Grain News

Canary prices have remained subdued recently, with spot business bids ranging between 40 to 41 cents per pound delivered to plant. There’s limited interest from both buyers and sellers at these levels, and a new crop bid at 35 cents, inclusive of an act of God, has not gained traction among growers. The lackluster trade is attributed to weak demand for product headed south as well as overseas, coupled with a lack of fresh market-moving news. We continue to welcome offers to maximize market opportunities for both old and new crop canary. The advantage of Rayglen’s offer system is its widespread outreach to multiple buyers, which gives you the best chance at successful trade.

Green pea market activity has cooled down over recent weeks and prices range between $16.00 and $17.00 per bushel FOB for Jan-Feb movement. Higher bleached product continues to face reduced demand with buyers seeming to have their needs covered. Yellow pea bids struggle to consistently reach $11.00 FOB farm with the majority of purchasers quoting values around $10.25-$10.75 in the yard. Rayglen’s yellow pea trades ranging from September 1^st to present lag behind last year, likely influenced by slower shipping, limited product availability, and pricing challenges especially when compared to greens. Maple pea demand seems to have cooled slightly over the past week, but growers can still expect to see strong bids ranging from $23-$26/bu FOB farm. New crop programs for next fall remain limited but show potential prices of $12.00/bu delivered for green peas and $17.00/bu for maples, likely to include an act of God.

Canola futures have had a recent uptick since late last week. This has been largely led by the soybean complex and recently sustained by soybean oil values. Palm oil, which contributes over 1/3^rd of global veg oil, is forecast to fall below previous expectations due to Malaysian production challenges. This is supporting global veg oil prices for soybean oil and by extension canola oil too. Furthermore, Brazilian soybean production estimates are being trimmed due to drought in the north and flooding in the south. Canola, in and of itself, does need fresh and expanded export volumes to avoid a heavier carryout position. Canola bids are in the range of $15.25/bu to $15.76/bu FOB farm location dependent.

The wheat market remains stable, with milling quality, 13.5% protein hard red spring values still hovering around $9.40/bu delivered plant in central Saskatchewan. In comparison, feed wheat bids sit at approximately $8.00/bu FOB farm, in some cases offering better returns for sellers. In world wheat news, the recent WASDE reports suggest a robust crop, and offers a bearish outlook despite reductions from Argentina, Kazakhstan, Brazil, and India. The US winter wheat crop is forecasted for improved moisture over the coming week, which should start this crop above average compared to previous years.

Canadian mustard demand remains slow, with spot prices sitting around 80 cents per pound for #1 yellow, in the mid-60s for brown, and oriental mustard continues to struggle to secure bids in the 60s with most quotes starting with a “5.”  New crop inquiries are consistent among growers and this week we have secured the first hint at a new crop program – reach out to your merchant for details. Program availability and enthusiasm remain behind last year’s pace, but there will be options for growers. Planting seed is available for all types and varieties with free delivery to the farm; call for pricing and to secure your seed supplies.

Barley values look slightly lower than last week, trading in the range of $5.50-5.90/bu for several areas in Saskatchewan. Premiums exist for product in good freight lanes, but shipping timeframe is critical. Quick moving barley is difficult to find as many buyers push their bids into the first few months of 2024. Looking at the broader picture, barley is under pressure for a number of reasons. First, the relationship surrounding Australia/China barley has eliminated roughly 1MMT of exports and Canada has begun shifting back to this reality. Second, the drawn-out story of corn into feedlot alley is now present as US corn harvest and shipments to Canada progress. Looking locally at malt, buyers have been quiet as they evaluate their own needs. Despite a quiet barley market, pockets of opportunity have shown up so reach out to your merchant and let us explore all options if you’re looking to make any sales this winter.

Green lentils bring some excitement in an otherwise generally lackluster and quiet market space. Despite some purchasers lowering bids, large and small green lentils still pencil in extremely strong at $0.70/lb and $0.65/lb FOB farm respectively. Growers with #1/X2 large greens may see premiums to these values, so it is advised to call your merchant if you have this spec. Medium greens show continued strength as well with quotes now sitting as high as $0.47/lb USD FOB farm, and new crop values are being explored. Red lentils remain stable at $0.35-$0.36/lb Fob farm with some delivered plant premiums available in southern Sask. New crop values for all lentils are being shown, with large greens at $0.50/lb, small greens at $0.45/lb, and medium greens at $0.34-36/lb USD – all FOB farm with Act of God. New crop red lentil bids have been slower to come out but have started at $0.30/lb on a DDC. If your farm is considering adding green lentils to your rotation, note that seed is in high demand so reach out to your merchant to source certified seed before supplies run out.

Indian chickpea rabi planting is underway at a steady pace and Canadian exports have started to pick up with the largest buyer being the US. There have also been some volumes moving into India that would be considered early given historical shipments. This could affect the long game of value as stocks deplete. Mexico and India are seeing high domestic prices compared to other crops which could lead to increased grower interest. Conversation around new crop has becoming more frequent for North American growers and although producers are starting the conversation, buyers are still hesitant to offer much for firm values. Spot bids are unchanged from last week hovering around $0.52/lb FOB farm with freight and sizing sensitivity for Dec-Jan movement. New crop indications are around $0.45/lb FOB farm Sept-Dec with an AOG. Still lots of price discoveries happening here and only a few contracts. Feed and sample product are unchanged as well, with bids around $0.35/lb FOB farm depending on the down-grading factor.

Flax markets continue to see pressure and prices have softened from where they were only a couple of weeks ago. Bids now range from $15.50 to $16.00/bu for the most part but targets closer to $17.00/bu may be entertained for 2024 shipping as many buyers have filled nearby positions. The US has been the biggest importer of Canadian flax at roughly 6800 tonnes, with China only contributing 2300 tonnes to our export program in September. Reports on the Kazakh flax harvest have been limited thus far, so it’s uncertain if the wet weather has caused any yield or quality issues. There seems to be no sense of urgency in the market at this stage, but sporadic small pockets of demand seem to pop up from time to time. For those with off-grade flax, we have seen some purchase demand, so talk to your Rayglen merchant for marketing options.

The oat market remains subdued, with limited activity in bids and trade this week. Buyers appear adequately supplied at the moment, preventing any significant price spikes, and we can still find a bit of old crop in the bin. Spot market milling quality bids are in the range of $5.00 to $5.25 per bushel, delivered into the plant. New crop bids have emerged around $5.00-$5.50/bu delivered for glyphosate-free milling quality oats; higher values are seen for late 2025 shipment deadlines. So far, this has garnered minimal interest from producers, but it has started the discussion. Those with firm sales targets in mind for either old or new crop are encouraged to reach out to post them on firm offer.

Soybean markets have been reacting to slow seeding in Brazil and the ongoing concerns on Argentina supply. Argentina is holding back exports due to replacement cost due to a weaker currency and higher soybean prices. Brazil has some reseeding taking place in the northern part of the country and other areas are having concerns caused by heavy rains. This had soybeans making a nice rally towards the start of this week but has since seen a bit of a down trend today. This rally may be short lived as countries readjust their meal rations and the how the Brazilian crop will recover going forward. The local markets are paying $16.50 FOB farm for Nov-Dec movement.

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 November progresses, little change is observed in the value of most pea varieties. Green peas maintain their position as the frontrunners among the “big players” (yellows and greens), and although bids have softened slightly, firm targets are still catching interest around $17.00/bu FOB farm contingent on farm location. It’s important to note that this price pertains to good quality #2 spec with less than 3% bleach. Demand for higher bleached greens is tough to find this week, but we are looking for grower offers to show our buyers. Yellow peas seem poised for a price surge, but the starting gun hasn’t been fired yet. Bids still hover at approximately $11.00/bu delivered to most locations, but grower selling is slow and targets at $11.00/bu FOB, or higher, are encouraged. If a demand window opens up, it’s likely that tonnage will be filled quickly, so having your peas in front of purchasers is key. Maple peas continue to attract interest in the mid $20’s, but market demand appears to have softened slightly, which is understandable given the recent surge in purchases.

After a few weeks of stability, feed barley resumes its reaction to the market conditions we’ve been reporting on over the last few months. For the most part, bids across Saskatchewan have now dipped below the relatively stable level of $6.00/bu with many indications now sitting around $5.50 to $5.75/bu FOB farm. Those on the fence may want to consider making sales as buyers are still considering offers at these levels, although their appetite seems reduced. Purchasers are also reporting larger-sized lots becoming available, making it easier to secure their required tonnage while not having to chase bits and pieces across the prairies. There isn’t much new to report on malt, and while maltsters may still purchase, there’s a sense that many are stepping back to reevaluate their needs for the upcoming months. Showing good quality product is likely still worthwhile, but don’t expect immediate responses as they refine their wants versus needs for the remainder of the crop year.

Regarding old crop oats, demand may not be exceptionally strong, but prices continue to be quoted in the range of $5.00 to $5.25/bu delivered plant. Buyers appear content with their current positions, unwilling to “overbid” to secure more tonnage and these price levels likely represent a comfortable margin for the time being. Shifting to 2024 production, it’s not surprising that we’ve now seen some new crop demand pop up as oat buyers tend to plan their early harvest needs well in advance. Prices for the September to November 2024 shipping period are being quoted around $5.50/bu delivered for #2 spec, glyphosate free. Since these programs are relatively fresh, it’s unlikely that buyers are willing to pay values above quoted bids at this time. However, if you are looking for a bit more value, setting a firm target price might be a sensible approach. Historically, milling oat buyers tend to fill their early shipping windows sooner than later, so again, if you’re on the fence, consider making your decision with some haste.

