still working under the assumption that India won’t be extending their March 31^st zero tariff. If they do, then there could be a small bump in some pricing. We already knew supplies were down on greens and maples; and yellows will be too with this last blip in buying. Statscan also reported stocks down 15% compared to last year.

Barley markets come into the week without much change to report for new crop as well as old crop values. Old crop continues to trigger anywhere from the $4.75 – $5.00/bu FOB farm range, with that number getting better the closer you are to feed lot alley. Movement timeframes are also pushing out into summer months. Any drastic upswings or trades above those posted values are highly unlikely given the amount of carry over that is still sitting in the bins. Corn continues to supply feed lot alley so overstepping over indicated values just does not make sense today. There has been talks that some of the barley that was slated for malt is starting to drop off spec in the bin which might impact feed prices going forward. Maltesers still remain quiet on new crop and old crop but we highly suggest getting what is the bin tested to ensure it still makes grade. There is some new crop malt indication around the $6.00/bu FOB farm range including an act of God, but this does not feel like a deep bid. If you have been sitting on the fence on old crop feed now is likely the time to take the plunge to the other side and get something sold before market recalculates and drops off.

What can be said about the wheat world today that we don’t already know? Pricing seems to have flat lined on almost all varieties and forms of wheat whether it be red spring, durum or even feed wheat. Wheat is and always has been affected by worldwide purchases that make their way back to in pocket pricing for the Canadian farmer. This year has been a struggle with other countries having a fluid supply and able to fill tenders for a cheaper delivered price then what is being supplied out of North America. As we inch closer to 2024 seeding and 2024 harvest, it becomes more clear weekly,  that any price rallies on wheat is almost just plain and simple not going to happen. Durum remains around the $11.00 – $11.50/bu delivered range but even those numbers are not deep. #1CWRS is about a $2.00/bu drop off from that and indicated around the $8.50/bu delivered range. We have seen a bit of love for feed wheat values but your best bet with that is calling in and letting us work the freight to see what kind of FOB farm price you can obtain.

Flax continues to chug along in similar fashion to the past couple weeks. Old crop bids range anywhere from $14/bu for quicker movement to $15.50/bu picked up on the farm for summertime delivery. New crop remains on par with old at $15.00 – $15.50/bu picked up on the farm for movement the last quarter of 2024 with 10bpa act of God. Looking over StatsCan numbers on flax, estimated production from this past year comes in around 273 thousand tonnes, the lowest since 1967-68. These low numbers are offset by the ample supply of production due to the previous year(s) large carry in and minimal export demand. Looking ahead to the upcoming crop year, flax acres are forecasted to slide a little more. Unless more demand comes from overseas for both old and new, expect pricing to stay quiet.

Oat pricing continues to chug along steadily, a nice change of pace from some of our other markets that are experiencing high volatility lately. Current crop pricing for milling oats is around the $4.75-$5/bushel range delivered to various locations across Saskatchewan and Manitoba. Delivery timeframes vary but are starting to look more towards the summer months. If you are thinking you’d like to get some more oats moving this crop year, you might want to start making some sales soon. Feed oats that are heavy and dry are closer to the $4/bu mark but that is FOB farm depending on your location. We are still sitting on a decent supply from 2022 and with barley pricing down, we may see an increase in oat acreage in the upcoming year.

Lentils continue to generate the most conversation among crops this week. Despite the chatter, many eyes are closely watching India’s crop condition as the country’s prime lentil growing areas sit in their reproductive stage with the coming harvest in the next 4-6 weeks. Locally, large greens lead the way with spot bids coming in this week at $0.82/lb FOB farm on a #2 or better, with new crop following in at $0.59-0.60/lb FOB farm range. Small greens continue to pencil in strong on both old and new, with old crop bids at $0.76/lb and new crop at $0.51 – $0.52/lb FOB farm with a slight penny premium for those willing to deliver. Medium green lentils in Montana continue to pick up steam on old crop with $0.55/lb USD FOB farm working in some areas. New crop mediums continue to generate bids between $0.37-0.38/lb USD. Lastly, old and new crop red lentils are getting closer to converging with old being bid at $0.34-0.35/lb and new crop at $0.32/lb picked up. New crop lentils continue to be offered with an Act of God on 10bu/acre, with September-December as the preferred shipping timeframe.