Domestic lentil values are subject to outside market factors and each type of lentil can respond independently of another depending on what those factors may be. While India has traditionally been a significant importer of Canadian red lentils, diplomatic tensions have recently posed some challenges. On top of this, Australia is experiencing its second-largest lentil crop, and analysts anticipate ample supply for global markets. However, if the pigeon pea crop in India continues to show low yields, increased local pricing, and the world supply of large green and small green lentils dwindle, we may see a shift towards increased demand for reds. That said, currently, red lentil markets are stable with no noticeable increase in demand or value with bids sitting comfortably between 35-36 cents per pound picked up. The green lentil market seems less sensitive to these changes, with prices for large greens ranging from 65-69 cents per pound and small green lentils at 62-64 cents per pound both FOB farm after the new year. The relatively small price difference between green lentil varieties suggests that end-users are already substituting products. Offers on green lentils are still available, and these levels make sense to make incremental sales. Take advantage of this market!

The mustard market has been relatively quiet lately, as overseas end-users have not shown much interest, while domestic buyers are content with moving the contracts they purchased last spring for delivery during this crop year. While the supply in Canada is tight, it’s not overly restrictive. Other sources, such as the USA and the FSU, have helped mitigate the market impact and keep prices in check. Some growers are inquiring about new crop prices for the 2024/2025 crop year, but buyers have been unwilling to provide contract values at this point. Current spot prices are approximately 80 cents for #1 yellow mustard and in the mid to high 60s for brown and oriental varieties. However, the main issue is the availability for movement, as most buyers are already full until the new year. If you require mustard movement sooner, there are options, but you may have to accept slightly lower prices, given the reduced number of buyers capable of facilitating prompt deliveries.

The flax market has become subdued this week, with most buyers reducing their bids. Prices this week range between $16.00 and $16.50/bu FOB. The export market remains quiet, with minimal shipping activity for the 2023/2024 season so far. The Chinese market continues to favour purchasing from Kazakhstan and Russia. With a limited export market, ending stocks are expected to remain at a moderate level, which will likely keep pricing in check. The domestic market has shown strength in recent weeks but declined towards the end of the last week and traders are facing challenges in securing new domestic sales at the moment. Until the export market picks up, expect flax prices to remain sluggish.

Wheat futures are in the green today, and cash prices have seen a slight increase since the beginning of the week. Canadian wheat exports are up by 11% compared to last year, totaling 5.1 million metric tons through Week 13 of the shipping year. Locally, wheat bids delivered to plant in Saskatchewan include SWS and RWW at $9.40 per bushel for December, CWRS 13.5% pro at $9.30 per bushel for February, and CPSR at $9.10 per bushel for December. If you’re looking to market any type of wheat, consider discussing with your merchant to explore potential premiums by extending delivery into the new year. The feed wheat markets have been quiet, but buyers are encouraging offers, and prices will depend heavily on freight costs. Moving to the durum market, recent news suggests Russia has banned durum exports until May 31, 2024. Despite this, it hasn’t had a significant impact on the market, as Russia has already shipped the majority of its exportable surplus – some state as much as 80%. Durum prices range from $13.00 to $13.75 per bushel delivered in Saskatchewan, with stronger bids extending into May to July delivery. For growers in Southeast Saskatchewan, there is buyer interest at CAD $13.25 per bushel FOB farm for #1 US milling quality.

Soybean futures have seen a sharp increase due to export news and planting delays in Brazil. The USDA WASDE report is set to be released tomorrow, with early speculation suggesting a slight increase in US soybean ending stocks, though still at the lowest level in eight years. It’s also anticipated that US production will be adjusted downward based on lower yields. Bids for soybeans range from $15.50 to $16.00 per bushel, depending on the location. Dry bean bids are expected to receive late-season support from Mexican demand due to lower production. Feed quality fabas continue to be supported by pet food values. Local bids for export-quality #2 faba beans range from $11.50 to $12.00 per bushel FOB farm, while feed quality values are around $9.00 to $10.00 per bushel FOB farm, depending on the location.

Chickpea markets are reporting smaller sized, but favourable quality crops in Canada and a shortage of supply in India, which should lead to increased demand from North America. However, Canadian buyers remain cautious, and market values have seen a slight drop in the past seven days. Globally, the Indian government has increased the Minimum Support price for chickpeas by 2%, while lentils and wheat are up by 7%. This does not necessarily indicate concerns for chickpea production in India, but it is still early to determine whether this will discourage Indian growers. Reports suggest that Argentina’s production will be notable, but it may not have a substantial impact on market prices. Current #2 large kabuli chickpeas are bid at around $0.52 per pound FOB farm for January to February. This lower value reflects buyers’ response to the emergence of smaller sizes and the belief that a significant portion of large-sized chickpeas has already been exhausted from the market. While the #2 market has seen some changes, the lower quality and sample grade market remains flexible, with bids around $0.36 per pound FOB farm. Discussions regarding new crop plans and increased acreage are ongoing, but final decisions are still some time away, and weather conditions will play a significant role in determining the outcome.

Despite last week’s report mentioning that canaryseed production is down this crop year, the price continues to struggle. Export demand remains slow and sluggish compared to previous years. It appears that the canary price has softened again this week, with bids now in the low 40-cent range per pound FOB farm. There might be a possibility of reaching 41 cents for a Jan-Feb movement, but options are limited. Shipping timeframes will significantly influence price determination, so it’s a good idea to contact your merchant for the latest information. New crop pricing is uncertain, given the current weakness in spot prices. Feel free to give us a call if you’d like to explore the possibility of putting up an offer in the 35-cent range with an ‘act of God’ clause. If you require new seed for the spring, please let us know.

The canola market has seen a healthy increase since last Wednesday. January futures are currently sitting at $701.7/MT at time of writing, up from last week’s $677/MT. Soybean prices are on the rise due to weather concerns (rain) affecting Brazilian production. If these concerns persist, there’s potential for soybean prices to increase further due to quality issues, which should offer a glimmer of optimism in the canola market. This may especially ring true if South America encounters challenges on the crushing side, which could drive canola prices upward further. It’s still early, so we’ll need to wait and see how things develop; perhaps there is still hope for an upward trend in pricing. Locally, there’s enthusiasm surrounding the proposed canola crushing plant and renewable diesel project, scheduled to begin construction in 2024/2025. If everything aligns as planned, this project could provide more opportunities in the domestic market.

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 barley enters a new month, posted bids remain virtually unchanged, but still at “sell” levels. In the prairies, FOB farm feed barley prices range from $5.50 to $6.00 per bushel, depending on the delivery timeline and location. While these values may not match bids seen this time last year, they are still quite favourable historically. There is a higher likelihood that these prices will hold steady or fall further rather than experiencing a significant market upswing in the near future. Several factors contribute to the current price stability, including the demand for, and continued shipment of corn into feedlots as well as the surplus of malt varieties that do not meet spec being redirected to feed markets. If you are uncertain about selling, it is recommended to make sales on at least a portion of your inventory to hedge against further downside. Maltsters have been very “tight lipped” in regard to this year’s needs, but if you’re sitting on good quality malt, we suspect they are willing to show firm bids once samples are submitted for review.

Chickpea values maintain a strong presence in the market, with posted bids sitting in the range of $0.54 to $0.55 per pound FOB farm. Higher valued grower targets have also been observed over the past couple of weeks and buyers continue to show interest. However, it’s important to note that sizing remains a significant factor in their decision to purchase these offers above posted bids. There are indications that seeded chickpea acreage for 2024 will increase, which makes sense given the favourable pricing and reduced susceptibility to soil born disease compared to crops like lentils. Therefore, it may be an opportune moment to consider selling some of the chickpeas that have been stored for a couple of years.

The wheat market is showing a positive trend after a period of falling futures. This week, tenders have been issued by countries like Jordan, Bangladesh, and Japan, with a preference for sourcing from North America or Australia. That said, Russian product continues to enter the market at discounted values, underpinning the market. Domestic bids, so far, remain relatively consistent week to week. Current bids sit around $9.20/bu delivered for #1 CWRS with 13.5% protein throughout central Sask, while red winter and soft white wheat are priced at $8.50/bu delivered. Feed demand has been quiet, and values are holding at $8-$8.50/bu FOB, rivaling delivered plant milling bids.

The canola market is moving sideways at time of writing, with January futures at approximately $677/MT after transitioning from November. It seems the market is still searching for a bottom, but at this point we can’t say it has found one yet. Sellers seem content with waiting at this stage and once a floor has been established, we’ll see what kind of, if any, correction is made. Canola futures are largely influenced by the soybean market, so monitoring American and South American production is crucial. For now, it essential to keep an eye on local basis levels and on farm storage to avoid any quality issues. Early expectations indicate that canola acres for next year’s crop will remain relatively stable at around 21-22 million, though it is early, and this may change over time.

The lentil market is full of “tricks and treats” this week, with green lentils leading the way in value. Spot large green lentil bids sit between 65 and 66 cents per pound FOB farm for Nov-Dec delivery. New crop large greens have traded based on firm grower targets as well, with values fluctuating pending on shipping window and location. Call your merchant for details! Small green lentils have reached 62 cents this week for old crop and 45 cents FOB with an Act of God for new crop. Medium green lentils are trading at 45-46 cents per pound in U.S. dollars, again contingent on location and shipping window. Specialty lentils like french greens and belugas are maintaining bids at 60 and 70 cents respectively, without much mention of new crop programs yet. Red lentils remain quiet with bids as high as 37 cents per pound FOB in strong freight locations, although most are still quoting 35-36 cents FOB farm. The small red lentil market is expected to remain uneventful until the market gets a better handle on the Australian harvest. The large green lentil market is approaching its 2016 high, while small green lentils are also nearing record levels. Typically, large green lentils tend to plateau rather than spike, and this plateau period often starts in early-mid fall and lasting until mid-late winter. It is important to note that this is only the third time in 10 years that prices have pushed over the 60 cent per pound mark. It remains to be seen whether the market will flatten or continue to climb.