Chickpea markets are slow and steady. There is a convention going on in Dubai this week which can stir the pot of the pulse markets but thus far no news has come from it. Several conversations were had last week about chickpea acres going in and what the possible carry over might be for the coming season. General thought is we will come into the next season with a good supply of smaller sized product in the bin and the hopes that the production for the year will provide larger sizing. This could potentially,  in the long run, provide an opportunity for mix and blend to trickle out the smaller sizes. Also, growers are now starting to clean their seed for the season and taking all the smalls out of their production. With this, it is a good idea to get your sample sized again to be used for marketing. Buyers are on the lookout for off quality everyday! Show us what you’ve got and we will help get the good word out there.

The dry bean market continues to have strong export numbers. Numbers are slightly ahead of the 5-year average. There is a risk of exports slowing down due to limited supply in the bin. With limited supply remaining, old crop sales have slowed down but have pushed buyers to offer attractive new crop AOG contracts.  These contracts filled quickly as pricing was attractive and had limited acres available.  The fore mentioned contracts traded at 51 cents with an AOG for black beans and pintos.  Since those contracts filled this market has gone quiet.  The faba bean market on old crop trades last week were coming in at $10.00/bu FOB for spring movement. New crop prices have been null so far on fabas. However, buyers have indicated that they would look at signing new crop up at $10.00/bu for new crop with an AOG.

Mustard pricing continues to be a challenge this week. We have now seen a fairly big correction in yellow mustard for spot pricing. Pricing for yellow mustard sits at 53 cents/lb FOB farm for old crop and in the 50’s for new crop with an Act of God. Brown mustard is priced at 40 cents/lb for both old and new crop, while spot oriental sits in the 40’s. Show us an offer on the new crop oriental, as we might be able to get a little more. We still have a good supply of all types of certified mustard seed available with free delivery to your yard. We cannot stress the importance of starting each mustard growing season with new certified seed, as cleaning your own can carry significant downside risk and is generally not financially beneficial. Mustard seed loses grade quickly due to weed seed contamination and with reduced purchase demand, especially for low grade, these contaminants are likely to play a bigger role compared to the last few years. Call our office to discuss further.

Canary seed is still humming along in sideways action as prices have not changed much this week. Spot prices maintain values at the 40 cent range with occasional opportunities popping in at 41 cents depending on area. New crop prices are still showing 35 cents/lb picked up on farm in many areas and an act of God included at that price level. When you sit down and pencil out canary as an option against other cereal crops, it comes out favorably today and the contracts including an act of God provides a considerable amount more protection than forward selling a lot of other options. Spot prices are expected to slide closer to new crop values as we continue through the marketing season as supplies, while not burdensome, look comfortable with exports not setting any records at this time. In lieu of any new news to really shine up the marketing options canary sales looks like a solid move today.

Current canola market factors remain focused on soybean production out of Brazil and demand from China. Thus, canola will continue to take its lead from soybeans. There is a significant difference between Brazilian production estimates and the current USDA estimates. Chinese Lunar New Year has concluded, and the nation is back to work this week. This could stimulate Chinese soybean purchases. Somewhat regardless of all of this, canola still has a canola problem. AAFC adjusted exports down due to lack of demand and increased carryout to a comfortable 2 MMT. Canola bids are hovering between $12.25-$12.75 picked up on farm with Feb/Mar shipping.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

Barley markets remain unstable with some purchasers indicating feedlot values have fallen further over the past week. At this point, any potential for upward movement before harvest seems unlikely and an increase in producer sales this week may reflect some “acceptance” to that fact. Old crop feed barley continues to trade in the range of $4.75 to $5.00 per bushel FOB farm in Sask and just under $6 per bushel FOB closer to Lethbridge, with deliveries extending into the spring and possibly summer months. Corn supplies continuing to hit feedlots at cheaper levels, coupled with favorable winter weather patterns, have kept this market at bay. New crop values persist at similar levels to old crop, with buyers not eager to pay premiums above current market value. The malt barley market presents an uncertain narrative, as maltsters remain reserved in their purchasing.