Soybean futures have seen a slight increase due to Brazil’s planting pace reports, with Brazil falling behind expected pace due to irregular rainfall patterns. Export orders to Mexico and China, along with strong domestic crush, are supporting prices as well. Bids range from $15.20 to $15.70/bu FOB depending on the farm location. Dry bean bids are expected to receive late-season support from Mexican demand due to lower production. Feed quality fabas continue to be supported by pet food values, with local bids ranging from $11.50 to $12.00/bu FOB for export quality #2 fabas and $9.00-$10.00/bu FOB for feed quality, depending on the farm location.

The final Sask Ag report shows canaryseed production at 19.5 bu/acre, slightly lower than StatsCan’s estimate of 21 bu/acre. Based on estimated acreage reports, no matter how you slice it, supply for the 23/24 marketing year will still be less than 22/23. Despite the smaller crop, export demand has been slow, falling behind previous years. Locally, canaryseed seems to have a bearish tone, with pricing holding flat to slightly lower this week. Top end bids still sit at 43-44 cents per pound FOB farm, but some purchasers have moved lower on suspicion of the downward trend continuing. Freight and shipping timeframe will play a significant role in price determination, so reaching out to your merchant for the latest information is recommended. New crop pricing is at $0.35/lb delivered with an Act of God.

Green peas have seen some price improvement in select areas over the past week, with bids reaching $17.00/bu picked up in the yard. Some room remains on this program, but tonnage is limited, so if interested, please reach out to your merchant for details. Farmer selling is ahead of the 5-year average, suggesting strong sales to the end-user market. Imports of peas into China are currently below the 5-year average, and with lower production in key growing areas such as Canada, more peas may enter the market from Russia and Ukraine. Yellow peas are holding steady at $11.00/bu delivered, and there is still interest from buyers for maple peas.

Flax exports have been quiet, and supplies are not expected to be tight despite lower 2023 planted acres. Some flax is trading at $17.00/bu picked up in the yard for December to February movement, with most of it going to the US, but this buying pool seems to be shrinking. Canadian exports to China have also decreased, with most of their demand being supplied by Russia and Kazakhstan. Interestingly, Canadian market share into China for September was reported as less than 2000MT. There is speculation that there is a significant amount of flax stored in Chinese warehouses, so the smaller crop in Canada may not impact Chinese buyers significantly.

Mustard markets remain sluggish, with little reaction to recent reports from Sask Ag indicating an ever so slight increase in yields in their late October report. The provincial average yield was reported at 636lbs per acre, leading to a bump in overall tonnage compared to last year. Brown mustard has shown some weakness, with quoted values dropping to the 68 cent per pound range. Overseas demand for brown mustard remains slow. On the other hand, yellow mustard bids remain stable at around the low to mid $0.80 per pound, while oriental mustard prices remain unchanged, hovering in the high $0.60s per pound range. Despite an increase in inquiries about new crop mustard pricing from the grower side, there are currently no new crop programs available, so we’ll have to wait and see how things unfold in November. Mustard seed sales have begun, and there are various options available, including treated and untreated seed with free delivery to the farm for the upcoming year.

In the oats market, there’s some reshuffling of chairs as buyers calculate new crop values, while growers stand ready. Due to the lack of acres and production last year, buyers are looking to bolster their supplies without flooding the market. To strike a balance, the market needs more acres than last year, but not to the extent of the previous year; a delicate dance to ensure markets make sense for both producers and buyers. If you’re considering new crop oats, be sure to reach out to your merchant. As for old crop milling values, they continue to range from low $5 to $5.25 per bushel, depending on the farm’s location. Feed values remain relatively unchanged, with prices penciled in at $4 to possibly $4.50 per bushel.

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.

Chickpea markets have witnessed increased seed trade this week as growers solidify their plans for the upcoming season. It is expected that due to crop rotation, acreage will remain strong for the 2024/25 crop year. While quality was not a major worry this year, sizing remains to be the major concern. Buyers are actively seeking large-sized chickpea parcels and are willing to pay well above current bids to secure them. Old crop bids for #2 large kabuli chickpeas with up to 20% 7mm currently sit in the range of $0.54 to $0.55 per pound FOB farm; discounts to apply for chickpeas over 20% 7mm. Growers with product that has been stored for a few years are encouraged to take new samples and perform sizing assessments to determine market value. Feed/sample values still hover around $0.36 per pound FOB farm. If you plan to sow chickpeas this coming season and require seed, it’s advisable to start your search now. Feel free to reach out to us to discuss your needs.

Flax prices remain relatively stable, though buyer interest and market activity do vary. It is still possible to secure prices at around $17.00 per bushel for FOB farm, but some buyers are quoting as low as $14.00 per bushel. This variation may be attributed to Chinese demand and their current warehouse supply levels. Currently, there is no immediate concern about market availability, and flax prices could potentially trend lower before improving. Keep an eye on Kazakhstan’s reports regarding flax acres and yields, as a delayed harvest due to heavy rains has created uncertainty about quality. While carryover stocks may ease the supply situation, it’s expected that there will be less inventory later in 2024. At present, the market remains stable, and any significant price increases in the near term are not anticipated.

The barley market continues to follow a familiar pattern over the last few weeks. While it may sound like a broken record, it’s important to note that trend is driven by active market dynamics rather than stagnation. Feed barley is still being quoted at approximately $6.00 per bushel FOB farm in most regions, and there is still an opportunity for relatively quick shipment. As corn continues to make its appearance in the feedlot scene, we don’t expect a significant price surge, but locking in prices today remains a good option to secure returns on the farm. It’s more likely that prices in the prairies will stabilize rather than experience a sudden spike. Maltsters are still exploring options for high-quality malt, but obtaining firm purchase quotes may be challenging. To secure the best deal, it’s advisable to assess quality, determine specifications, and initiate the marketing process accordingly.

Recently, the canola market has been impacted by cheap product coming out of Eastern Europe, causing a noticeable stumble in canola prices. Analysts are now pondering just how much lower futures will go before they find a bottom. To compound matters, soybean values also suffered a setback this week, as beans continue to lose ground. Witnessing a $100 per metric ton drop in November futures within a single month is undeniably disconcerting, no matter how you look at it. Evidently, most, if not all, sellers have securely closed and double-locked their bin doors, patiently awaiting more favourable market conditions. We strongly recommend keeping a vigilant watch on storage as we’ve already encountered a few issues with heating this year. Issues are not primarily from the canola, but mainly due to weeds or chaff, which can lead to problems. Fortunately, cooler weather on the horizon should help alleviate these concerns, but it’s vital to remain proactive in managing storage to prevent any potential issues. Spot prices have dipped into the $14 range in many instances, and a few buyers offering wider basis levels are even showing values as low as $13 per bushel.

Soybeans started the morning with a slight dip, influenced by flat external markets and the ongoing U.S. harvest pressure. However, the market received a boost due to less-than-ideal weather conditions forecasted for the U.S. soybean harvest and the announcement of a 4.6-million-bushel soybean sale to China. Bids are currently ranging from $15.25 to $15.75 per bushel, depending on the farm location. Dry bean bids are expected to gain support later in the season from Mexican demand and reduced production, although they are currently burdened by carryover supplies from the previous season. Canadian faba bean volumes are projected to decrease compared to the previous year. Feed-quality fabas continue to find support from the pet food industry’s demand. Local bids for export-quality #2 faba beans fall within the range of $11.50 to $12.00 per bushel, depending on the farm’s location, while feed-quality values range from $9.00 to $10.00 per bushel, also contingent on the farm’s location.

This week’s mustard prices have remained unchanged. The trend remains consistent, with buyers content to pull production contract tonnage for their plants. Interestingly, some buyers are abstaining from bidding on specific types of spot mustard. While there has been a surge in inquiries regarding new crop mustard pricing, there are currently no new crop programs available. Perhaps we will see more activity on this front in November. Spot prices also appear to be shifting towards deferred shipping with quoted as December to January not uncommon. It may be worthwhile to discuss quicker movement options with your merchant at slightly reduced prices. Yellow mustard bids continue to hold steady in the mid-$0.80 cent per pound range, while brown mustard bids are currently quoted in the low to mid $0.70 range. Oriental mustard prices remain lower, hovering in the high $0.60’s per pound range, and seem to be facing challenges in terms of market demand. Mustard seed sales have begun, and various options are available, including treated and untreated seed with free delivery to the farm for the upcoming year.

In the wheat market, prices continue to decline, with growers eagerly awaiting a rebound. Various issues, such as poor crop conditions in China and Argentina, have created opportunities for Canada, France, and the US to benefit from the Chinese supply gap. Reports suggest China will be short 30-40MMT and they aim to cover 13MMT for high quality/human consumption markets. However, international wheat prices are currently at three-year lows, which might explain the lack of upward price movement. The International Grains Council (IGC) anticipates that world wheat supply will reach approximately 785MMT, which is roughly 18MMT below the previous year. Despite this, prices remain stagnant. Perhaps, as time progresses, producers will observe more market reflective values. Currently, pricing for #1 red spring wheat with 13.5% protein sits around $9.20 per bushel, delivered in central Saskatchewan. Feed values show little change, with prices ranging from $8.00 to $8.50 per bushel picked up on the farm.

Oats have remained stable this week, with limited changes. According to the Canadian Outlook for Principal Crops, estimated oat production for 2023-24 is at 2.44MMT, a 53% decrease from the previous year due to reduced acres and yield potential. Carry-out stocks for 2023-24 are expected to be 0.35MMT, a significant decrease year over year. Locally, oats destined for the feed market are trading at $4.25 per bushel FOB in Saskatchewan. Milling bids vary by location and timeframe, with posted bids of $5.25 per bushel for January-March shipping and $5.50 per bushel for April-August shipping. In Manitoba, milling bids range from $5.50 to $5.75 per bushel, depending on location and timeframe. Organic oats also present opportunities, with prices ranging from $9.00 to $9.50 per bushel delivered in Saskatchewan. With some milling needs being covered in the short term, it’s advisable to consult with your merchant regarding shipping options.

Canaryseed pricing has seen a slight decline this week, with values ranging from $0.43 to $0.44 per pound, offered as FOB farm and delivered in Saskatchewan. The Canadian Outlook for Principal Crops estimates 2023-24 production at 124,000MT, with lower exports expected due to supply constraints. Internationally, Argentina’s canaryseed crop is facing drought concerns, affecting their export pace. With limited export demand and reports of cheaper canaryseed substitutes, the canaryseed market remains quiet, with neither sellers nor buyers making significant moves.

Peas markets continue to maintain stable pricing, although trading activity has been subdued. Yellow peas have reached as high as $11.00/bu FOB farm this week, while green peas have traded as high as $17.00/bu FOB farm, although most trades are still seen at $10.50 at $16.50 respectively. Firm targets are encouraged to try and capture the higher end values. Maple peas have seen less activity but continue to command prices in the range of $25 to $26/bu, depending on the movement timeline. Overseas buying has slowed for the time being, with expectations of increased sales in December and January. Outside influences on the yellow pea market include increased production in Russia, Ukraine, and the USA, as well as reports of Russia selling peas at a US$40/MT discount. The yellow pea market is likely to remain sluggish unless there are changes in Russian supply or increased demand from China. Green and maple peas should remain stable, possibly strengthening, as supply will remain limited until the next harvest.

The lentil market has seen minimal changes compared to last week. Large greens have traded as high as 65 cents per pound this week, small greens at 61 cents, French greens at 64 cents, and reds as high as 37 cents with extended delivery timelines. The green lentil market is currently drawing the most interest from buyers, while the red lentil market appears to be in a holding pattern. Red lentils may take until the new year before seeing any significant price recovery, as market participants await information on Australian yields and their local selling prices. On the other hand, the green lentil market is active, with buyers eager to secure product before it becomes scarce. Buyers have started pricing some new crop small greens and French greens but are holding off on other lentil varieties for the time being.

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 soybean market has shown signs of bullish sentiment recently. Several factors contribute to this, including planting delays in Brazil, reduced US production, and robust domestic crush. Bids for soybeans range from $15.50 to $16.00 per bushel, depending on the farm location. Dry bean bids are expected to receive late-season support from Mexican demand and reduced production but are currently burdened by carryover supplies from the previous crop. Canadian faba bean volumes are projected to decrease year-over-year, while feed-quality faba beans continue to benefit from pet food demand. Local bids for export-quality #2 faba beans range from $11.50 to $12.00 per bushel, and feed-quality values are around $10.00 to $10.50 per bushel, depending on the farm location.

Canola prices have faced challenges recently. Fortunately, the past week didn’t bring significant downward movement to the market, but after a brief period of positive movement, prices reverted to their levels from a week ago. Currently, prices remain above the floor of $700 per metric ton on the November futures, sitting at $710 per metric ton at the time of writing. These price fluctuations have largely followed soybean values, albeit with some lag. There is some talk of potential upside in oil futures, which could impact edible oils, but the outcome remains uncertain. Exports are still slow, and the market awaits new developments to bring positive changes. Spot prices vary from $15.25 to $16.10 per bushel depending on location, so it’s advisable to explore different options due to differences in basis levels.

The oat market has maintained relatively stable prices in recent weeks without exhibiting any significant price spikes or drops. This stability is due to higher estimated 2023 production and carryover from the previous year’s crop. Buyers seem to be able to secure their needs without straining their budgets and/or chasing high priced offers. For 2024 shipping windows, bids range from $5.00 to $5.50 per bushel delivered plant on #2CW oats. Feed values sit around $4.00/bu, but most purchasers require a certain weight spec. If you’re looking for local FOB farm bids, please contact your merchant with specs. New crop chatter has arisen with some purchasers predicting the release of 2024 production contracts shortly. At this stage, holding oats for a near term price increase doesn’t seem likely.

Barley still provides a strong option for grower sales, despite some softer bids. Although values may not match last year’s levels, today’s bids are still historically favourable. Most areas see a trade price of $6.00 per bushel FOB farm, with reasonable delivery terms. Current spot purchases align with or exceed the 5–10-year average, especially for feed values and are likely closer to malt averages. Corn continues to be pushed into the feedlots and in some cases is replacing barley entirely in the ration. It may be advisable to take advantage of values currently offered bids to hedge against further downfall. For malt pricing, it’s best to get grading done and source prices from there. Firm offers and targets are catching buyers’ attention, but extensive purchasing is not expected.

Pea markets continue to draw the interest of most buyers this week. While prices aren’t skyrocketing, purchases are happening at reasonable rates. Green peas are trading in the $16.00 to $16.50 per bushel range for good quality peas. For those with product outside #2 spec, buyers are also offering some strong bids for higher bleach green peas. Contact us with your grade and/or send us samples to start the marketing process. Yellow peas remain stable, with prices at $10.00 to $10.50 per bushel FOB farm, though some buyers are offering slightly higher delivered values. Posting a firm offer seems to be a good strategy to capture potential market fluctuations. Maple peas remain at the forefront of the pea market, consistently trading at prices in the mid-$20.00 per bushel range.

Chickpea markets have been eagerly awaiting official statistics from StatsCan for several months, and this week is no exception. The prevailing sentiment can be summed up as “hurry up and wait” for the December figures. However, it’s widely acknowledged that the carryover has been steadily decreasing, and supplies are expected to be tight for the 2023/24 season, as both Canada and the US are experiencing increased exports. One aspect that hasn’t received much attention is the difference in sizing methods between Canada and the US. Canada uses Imperial sizing, while the US employs the metric system. The variations in sizing can be significant, so when comparing production between the US and Canada, it’s essential to use a uniform unit of measurement. This information holds great significance and is crucial for the effective marketing of your production. Old crop chickpea market values currently average $0.54 per pound FOB farm for December/ January (equivalent to $0.40 per pound in USD), applicable primarily to chickpeas with max 15-20% 7mm size. Anything with a higher percentage of 7mm may be subject to discounts and can vary between different buyers. There are no new crop bids available yet, but it’s anticipated that there will be a significant increase in acreage planted. If you require seed, let us know sooner than later.

The flax market remains relatively stable this week, with prices hovering around $17.00 per bushel for on farm pickup. The movement timeframe can vary, so please reach out to our office for available options. Flax exports in August were below the five-year average, with the US being the primary destination. Reports from Kazakhstan earlier this month indicate that stocks are lower than the previous year, although these figures haven’t accounted for the delayed harvest due to heavy rains, which could affect quality. Analysts still anticipate reduced stocks from Kazakhstan, as the 2023 reports suggest that seeded acreage is lower compared to the previous year. Chinese buyers don’t seem overly concerned about stocks from major exporters, as prices remain stable.

Canaryseed prices remain largely unchanged from last week, at $0.44 per pound for October/November and $0.45 per pound for December/January. According to the latest Sask Ag Report, provincial yield averages for this year’s harvest are estimated at 20.80 bushels per acre. Looking at international markets, Canada reportedly exported 4,200 metric tons of canaryseed in August, marking the lowest August monthly total in well over 20 years. Mexico continues to be the largest buyer, with the US as the second-largest market. Analysts will closely monitor September’s export numbers to gauge whether the August figures indicate a sustained decline in demand. Given the decreasing prices of alternative birdseed substitutes, growers and buyers will be keenly observing the potential impact on canaryseed demand.

The wheat market has experienced a modest increase today. Milling red spring wheat bids are currently around $9.55 per bushel, give or take a nickel, delivered to Central Saskatchewan, assuming a 13.5% protein content. This increase in price is attributed to several factors, including unrest in the Middle East, decreased wheat production by SovEcon due to poor conditions, and approximately 2.49 million metric tons less wheat moved compared to the previous year, as reported by the European Commission. There is also an expectation that India may release some of their reserves to offset their challenging conditions, along with reducing aggressive import duties, especially during the holiday season. On the feed side, buyer bids continue to hover between $8.00 and $8.50 per bushel picked up from the farm, with prices increasing as you move closer to the feedlot alley.

The lentil market has shown some improvement this week. Red lentils are trading around the $0.36 per pound FOB range, possibly a bit higher in specific locations. Large green lentils are currently trading at $0.64 per pound FOB, with occasional offers reaching $0.65. Small green lentils are priced at $0.60 FOB. Some new crop small green lentil trades have been initiated, and we have limited availability for this program. Other lentil markets have not released new crop pricing yet, but it’s expected to be announced soon. For those planning to grow lentils this year, it’s advisable to secure your seed orders early, as certified seed supply may be limited. The recent uptick in red lentil prices is not fully understood, and it remains uncertain if this trend has depth, as not all companies are actively seeking red lentils. We will continue monitoring this over the next week.