There is a lack of noteworthy developments to report in the wheat market this week. Indicated bids for #1CWRS range between $8.50 and $9.00/bu delivered to various locations across the prairies, without much enthusiasm from buyers to offer higher prices. Some pockets of $8.00 per bushel FOB farm feed wheat are still evident, although these values are not likely to be sustained indefinitely. Anticipation surrounds another Turkish tender slated for next week, though it’s speculated that purchases may be made from Italy, thus having minimal impact on Canadian products. With the 2024 harvest drawing closer and an overall lackluster world wheat market, incremental price spikes seem unlikely. Discussions within the wheat market remain subdued, as buyers are cautious about accumulating excess inventory, while sellers are hesitant to make sales and accept current values. It will be interesting to see what develops in the coming months, but with a lack of bullishness in the market, current values warrant some consideration.

It is no surprise that mustard markets have experienced a period of subdued activity over recent weeks. Export demand to the United States has been quiet, particularly impacting the yellow mustard market. Additionally, competition with Russia and Ukraine for mustard sales in Asian and European markets has led to reduced demand from local purchasers. Pricing for yellow mustard ranges from 61 to 63 cents/lb FOB farm for old crop and 58 to 60 cents/lb for new crop with an Act of God clause. Brown mustard is priced at 40 cents/lb for both old and new crop, while spot oriental demand remains virtually non-existent. A few new crop oriental contracts have been put on the books at 50 cents with an Act of God clause, though the buying pool is not deep. We still have a good supply of all types of certified mustard seed available with free delivery to your yard. We cannot stress the importance of starting each mustard growing season with new certified seed, as cleaning your own can carry significant downside risk and is generally not financially beneficial. Mustard seed loses grade quickly due to weed seed contamination and with reduced purchase demand, especially for low grade, these contaminants are likely to play a bigger role compared to the last few years. Call our office to discuss further.

Flax markets are sideways this week, burdened by a large carryover despite a reduction in planted acres. Exports are slowly progressing, and farmer selling remains subdued as we adapt to lower prices. China’s ongoing utilization of flax stockpiles sourced from other regions has limited our market share, leaving us reliant on sales to the US and parts of Europe. On-farm values have seen trades around $15.50/bu FOB farm on the east side of Saskatchewan for both old and new crop contracts. Old crop contracts are based on June/July movement, while new crop contracts include a 10 bushel per acre Act of God clause for movement in the fall. Despite expectations of low flax acres, it may still take time to work through our large carryover unless unforeseen demand emerges.

Oat prices have remained relatively stable over the past several months, and this week is no exception. Prices are hovering around $4.75 to $5.00 per bushel delivered for a #2 milling grade, while feed prices sit in the range of $4.00 to $4.15 per bushel picked up. The recent StatsCan report didn’t bring any significant surprises. While the 2023 oat crop was fairly decent, there were fewer seeded acres compared to 2022, resulting in lower production. However, the large carryover from 2022 has kept oat supplies ample in the market, providing decent coverage for buyers heading into the summer months. If you’re looking to create bin space before the 2024 crop is harvested, pricing out some oats now would be advisable, as movement timelines are already being pushed out.

Lentil prices continue to stand out as one of the few bright spots in the markets. While other crops like maple and green peas, yellow mustard, and canary seed are still showing some good to great values, they represent a shorter list and don’t account for significant acreage overall. Breaking down the lentil market, red lentils still hover in the low to mid-thirties range for both new and old crop values, converging sooner than usual. However, it’s the greens that shine the brightest, with spot prices for small greens reaching up to 75 cents per pound for #1 quality, medium green spot prices around 52 cents per pound picked up in US dollars, and #2 quality large greens flirting with the high 70s to possibly 80 cents per pound in the right areas. New crop prices indicate around 37 cents USD for richleas, 52 to 53 cents for #1 small greens, and in the range of 57 cents for #2 large greens, offering unreal starting points. Considering the increase in seeded acres not only locally but globally, it’s wise to assess the price difference between lentil colors and follow the potential profitability. Contracts come with an Act of God clause covering quality and quantity, mitigating risks associated with weather issues. Hedging bets on green lentils seems prudent given these dynamics.