Mustard prices continue to exhibit softness this week. Buyers are satisfied with production contract tonnage and report limited interest from overseas buyers this fall. Yellow mustard commands the highest pricing, in the mid to high $0.80’s per pound. Brown mustard bids currently sit at $0.68-$0.70, while oriental mustard is facing significant challenges, with prices in the $0.60’s per pound range, making it challenging to find sellers. If you’re considering a marketing strategy with offers, please reach out to us. Having firm targets in place may yield a slight premium, but buyers, in general, are not aggressively pursuing high value offers at this time. Mustard seed sales have commenced, and we have various options available, including treated and untreated seed with free delivery to the farm.

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.

Canola markets continue to face challenges, with futures dropping further this week. At the time of writing, both November and January futures sit below $710/MT, signaling a possible dip below the $700/MT mark soon. This situation mirrors what we’ve been observing for the past couple of weeks. Despite reduced overall production this year, export demand has also declined, leading to a lull in the market. A decrease in production doesn’t necessarily translate into better post-harvest pricing as canola trades on a global scale, and although we see weaker Canadian stocks, importers are finding new homes to replace the lost tonnage. The million-dollar question remains: Where is this market headed? Unfortunately, recent indications are not pointing towards a significant increase in futures anytime soon.

Pea markets maintained their stability this week with minimal changes in values across all varieties. Maple peas have experienced a slight decline in demand, with posted prices now hovering around $24.00/bu FOB farm bid. However, it’s worth noting that firm targets above posted bids may still catch the attention of buyers. Green peas continue to trade at approximately $16.50/bu FOB farm for #2 or better quality, and there are a few buyers inquiring about higher bleach product. If you have peas that fall outside #2 spec, please don’t hesitate to get in touch with us, and we’ll work bids based on your quality. Among the three major types, yellow peas continue to see the lowest values, ranging from $10.00 to $10.50/bu. However, late yesterday, a few companies raised their bids to $11.00/bu delivered plant, suggesting a potential revival in their market.

Barley prices have remained consistent this week, ranging between $5.50 and $6.00/bu picked up. However, delivery timelines vary, and in some cases, top end bids are showing delivery windows pushed out beyond the new year. In comparison, corn continues to be a more cost-effective option for feedlots and buyers are not anticipating any shortages this year. Considering all these factors, gradual/incremental sales may make sense on this year’s books. On the malt side of things, although locking down firm bids can be challenging, there is some interest with indications hovering around $7.00 to $7.25 per bushel FOB. Rather than waiting for more active price movements, it’s advisable to have malt specs on hand and present offers to potential purchasers.

Canary prices are stable this week, currently quoted at 45 cents per pound FOB farm. Yield estimates from September’s reports have seen little change, but the actual number of seeded acres remains uncertain. Some analysts speculate that there may be more acres planted than officially reported. If this is the case, it could provide some relief to tighter supplies, although not to the extent of a significant production increase. In recent months, the outlook for canary exports has been relatively muted, with most Canadian products headed to Mexico and lower exports from Argentina to Brazil. Given canaryseed serves as a pricier option for bird feed, reduced exports might be an indicator that demand will remain relatively stable.

Mustard prices have experienced a slight decline this week, attributed to reduced end-user demand according to local purchasers. Most buyers are currently more focused on managing production contract movement rather than actively pursuing uncontracted tonnage. Sellers are not aggressively pushing sales either. Many sellers believe that this year’s crop was not as robust as desired, and they anticipate better opportunities in the future, so they are adopting a wait-and-see approach. Some have only produced enough to fulfill existing commitments, with little or no surplus for sale. Current pricing options are not particularly remarkable when compared to the past couple of years, but they can be considered quite strong historically. Oriental and brown mustard prices are currently in the mid-70s for bids, while yellow mustard is showing values in the mid-80s. Having firm targets in place might garner a slight premium, as there is some interest in such offers, but buyers are generally not aggressively pursuing high value offers at this time.

Flax markets in Canada are well-informed about the recent harvest, and despite its smaller size, there’s still a substantial supply of last year’s production in storage. As a result, both buyers and sellers aren’t overly concerned about facing a supply shortage when meeting export demands. China has been consistently importing flax from Canada, as well as sourcing it from Russia and Kazakhstan, even though some may consider the prices to be on the higher side. What remains uncertain is how long this demand will persist, given the readily available product. European flax has experienced a slight decrease in value recently, which could potentially discourage interest in Canadian supply from EU purchasers. While exports continue and local trade is consistent, market stability is currently uncertain. Current crop bids are around $17 per bushel FOB farm for November-December, and there have been discussions about new crop values, but no official bids have been made thus far.

Regarding chickpea production, discussions have highlighted a notable issue with sizing this year. Growers have been proactive in assessing sizing and grades ahead of marketing, and a significant number of Canadian growers are reporting that 40-50% of their chickpeas are 7mm in size. Conversely, growers on the other side of the border are not experiencing the same widespread issue. Many are reporting high percentages of 8mm and 9mm, with low 7mm sizing and yields being average or above average. It will be an interesting year for marketing, particularly in determining where the supply will end up, especially with pet food being a major consumer of undersized chickpeas. There is already talk of an expected increase in chickpea acreage next year due to disease management and crop rotation, but pricing remains uncertain. The value for chickpeas has remained unchanged for the week, and sellers are strongly encouraged to make the most of the current market conditions.

The oat market has remained relatively stable compared to the previous week. Milling bids, which vary depending on farm location and the expected timeframe of delivery, are currently in the range of $4.75 to $5.25 per bushel for on-farm pickup. To enhance your chances of securing bids, it’s advisable to provide product specifications when communicating with your merchant. On the feed side, bids are fluctuating in the low $4 range per bushel, with a preference for oats with heavier bushel weights. If you have light weight product, it’s a good idea to inform your merchant so they can work on securing an appropriate value.

The wheat market faced some challenges yesterday, with attempts to stabilize and exit the red zone on today’s chart – so far unsuccessful. Milling wheat bids for 13.5 protein have declined to approximately $9.25-$9.30 per bushel, delivered in central Saskatchewan, depending on the delivery timeframe. In contrast, feed values are hovering at $8-$8.25 per bushel for on-farm pickup. This price difference is prompting many to await a potential price increase, albeit with some anxiety. In global news, Indonesia has edged out Egypt to claim the top position in the list of the top 10 wheat importers. Shifting to durum, bids have receded slightly, with the highest prices reaching around $14 delivered in western Saskatchewan for deferred movement into late spring 2024.

The “shine” has finally worn off red lentils this week, with prices falling by at least 2 cents since Friday, and in some cases, even more. Red lentils are currently priced from as low as 32 cents for immediate delivery to 35-35.5 cents for December-January movement. Reports suggest that Australia has begun making forward sales, and North America is experiencing a lack of export activity due to this. Early predictions continue to indicate smaller Canadian and Australian crops, but the extent of this reduction’s impact on the market remains uncertain. Green lentils have also seen modest price declines, typically by one or two cents, and the market appears to be in a state of pause. Large greens are trading in the range of 62-63 cents, small greens at 58-60 cents, and medium greens at 42-43 cents in USD. The major question at this moment revolves around whether global turmoil will have a positive or negative effect on the markets.

The soybean market is currently in search of direction, with the upcoming October USDA report looming on the horizon. Traders are taking steps to square their positions, and the futures prices reflect a sense of caution among market participants. Adding to the mix, today, exporters have announced two substantial soybean sales to China and an undisclosed destination. Bids for soybeans fall within the range of $15.25 to $15.75 per bushel, depending on the farm location. Meanwhile, the dry bean market is expected to gain support later in the season due to increased demand from Mexico and reduced production. However, it is currently facing challenges from an oversupply of old crop carryover stocks. Canadian faba bean volumes are projected to decrease year over year, while feed quality faba beans continue to enjoy support from the pet food industry. For those dealing with #2 export quality faba beans, local bids range from $11.50 to $12.00 per bushel, depending on the farm’s location. Feed quality faba beans are fetching values in the vicinity of $10.00 to $10.50 per bushel, with the price being 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.

Lentil markets remain largely unchanged this week. Red lentils are currently trading at 38 cents FOB farm and continue to be affected by the ongoing tension between Canada and India. However, there are some factors in the red lentil market that provide a sense of optimism. Firstly, Australian production is expected to be lower than last year, and secondly, the Indian market is importing more than previously anticipated. The green lentil market remains robust as it strives to meet demand. Large green lentils have traded as high as 66 cents/lb delivered this week with shipping pushed out until the end of March. Small green lentils are trading at 60-61 cents FOB farm, while medium greens are priced at 58-60 cents FOB farm in Canadian dollars or 42-44 cents in USD. Due to supply concerns, this market is expected to maintain its firmness. Those with specialty lentils such as beluga and/or french green varieties are encouraged to call the office for pricing as we continue to see strong demand and indicated values.

The pea market closely resembles the lentil market, in that specialty varieties lead the way for pricing. Maples peas are commanding the strongest bid at $25.00-$26.00 FOB farm, depending on the variety. Green peas follow, trading between $16.50-$17.00 FOB farm, although $17.00 has been a bit more elusive recently. Yellow peas are the least active trading at $10-10.50 FOB farm, struggling to obtain a price increase due to limited market share. This is partly due to China reducing the amount of Canadian peas used in its feed rations and finding cheaper sources from Russia, who have steadily increased their market share since February of 2023. In August, China purchased similar tonnage from Russia as it did from Canada; of note, China seems to be the only importing country interested in Canadian yellow peas. Pending Russian supply and China’s interest, yellow peas may remain discounted compared to other varieties.

Analysts estimate flax supplies for 2023/24 to be around 500,000 tonnes, factoring in this year’s harvest numbers and carry-over from the previous year. If these numbers hold true, there will be 12% less stock than in 2022/23, allowing for a larger export program than the previous 2 years. Flax bids have remained relatively steady at $17.00 per bushel, picked up, over the past week, but buyers are generally seeking limited tonnage. Competitive pricing in overseas markets could drive more exports, but for now, supplies are sufficient to meet demand.

The oat market has been quiet recently, with buyers unaggressive and sellers showing a balanced sentiment. Pricing has not seen significant movement, with milling bids ranging from the high $4’s to low $5’s per bushel FOB farm, depending on timing and location. Those further east and who are willing to defer shipping seem to capture premium bids, although there might be opportunities to secure stronger prices if the right offer is shown. Feed bids for lower-quality oats generally hover around the $4 per bushel range in most areas, although some feeders are sensitive to bushel weight, so knowing quality beforehand is advantageous.

Last week, the USDA released a bearish report, increasing its total wheat production estimates by 80 million bushels, bringing total production estimates to 1.811 billion bushels. This increase, combined with record wheat shipments from Russia, has kept the wheat market subdued and in the red at time of writing. Milling bids are around $9.40 per bushel for soft white wheat (SWW), $9.40 per bushel for red winter wheat (RWW), and $9.00 per bushel for hard red spring wheat (CWRS), all delivered in Saskatchewan. The feed wheat market remains similar to the previous week, with red feed wheat being bid between $8.00 and $8.50 per bushel FOB farm. Canadian durum wheat continues to face pressure from overseas markets due to the large Turkish crop moving into Italy, Morocco, Algeria, and Spain, among others. Despite the substantial volume of exports, there is speculation that Turkish supply may be cut off in the coming months, potentially allowing Canadian product to fill the gap. Prices for Canadian durum have remained relatively stable at $14.50 per bushel, delivered plant in Saskatchewan, with options for 2023 and 2024 delivery.

Statistics Canada’s data for Canadian kabuli chickpeas in the 2023/24 crop season indicates a decrease in production, resulting in tight ending stocks for the upcoming year. This situation may drive up their market value. While the quality is not a concern, actual seed size is trending smaller. Several export markets have a preference for larger sizes, especially 8mm and 9mm chickpeas, with a particular emphasis on the latter. In contrast, the 6mm and 7mm categories have fewer takers, mainly in North America, where they are used predominantly in pet food production. Currently, the values for these smaller sizes hover around $0.36 per pound FOB, with no quality issues. For #2 large kabuli chickpeas, bids range from $0.55 to $0.56 per pound for mixed sizes, with a maximum of 10% 7mm. Growers who can separate and produce 9mm chickpeas exclusively stand to benefit from a premium price. It is crucial to have your chickpeas graded and sized accurately before selling to maximize returns.

The canaryseed market remains relatively inactive, with growers seeking better prices. Active bids are in the range of $0.44 to $0.45 per pound with movement beginning to be pushed into the new year. StatsCan data indicates a projected 16% decrease in supply, pushing expectations that the market should stay on par with the previous year. As a result, exports to Canada’s primary markets, such as Mexico and the EU, may be limited due to the supply situation. This could potentially lead to improved pricing for producers, but the market may remain subdued if buyers have sufficient coverage.

The barley market, in simple terms, continues to maintain its value, much like the previous couple of weeks. There have been no significant price spikes or drops. Feed barley prices remain in the range of $5.50 to $6.00 per bushel FOB farm, with favourable delivery timeframes. Malt barley still faces demand, but establishing a firm price remains challenging. Sources suggest a price range of $7.25 to $7.50 per bushel, depending on the variety and delivery schedule. It is advisable to have your barley graded, determine if it meets malt specifications, and work on values accordingly. Corn remains in demand for feedlots, and feed buyers aren’t expecting a shortage of supply this year, which may limit the need to up-bid barley. However, firm offers, and price targets continue to attract buyer attention, providing an opportunity for a potential premium over quoted values.

Soybean prices have faced seasonal price pressure for the past month or so, and as is often the case, there are two distinct viewpoints regarding the market’s future direction. Those holding long positions emphasize historically tight stocks, while those in short positions highlight the production potential in both the US and Brazil. Currently, bids range from $15.50 to $16.00 per bushel FOB, depending on the farm location. Dry bean bids are expected to gain late-season support from Mexican demand and reduced production. However, they are currently overburdened by old crop carryover supplies. Canadian faba bean volumes are projected to decrease year-over-year, but feed-quality faba beans continue to benefit from pet food values. Local bids for export-quality #2 faba beans are in the range of $13.50 to $14.00 per bushel, while feed quality values hover around $10.00 to $10.50 per bushel, depending on the farm location.

With soybeans facing downward pressure and sluggish canola export sales, a revival in Chinese demand is crucial to drive wind into the sails of the canola market. Anticipated production levels are expected to be lower than last year, and there is reduced overseas demand from the EU and China. Ukrainian rapeseed and sunflower seed production is projected to increase by 17% compared to last year. Despite the drop in production, the canola stocks-to-use balance sheet is expected to loosen up due to decreased anticipated exports. Local bids for canola range from $15.65 to $15.85 per bushel, depending on the farm location.

The mustard market has been experiencing a prolonged period of stability, with no significant changes in spot pricing as production contract tonnage continues to flow into processing plants. Harvesting appears to have concluded across mustard-growing regions. Current bids for yellow mustard are in the mid to high 80s, brown mustard remains at around 78 to 80 cents per pound, and oriental mustard continues to be priced in the mid-70s. It is advisable to discuss your plans for next year’s mustard crop with your merchant, as seed is now available. Unfortunately, we have yet to receive 2024/25 production contract bids, but anticipate they may start to surface in a month or so. Reach out to your merchant to secure your seed supply and ease concerns about next year’s needs.

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.

Wheat markets push through the end of September with not much change in all aspects. Red spring remains to be quoted around that $9.00/bu delivered price at various locations with a few areas able to add on a couple cents to that number. Durum also remains rather stagnant this week and prices still appear to be quoted at the $14.00/bu delivered price range. The feed wheat market is posting values fairly close to a #1 milling wheat price, with indications around the $8.00 – $8.50/bu FOB farm range, and some quicker than later movements. In the short term forecast, it does not appear that wheat futures are going to sky rocket anytime soon. One thing to keep in mind, however, is what Turkey ends up doing with their import and export side of things to the durum markets. To summarize, buyers and producers remain rather quiet on both the selling and purchasing side of the markets.

Barley seems to have a bit more traction this week in the overall scheme of things. Although prices are still being quoted around the $5.50 – $6.00/bu FOB farm range, buyers seem to be more active in purchasing this week. We suspect we do not see any changes in the nearby to the price, but even those values are a great sell into markets if you take the overall 10-year average on feed barley prices. Heck, if you take the overall 10-year average of feed and malt prices, you’re still floating about in line with posted values. Malt buyers remain active to buy good quality, but settling on a price seems to be the tricky area. Indication on most varieties sits around that $7.50/bu and higher delivered price. The tides have not changed and your best bet for malt is to come with grade specs in hand and throw them a number first, if you have a sell price in mind.

The carry-over on flax is keeping prices sideways. Values of $16.50 – $17.00/bu picked up is still attainable this week depending on area. Offshore exports are on the quiet side as the EU and China aren’t concerned about supplies since inventories are still comfortable. Harvest conditions in Kazakhstan have been reported as difficult. These reports haven’t shown any signs of a price rally yet, especially into the EU where prices have actually softened slightly. While supplies are able to meet the market demands for now, the unknown is if exports into China will continue at a strong pace. Selling some flax at these values if you need to get some moving is not a bad play.

Lentil markets slip a little this week due to political unrest between Canada and India. Reds took the biggest hit, falling from a high of 40 cents FOB farm, down to 38 cents FOB today. Large greens have been trading anywhere from 63 cents down to 60 cents FOB farm. The large green buyers seem to be willing to pay up if in the right area, or for the right movement time frame. Farmers seem to be getting better pricing if they are willing to wait until the new year to move their grain. Small green lentil bids are 60 cents FOB farm, down to 58 cents. Medium greens are trading in the same range as the Canadian small greens, and for American growers, that converts to 42 cents USD FOB farm. Short term outlook will likely see the red market take bit of a breather due to the Australian harvest nearing, and trade issues with India. Green lentils may be more aggressive as supply is tight, and demand seems to be steady.

StatsCan numbers indicate that this year’s oat crop is the smallest on record, with 41% of those acres coming from Saskatchewan. Expectation on production is that the market is in for a record low 2.44Mt with a projected carry-out of 0.35Mt. Decreased acres, accompanied by softer yield and carry, position this crop to see a bit of upside. As such, the market seems to be following trend with softer pricing during the typical seasonal glut right now, with prices sharpening up the further out you push movement. Bids are hovering around $4.50-$5.00/bu FOB on milling quality. Feed bids are hanging around that $4.00/bu range. As always, if you are looking for a little more in the pocket, an offer is a great way to test the waters.

The mustard market remains flat this week. Again, buyers are busy shipping their production contracts and seem content to pick up small amounts of overage. The spot markets continue to be in limbo, while growers hope for better bids down the road. Buyers are cautious as overseas markets remain quiet. It seems most of the mustard is now wrapped up, and the story remains the same: some surprisingly good yields in certain areas, to contracts only making up half the tonnage. Current bids for yellow mustard are in the mid to high 80s, while brown mustard hovers around the 80 cent mark, and oriental mustard sits in the mid-70s. Talk to your merchant about next year’s plans with mustard. Seed will be available shortly.