The chickpea market remains buoyed by small incremental sales and just enough interest from buyers to handle those sales, albeit with a preference for larger-sized product. Bids sit in the low to mid 50 cent/lb range on across-the-board sizing, with a maximum allowance of 10% for 7mm. Negotiation room exists for those with large caliber chickpeas, with a general spec being over 30% 9mm. Although the overall on farm supply seems minimal, it may not translate into a big price movement as it limits the ability of putting on any further significant export programs. Canadian exports in December showed a 14% increase over the previous month, according to StatsCan, and were up more than 15,000 metric tons from a year ago. India’s decision to increase chana acres due to high prices adds another dimension to the market, with weather conditions during the remaining growing season in India worth monitoring. New crop prices with an Act of God clause are holding steady around $0.42 to $0.45 per pound FOB, contingent on farm location.

The canaryseed market continues to display stability this week, with reports indicating it has emerged as an alternative seeding option considering the higher potential returns compared to other cereals. Conversations regarding new crop contracts have been initiated, with values sitting at $0.34-$0.35 per pound FOB farm, including an Act of God clause for at up to 15bpa. This pricing scheme presents a favorable outlook for the fall and growers should seriously consider locking in some tonnage. Spot values remain robust in the range of $0.40 to $0.41 per pound FOB farm, and delivery options might even be available for March, though it’s advisable to discuss this with your merchant. Short-term volatility in the canaryseed market is not anticipated, though large tonnage sales may still cause a hiccup in the market. Canaryseed remains a viable option for both new and old crop sales at this point. Additionally, planting seed is available in certain areas, so call your merchant for details.

Canola markets are encountering resistance around $600 per metric ton, and analysts foresee little change this week due to the Lunar New Year holiday in China and other Asian countries. Producer deliveries for the first week of February totaled 348,000 metric tons, with higher usage attributed mainly to robust exports (246,600 metric tons) and domestic demand (188,300 metric tons). While last week’s exports of 246,000 metric tons marked the second-largest weekly volume shipped this crop year, the Lunar New Year holiday is expected to dampen trade activity. Locally, cash bids range between $12.50 to $13.00 per bushel delivered to Saskatchewan plant, with some bids at $12.00 to $12.40 per bushel FOB farm in the southeast corner of the province. New crop prices currently hover around $13.00 to $13.25 per bushel delivered to Saskatchewan plant, contingent on the month for fall delivery.

Pea markets experienced a slight increase last week but have since slowed down again. There may still be opportunities to reach highs of $14 per bushel delivered to facility for #2 Yellow peas, albeit on a case-by-case basis and subject to confirmation with freight adjustments for on farm pickup. Demand fluctuations can create temporary interest to meet needs before quieting down again. Targets play a crucial role in guiding buyer purchasing decisions, so consider them in your marketing strategy. Green peas have seen some activity as growers seek highs of $18 per bushel FOB farm, but market pressures seem to be pushing prices down again. The highest trades this week reached $17.50 per bushel FOB farm for #2 Green peas, with some buyers seeking off-quality high bleach (15% and over), with limited success. US neighbors have shown interest in bids for both old crop yellow and green peas, but cross-border freight costs make trade challenging from North to South. With ample bushels in the US and unappealing local bids for sellers, feed markets are actively seeking options based on downgrading factors. If you’re considering selling, reach out to explore available options.

Bearish pressure continued due to Brazilian harvest progress and weak Chinese soy demand during the Lunar New Year holiday. Bids are in the range of $14.50-$15.00/bu FOB farm, location dependent. Dry bean exports to Mexico have bolstered the market. Pinto and black beans are fetching attractive bids, with black beans leading the way and pintos a little slower to respond. New crop Canadian faba acres are anticipated to see an uptick this coming season. New crop bids for #2 quality tannin varieties are in the $10 FOB farm range, while old crop #2 faba bids are in the range of $11.50-$12.00/bu FOB farm. Feed quality values are near $10.00-$11.00/bu FOB farm, location dependent.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.

Yellow pea prices experienced a slight increase this week, with old crop once again reaching $13/bu picked up in certain regions. New crop values hover around $9 to $10 per bushel picked up with an act of God in slow trade. Green peas maintain their position at $17.50 to $18 per bushel FOB, contingent on location for #2 quality with max 3% bleach. Additionally, demand remains for higher bleached product, so call your merchant with specs for accurate on farm values. New crop green peas have garnered interest at $13.50 per bushel including an act of God. Maple peas retain their strength in pricing, with old crop still quoted at $25 to $26/bu picked, with new crop bids sitting at $18 per bushel delivered, pending variety. Seed supplies are decreasing, but if you’re looking to update inventories, please contact our office.

Canaryseed markets remain stable, with consistent bids for both new crop and old. Spot values range from $0.40 to $0.41 per pound FOB farm, accompanied by a reasonable delivery window. New crop values remain at $0.35 per pound FOB farm, including an act of God clause, with most buyers willing to purchase up to 15 bushels per acre. These prices offer an opportunity for cash flow at harvest time, with prompt delivery. Anticipation for any immediate increase in values is low, as buyers are content with their current commitments and its still believed that any significant tonnage purchases may push values lower. Discussions across the prairies suggest that overall acres may be slightly higher than anticipated, though total production is not expected to set records this year.

Oat acres are projected to increase by 27% compared to last year. While this seems substantial, considering last year’s lower planting figures and tighter stock positions, the increase appears less daunting. Consequently, prices, although historically decent, are not overly aggressive. New crop figures range from the high $4’s to possibly $5 per bushel in most areas, but buyers are not aggressively seeking product so are not aplenty. Sellers are also not pushing aggressively, resulting in lackluster market sentiment. Some old crop sales are taking place with feed prices of $4 to $4.25 per bushel, depending on weight spec and region, while milling oats may fetch around $5 per bushel in certain areas, slightly lower in others.

Lentils remain a bright spot in the grain marketing arena, with both old and new crop prices showing strength. Green lentils of all sizes remain highly sought after, while reds have seen a slight decline this week and specialty lentils maintain stability. Old crop large green lentils are trading between 75 and 76 cents FOB farm for Feb-March movement for #2 or better quality, whereas new crop prices reached as high as 57 cents FOB farm this week for Sept-Dec movement with an Act of God clause. Medium greens have traded at 52 cents USD or 72 cents CAD FOB farm for Feb-March and indications at 36-38 cents USD or 52-54 cents CAD FOB farm for new crop have been seen with Sept-Dec movement. Small greens are priced at 75 cents for old crop Feb-March movement and between 50-52 cents FOB farm for new crop with an Act of God. Beluga lentils traded at 75 cents FOB farm for Feb-Mar movement, with buyers seeking offers on new crop. French greens have seen limited pricing activity, with the last trade at 60 cents FOB farm for old crop and 52 cents with an Act of God clause for new crop. Farmers are capitalizing on these record prices for new crop lentils, with small green lentils showing the best return on investment at nearly 50%, followed by large green lentils at just over 40%, and reds rounding out the top three with a return of just over 25%. These prices serve as promising starting points for the 2024/25 marketing year.

Flax exports remain subdued as we await this week’s StatsCan report to provide further insight into the market. However, no significant surprises are anticipated as the carry-over from 2022 offsets the smaller tonnage from 2023, ensuring ample supplies to meet demand and thereby keeping prices stable. Nonetheless, occasional market opportunities arise, and this week presents one such instance. Both old and new crop flax are fetching $15.50 per bushel picked up in the yard today, with pricing sensitive to freight costs. Production contracts are of particular interest due to the inclusion of an act of God clause and fall/winter shipping. Until the stockpiles in Chinese warehouses deplete, the primary destination for exported flax remains the US. European prices have experienced a slight uptick, possibly attributed to diminished quality of flax from Kazakhstan.

Not a lot of change for those watching wheat markets this week. China’s recent decision to open imports from Argentina has prompted Brazil to seek alternative export options. Canadian wheat exports maintain a healthy pace, standing 6% ahead of last year at 10.5 million MT. Delivered wheat bids to Saskatchewan plants include $9.10 per bushel for CWRS 13.5% pro and $8.50 to $8.65 per bushel for CPS. Feed wheat values have slightly decreased, trading in the range of $7.00-$8.00 FOB farm, contingent on type and quality. Durum prices remain steady, with spot bids at $12.00 per bushel delivered to Saskatchewan plants for spring delivery, while new crop values hover between $10.00 and $10.75 per bushel delivered. Turkey’s tender to sell has seemingly favored Italy and Tunisia, indicating reduced Canadian export potential in the latter part of winter. According to CGC data, Canada has transitioned from the top durum exporter to the third position in the past year among the EU’s top durum importers. Canada’s share of durum exports to the EU decreased from 70.6% in 22/23 to 18.9% in 23/24, trailing behind Turkey at 37% and Russia at 24.1%.