Faba bean prices have not really changed much in recent weeks. Buyers are indicating they might be interested to purchase #2 quality at around $13.50 to $14/bu picked up on farm, and feed buyers may have interest in product around $10/bu FOB farm. We are just not seeing much attention to make trades from either side so far. Slow trades are likely in part due to the faba harvest itself. It is usually one of the later crops to come off. Maybe things will pick up as we draw closer to the end of harvest. Soybean indications from buyers have snuck into the $15 to $16/bu range this week as the futures market has trended down, and buyers have again been apathetic to purchasing. As always, the Canadian production is a drop in the bucket and will largely depend on supply from the USA and South America to dictate where values go from here.

Peas are sitting steady in comparison to last week with very few changes. Green peas continue to show posted bids of $16.50-17.00/bu for #2, low bleach product, depending on delivery method and timeframe. Higher bleach greens are also highly sought after with bids on up to 15% bleach staying competitive. Yellows still face competition from Russian peas and are awaiting Chinese purchase, so they have remained quiet. Bids for yellow sit around $10.50/bu FOB farm or $11.25/bu delivered for #2 product. Some quick ship options on yellows have popped up but require max 14% moisture. Lastly, maples continue to look strong at $25.00/bu, with most buyers willing to look at all varieties. If considering making a sale on peas, touching base with your merchant and placing a firm offer seems like a strong move today.

At the beginning of last week, Sask chickpea harvest was reported at 87% complete. As growers finish up in the fields, many will be paying close attention to chickpeas with the current Canadian/Indian tension. But so far, prices have remained stable with most buyers maintaining bids similar to week’s past. Although some buyers have backed off a few cents, multiple buyers are still purchasing at $0.56/lb delivered SK. We continue to hear of high 7mm sizing as a result of the heat, but many buyers appear to be flexible in their purchasing. Call your merchant with size and grading, and we can help find a contract suitable to your product.

The canola market is seeing a bit of an uptick today on the heels of yesterday’s Ag Canada crop forecast update. Ag Canada adjusted 23/24 canola ending stocks to 1MMT. This is a sharp drop from their earlier published forecast. If this proves true, canola ending stocks will be at the tightest since the 2012-13 drought year. Saskatchewan canola harvest should be over 65% complete, with good weather ahead to promote harvest pace. From an export perspective, Ukraine is forecasted to increase rapeseed production by 17% year-over-year, and Canadian exports into the EU are expected to see some level of year-over-year pullback. Local bids are in the range of $15.80-$16.10/bu FOB farm location dependent.

The canary market is a bit of an interesting cat, so to speak. Growers are anticipating a price pull-up; even though acres are up, production is down. Anticipation is that production will be similar to that of the drought year. The hiccup for the producers’ price increase is that on the export side, demand is lagging, thus tempering buyer bids. There is little trade on canary at the moment keeping prices supported at $0.45-$0.46c/lb.

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.

This week in the lentil market, prices have remained relatively stable, but there is a noticeable softening on the demand side. The decline in demand started on Monday and has continued throughout the week. It’s no secret that the ongoing political dispute between Canada and India could have a significant impact on the future of the lentil market. While buyers are still making purchases, there is an overall sense of unease and uncertainty about the market’s direction. Red lentils have seen a slight decrease compared to last week, currently hovering around $0.39 per pound FOB farm. However, even at this level, the bids don’t appear to be very deep. Large green lentils are priced around $0.62 per pound FOB farm, while small greens are at approximately $0.60 per pound FOB farm. It’s challenging to predict the full extent of the Canada-India dispute’s impact on the market, but all signs point toward an impending price drop across all lentil varieties. The million-dollar question remains whether this drop will be a few cents or something more substantial. If you’ve been considering selling at these prices, it’s advisable not to delay much longer, as demand continues to decrease.

Oat values have been quietly inching up since late summer, once again ranging from $4.50 to $5 per bushel on the farm in many areas for delivery into the winter. The longer you’re willing to store oats, the better the price gets, extending into the summer of 2024. While it’s not a substantial premium for extended storage, an additional 25 cents per bushel or so can be factored in. Feed bids for oats remain at around $4 per bushel in most areas, with a slight premium in regions with a freight advantage. Oat movement is being pushed towards Christmas with most buyers, but quicker shipping opportunities may be available. Sellers and buyers both seem content to monitor the situation, adopting a wait-and-see approach. Buyers haven’t yet filled all their needs, but they have purchased enough to feel comfortable for the time being. It’s a market worth watching but not one that requires an immediate decision.

There are mixed reviews when it comes to canaryseed information being reported by StatsCan. They are reporting a 22% reduction in production compared to last year, down to 124,000 metric tons (MT). However, when reviewing insured acres, it appears that production estimates are likely inaccurate, as acres increased by 2% compared to StatsCan’s reported 12% drop. While these numbers can fluctuate, it raises questions about accuracy. Sound quality canaryseed bids remain at $0.46 per pound FOB farm for the fourth quarter, and buyers are considering offers. If there is indeed a smaller crop than last year, this bid may gain strength, but with only 50% of the crop harvested in Saskatchewan so far, there is still time to work out the uncertainties.

Flax pricing remains relatively steady this week, with bids sitting around $17.00 per bushel picked up. While European exports have dipped slightly, there has been an increase in product moving to the US and China. The question lies in China’s demand, as Chinese flax inventories are still substantial, potentially limiting imports. Prices could remain stable, given the smaller North American flax crop compared to the previous year, although some carry-over remains. There’s also speculation that Russian and Kazakhstan supplies will decrease in the upcoming year. Opportunities have arisen to move some yellow flax, so it’s advisable to contact our office for up-to-date pricing.

Barley prices appear to be slightly lower compared to last week. Some buyers have left their prices unchanged, while others have reduced their bids by approximately $7.00 per metric ton. The influx of corn into feedlot alley continues to add pressure to feed grain pricing and impacting current barley bids, which range from $5.50 to $6.00 per bushel, depending on location and shipping timeframe. While higher value opportunities with quick shipping are scarce, they have emerged in certain areas, with one buyer offering $5.75 per bushel FOB for October delivery in the Regina area. Several buyers express malt interest, but they require samples for grading. To facilitate this, we encourage growers to send samples to our office so that we can share them with interested buyers.

Pea markets have been active recently, with strong bids continuing into this week. Green pea pricing at $17.00 FOB in most areas has generated significant interest, with growers securing contracts on #2 quality peas. Buyers have also been very competitive with high bleach peas, offering bids as high as $15.00 per bushel for those with a maximum 15% bleach level. Maples have maintained their value, following a rapid increase, still trading around $25 per bushel this week. Yellow peas are comparatively slower, hovering at around $10.50 per bushel FOB in many areas. However, with $11.25 per bushel delivered bids available for yellow peas, those willing to offer $11.00 FOB have garnered buyer interest in suitable locations. In China, low inventories and a historically strong fall export program could potentially boost yellow pea prices, but the availability of cheaper Russian peas has made Chinese buyers cautious about purchasing Canadian products. Therefore, the upside for yellow peas appears limited for the time being.

This week, the chickpea market remains stable. We are keeping a close eye on the federal government’s ongoing dispute with the Indian government, but so far, it has not impacted prices. Old crop #2 large kabuli chickpeas are currently trading at approximately $0.55 per pound, FOB farm, for shipments between September and November. Additionally, there is interest in desi chickpeas at around $0.37 per pound mark. In USD terms, this equates to roughly $0.40 per pound and $0.365 per pound, FOB farm respectively, for the same shipment window. Please let us know your sizing as we are seeing an abundance of 7mm chickpeas due to this year’s growing conditions. Please feel free to send us your samples for a sizing assessment prior to marketing.

The mustard market remains a hot topic of discussion, but there is limited activity on both the buying and selling fronts due to an ongoing standoff. Buyers are primarily focused on shipping outstanding contracts while trying to gauge the volume of mustard production before making any significant moves, holding out hope of prices trending downward. Meanwhile, growers are holding out for improved buyer bids. According to StatsCan’s recent report, crop production stands at 12.1 bushels per acre, a slight increase from the previous year, with additional planted acres. This should support favourable export prospects for 2023/24, though not significantly influencing market dynamics. Current buyer bids for yellow mustard are in the mid to high 80s, while brown mustard hovers around 80, and oriental mustard sits in the mid-70s.

Wheat markets are experiencing more downward movement than upward. The USDA reports that wheat harvest is 93% complete, aligning with the five-year average. Saskatchewan’s harvest progress, as of the week ending September 11, was at 75%, but it is likely closer to 85% complete now. Those considering seeding winter wheat still have a few days before the September 30 crop insurance seeding deadline. Feed wheat prices range from $8.00 to $8.50 per bushel on-farm, with the No. 2 wheat market not significantly higher. Durum wheat continues to be priced around $14.00 delivered. Rye markets are currently quiet for short-term transactions, with prices ranging from $7.00 to $8.00/bu. Overall, the wheat markets are subdued, with both farmers and buyers adopting a patient approach.

The soybean market remains sensitive to factors affecting production, particularly after the USDA reduced soybean production expectations. Recent showers across the Heartland have the potential to slow down harvest progress, boosting futures. Local soybean bids range from $16.25 to $16.75 per bushel FOB, depending on the farm location. Dry bean bids are expected to gain late-season support from Mexican demand and lower production, although they are currently hindered by old crop carryover supplies. Canadian faba bean volumes are projected to decrease year-over-year. Feed quality faba beans continue to find support by pet food values, sitting near $10.00 to $10.50 per bushel, location dependent. Local bids for export quality #2 faba beans range from $13.50 to $14.00 per bushel on farm.