Chickpea markets have remained stagnant for yet another week, despite Statistics Canada’s estimation of low Canadian supply, which many perceive as inaccurate. It is speculated that challenges associated with smaller sizing and the difficulty in marketing this type of product overseas has growers hesitant to sell due to the bids accompanying this product. Old crop #2 Large Kabuli bids show a wide range, largely tied to sizing and freight costs with values quoted from $0.52-$0.57 per pound FOB farm. These bids typically come with specifications such as a maximum 10% allowance for 7mm sized chickpeas and some buyers are requesting a minimum 9mm size. New crop bids range from $0.43 to $0.45 per pound FOB farm with an Act of God clause and movement scheduled between September and December. However, buyers are not aggressively pursuing every available acre, opting for a slow and cautious approach in the current market. While some buyers have withdrawn from the feed markets, interest remains just a phone call away. Growers are encouraged to inquire if they have any off-grade chickpeas in storage.

Soybean futures continue to face downward pressure as the Brazilian harvest progresses and Argentina receives precipitation. Bids range from $14.75 to $15.25 per bushel depending on the farm’s location. Dry bean exports to Mexico have strengthened the market, with pinto and black beans fetching attractive bids, albeit black beans leading the way in responsiveness while pintos show a slower uptake. There is anticipation of an increase in new crop Canadian faba acres, with bids for #2 quality tannin varieties hovering around $10 per bushel FOB farm. Old crop #2 faba bids range from $11.50 to $12.00 per bushel FOB farm, while feed quality values are approximately $10.00 to $11.00 per bushel FOB farm, contingent on the location.

The downward trend in the canola market persists this week, with March futures dropping to $585 per metric ton, down from $606 per metric ton last week. This decline is somewhat anticipated, given the significant short position on canola held by funds, coupled with the relatively favorable conditions of South American crops. Exports of raw canola seed are progressing slowly, with domestic crush serving as the primary demand point. Looking ahead to the next year, November futures have slipped from $619 per metric ton to $597 per metric ton over the past week. With attractive prices on other commodities, it is likely that acreage dedicated to canola will decrease in Western Canada for the upcoming crop year due to the high planting costs associated with the crop.

Barley markets have been quiet lately, with buyer bids hovering around $4.75 to $5.00 per bushel picked up on the farm, the latter for deferred movement. These values have seen minimal fluctuations and sellers are hesitant to contract at current prices, hoping for improvements in the market. Buyer bids are decreasing due to the ample supply of corn and warm weather conditions, which haven’t prompted feedlots to urgently seek additional feed. There appears to be a significant amount of barley still on the farm, with hopes that prices will increase before the new crop is harvested, though all signs continue to point to a bearish market at this point. Looking at new crop prices, indications have emerged around $6.10 to $6.25 per bushel delivered into feedlot alley. The malt market still shows very little interest in either old or new crop barley, so we continue to suggest targets.

Mustard markets continue to face challenges this week, with brown mustard struggling the most. Price indications for both old and new crop brown seem to have dipped just below the 40-cent, making contracts above 40 cents difficult to secure. Yellow mustard remains relatively stronger, but spot prices have dipped into the 60-cent range, while new crop prices have slipped making 60 cents tough to contract. Oriental spot bids are likely in the very low 40-cent range for both old and new crop, though higher offers for new crop oriental mustard have proven somewhat effective, with some buyers having booked at higher levels this week. Given market volatility, it’s advisable to seek updated information, as spot bids and new crop bids can vary widely among different buyers on a day-to-day basis. The standard Act of God clause for 10 bushels per acre applies to new crop contracts, but even bookings as low as 5 bushels per acre are being considered. Mustard seed, with treatment options and free delivery to the farm in totes or bags, is readily available, and details can be obtained from your merchant. Mustard seed proves to be a more cost-effective option compared to canola seed.

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.