Canola futures have followed a typical seasonal trend, declining due to increased producer deliveries. Anticipated production levels are expected to fall below last year’s figures, and overseas demand from the EU and China has diminished. Ukrainian rapeseed and sunflower seed production is projected to increase by 17% compared to last year. Despite the production drop, the canola stocks-to-use balance sheet is loosening up. Local canola bids range from $15.85 to $16.11 per bushel FOB farm, contingent on farm location.

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.

On Tuesday, the USDA unveiled its most recent supply and demand projections. US soybean production witnessed a reduction and this, coupled with decreased usage, resulted in historically low ending stocks of 220 million bushels. Despite a tighter soybean balance sheet, prices followed the downward trend of corn. Local bids currently range from $15.50 to $16.00 per bushel, depending on the farm location. Dry bean bids are expected to receive late-season support from Mexican demand and lower production. However, they are currently overburdened by carryover supplies from the previous crop year. Canadian faba bean volumes are projected to decrease compared to the previous year. Feed-quality faba beans continue to find support from pet food values, with local bids for export-quality #2 faba beans ranging from $13.50 to $14.00 per bushel FOB, depending on farm location. Feed-quality faba beans are fetching values near $10.00 to $10.50 per bushel FOB farm, also dependent on location.

The current barley market still shows a slight retracement, reflecting the recent trends we’ve observed over the past few weeks. Nonetheless, buyers continue to actively seek opportunities to secure feed barley for multiple delivery periods. Indicated prices across the prairies range from $5.50 to $6.00 per bushel FOB farm, depending on area and timeframe of the delivery. While buyers are still open to purchasing barley, they are not aggressively pursuing it as corn continues to make its way into feedlots with some buyers anticipating coverage until July 2024. On top of this, late-season rains during harvest may have impacted the quality of barley intended for malting, diverting it towards the feed market. Although finding a malt bid may be challenging at present, maltsters are in fact looking, so get your samples in for review! If you already have malt specs and a desired selling price, it is highly advisable to call and explore potential opportunities/throw out a firm target.

The lentil market has remained relatively stable this week, with minimal fluctuations in pricing across various types and sizes of lentils. Red lentils began the week slightly lower compared to the end of the previous week, but late Tuesday afternoon, we observe a resurgence with product trading at $0.39-$0.40/lb FOB farm once again. However, it’s worth noting that the market for red lentils seems somewhat shallow at the moment, so if you’re considering selling, it may be prudent to start marketing sooner than later. Large green lentils, as well as small greens, have seen little change compared to previous weeks, still showing active interest from buyers. Large greens are trading within the range of $0.62 – $0.63/lb FOB farm, while small greens are at approximately $0.60/lb FOB farm. Similar to red lentils, we anticipate that these prices may experience a slight pullback once more tonnage is secured. Speculation throughout the prairies suggests that, despite facing drought conditions in many areas, overall crop performance appears to be better than initially anticipated.

Flax prices are exhibiting strength this week, fluctuating between $17 and $17.50 per bushel FOB, contingent upon shipping window. Analysts are cautiously optimistic but anticipate exports to be slightly more fluid compared to the previous year. Notably, both China and the United States registered higher export volumes in July year over year, but demand within the European market appears to be somewhat constrained. Near term Chinese importing may remain subdued due to inventories residing in warehouses. Global flax supply is poised to shrink in the 2023/24 period, primarily attributed to reduced flax production in North America, Russia, and Kazakhstan. This contraction in supply is likely contributing to recent price increases. The looming question remains to be whether China will replicate its strong demand for flax again this marketing year.

As of early last week, the Sask Crop Report showed 45% of the canaryseed crop had been harvested. It is worth noting that this percentage has likely increased as more reports from growers who have completed harvest roll in. Pricing for canary remains stable compared to the previous week, with bids ranging from $0.45 to $0.46 per pound FOB farm, depending on the farm’s location and the intended shipping period. Reported yields have shown significant variation across the province, ranging from single-digits in the southwest to more impressive 30-bushel-per-acre crops in the northeast. Notably, firm offers for canaryseed continue to generate interest among purchasers. If you are considering selling your canary, contact your merchant to explore pricing and movement options.

Oat demand has maintained a relatively subdued presence in the market recently. Feed grains have seen a decline in prices, while short-term milling requirements are gradually being met. On the feed side, the influx of more cost-effective corn and barley has led to constrained oat allocations in rations and subsequently, softer pricing/demand. Feed values are currently in the range of $4.00 to $4.50 per bushel, contingent on location and shipping timeframe. Meanwhile, on the milling side, strong bids from the previous week appear to have addressed immediate demand needs, prompting a more cautious stance from buyers. Sask milling bids are currently quoted at $6.00 per bushel for delivery between April and August. In contrast, Manitoba’s milling requirements offer quicker movement options, with bids in the vicinity of $5.25 per bushel for September/October. Notably, there are price premiums in Manitoba markets for those willing to defer shipping.

At time of writing, canola futures have declined by nearly $50 per MT since last Tuesday, now resting at $752/MT. Harvest pressure is now on as canola begins to hit the bin and producers seek quick cashflow. In yesterday’s USDA estimates, Canadian canola production was revised down to 18.7 million tonnes, marking a decrease from the previous report of 19 million tonnes. Statistics Canada is set to provide an update on their numbers tomorrow, based on farmer surveys conducted as of August 31st. There appears to be a glimmer of hope as soybeans and soyoil gain momentum with expectations that, “a rising tide raises all ships.” Hopefully, this will allow us to regain some of the lost ground. In global news, an issue deserving of attention is Mexico’s ban on GMO corn. This development raises concerns about the fate of Canadian GMO canola, especially considering that Mexico is Canada’s third-largest export market for canola.

The pea market remains firm and has even shown continued strength this week, deviating from the usual trend of lower bids and softer demand due to harvest pressure. The standout performer in the pea world are undoubtedly maples, where trade values have soared, reaching as high as $25 per bushel FOB for fall deliveries of #2 quality. If you’re a maple grower who hasn’t capitalized on this market yet, we strongly recommend giving it serious consideration. Maple markets can be unpredictable at times, so when the opportunity arises to sell at such lucrative prices, it’s a “slam dunk” decision to make. Furthermore, there’s positive momentum in other pea markets as well as #2 quality green peas are garnering attention with targets triggering above $16 per bushel for fall pickup at the farm. Yellow peas are also making small waves, with trades ranging from $10.25 to $10.50 per bushel FOB farm, depending on the location, for near-term deliveries. Targets slightly above these levels may be entertained from the buy side as well. While it’s uncommon to see such strong pricing in the fall, it’s not unprecedented. In the past, there have been instances where the best prices of the marketing year were offered during the initial harvest period when demand was high. However, once the initial rush subsided, market activity quieted down. This isn’t to say that this will be the exact pattern for this marketing year, but it’s worth considering if you’re contemplating taking some risk off the table with partial sales today.

Chickpea market reports suggest a potential decrease in carryover from last year accompanied by slightly higher yields from this year’s production. This leaves the chickpea marketing situation essentially unchanged, mirroring the status quo of the past few weeks. Currently, old crop #2 large kabulis are fetching bids at $0.55 per pound, FOB farm, for movement between September and November. Smaller sizes are seeing a slight decrease, with an average $0.02 per pound spread lower. In terms of USD, this translates to approximately $0.40 per pound, FOB farm, for the same movement. US growers appear to have faced fewer adverse growing conditions and are not reporting significant quality issues related to size. However, it’s worth noting that size remains a potential concern for North American growers on a whole. As we await further yield and quality results of the ongoing chickpea harvest, it’s essential to have your samples evaluated before diving into marketing strategies. This advice has held true in the past and will continue to serve as the best approach for chickpea producers.

Mustard prices have maintained relative stability throughout the week as the harvest progresses. Reports on crop yields are still trickling in, reflecting the varied impact of sporadic rainfall on different areas. Yellow mustard prices continue to be quoted in the mid to high 80-cent range, but targets around 90 cents per pound may grab some attention. Oriental mustard hovers around the mid-70 cent per pound mark, while brown mustard prices fluctuate between the high 70’s and low 80’s per pound. It’s essential to emphasize the volatility of these prices, making it advisable to get in touch with your Rayglen merchant for the most accurate and up-to-date information. This will enable you to seize the best available pricing opportunities. While it may seem early, we welcome any insight or firm targets you have on production for the 2024/25 crop year.

This week’s significant development in the wheat market revolves around the USDA’s latest supply estimate, which reported figures lower than initially anticipated. The USDA predicts that global wheat production will decline to approximately 787 million tonnes, representing a decrease of roughly 6 million tonnes compared to last month’s estimate. If these projections hold true, it will mark the lowest global wheat production since the 2018-19 season. Several major wheat-producing nations, including Australia, Canada, and Argentina, have revised their wheat production estimates downwards which has played a significant role in these updated numbers. In contrast, Russia’s and the United States’ estimates have remained largely unchanged, while Ukraine has raised its estimates. The global market has responded with modest gains over the past two days. On the local front, the feed wheat markets are still grappling with the pressures of the harvest season, corn imports and lower overall feed values resulting in prices ranging from $8.00 to $8.50/bu FOB farm, depending on freight costs. For #2 hard red wheat, bids are in the range of $8.50 to $9.00 FOB. Notably, this week, buyers seem to be showing particular interest in soft white wheat, with bids resembling HRSW values.

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.