The pea market has been holding stable at today’s pricing. Green pea bids have been trading at values around $9.00/bu picked up and yellows at $6.75/bu picked up. Now that seeding has been mostly wrapped up and focus has been moved to cleaning out bins before harvest – offers seem to be the word of the day. Overseas markets haven’t provided volatility to this market. China’s demand remains strong; however, Indian trade restrictions are keeping the market at bay. Looking to new crop values, green peas are at $8.25/bu with an Act of God and yellows are at $7.00/bu delivered.
The wheat market is going to depend a lot on what the weather brings this growing season. As per Stat reports, there are concerns throughout the United States, Russia, and Australia over dry weather. This is bringing some support to the wheat market. Looking to the feed side, pricing is still sitting aggressive, with bids going anywhere from $5.50 – $6.00/bu picked up. Durum markets haven’t seen much excitement yet and weather will play a major role in pricing. Over the weekend, quite a few areas got a shot of rain in the province, including parts of the United States.
Flax prices remain steady this week at $12.50-$12.75/bu picked up depending on quality and location. There is still interest in new crop brown flax at $12.25/bu picked up, full Act of God. Yellow flax buying has been quiet over the last few weeks. There doesn’t seem to be any major concerns with the flax crop in Saskatchewan. With some widespread rains last week, ratings have improved. Northeast Montana and much of North Dakota also got some moisture to support the US crop, however they are still recovering from last year’s poor crop and will have a small carry-in. This will result in imports to maintain supplies. There were some dry conditions in Kazakhstan, but they too had some rain, which has caused improvement in their flax acres. Overseas demand is not strong enough to rally any bids, so we continue to rely on US crushers for continued strength in pricing.
The market on canaryseed has seen a bit of life this week. As of May 28th, there was an estimated 94% of canaryseed in the ground. Compared to last year at only 71% completed and the five-year average at 68%; we are well over pace. The crop condition as of last week was rated 43% good, 43% fair and 17% poor. At this same time last year, crops ratings were coming back significantly higher at 68% good, 6% excellent, 24% fair and 2% poor. Our thoughts are that with timely showers lately, those numbers should improve. Pricing on old and new crop are pretty much the same sitting at 21c/lb FOB with a couple offers now triggering at 22c/lb FOB.
Barley is starting the week off a bit shaky in the markets. With all the talk of more rain to come, buyers are a little uneasy to pay those high values we have been seeing for the past little while. Barley is already down due to the rain we’ve seen throughout the prairies, so if more rain comes in the next few days, we expect prices to slide even more. We are seeing $4.40/bu FOB farm for certain areas depending on freight today. New crop values are still holding strong at $3.85/bu FOB farm with an Act of God still kicking around in some locations. Offers are a great way to show buyers what you have so make sure you are talking to your merchant on those.
The lentil market has saw a little uptick this week as a few buyers are looking to cover off some sales. Large greens have a number of buyers looking to cover off a few loads here or there, so 26 cents is a tradable number in most areas of the province and looking at new crop values, this may be a solid chance to get a last kick at the can. New crop large greens are priced at 25 cents on #1 and 23 cents on #2 quality FOB farm including an Act of God. Markets for small and medium greens are quieter as of late, but if you’re looking call the office. Reds prices have triggered on firm offer occasionally at 17 cents/lb FOB, but in many cases the bids are closer to 17 delivered to plant. Reports that some eastern European countries are offering cheap reds priced into the fall is not generating much market confidence with the large supply in the world.
As of this week chickpea seeding is wrapped up compared to a 5-year average of 68% for the end of May. Given the current climate, the crop conditions are rated 50% “good” condition, 48% rated “fair” and 2% “poor.” Slightly different from last year where 1/3 of the crop was “good.” There has been rain reported throughout the growing regions of chickpeas so expect prices to remain still at $0.28-0.30/lb for old and new crop, but we could see a shift in the coming weeks if conditions improve. Despite reports of massive increase in Canadian chickpea acres and world acres, pricing remains fairly strong. Supply should be ample for next year barring any major crop failures.
Soybean complex is slipping lower as it seeks new news regarding weather and/or trade agreements. A general lack of demand due to South American exports and decent growing conditions are creating the biggest downward pressure. The ongoing tariff rift between China and the US also adds to the market malaise. Despite the recent market direction and trade tensions, US soybean growers remain optimistic. Chinese state companies COFCO and Sinograin have reportedly purchased at least 10 cargoes of US soybeans in recent days. Chinese buyers purchasing US soybeans are doing so with trepidation due to the ongoing trade tensions. Local soybean bids have recently ranged $10.75-$11.00/bu FOB farm depending on location. Local faba bean bids are in the $6.25-$6.50/bu FOB farm range for feed quality depending on location.
News on oats remains at a standstill as prices are floating along at the same values as the past month. Feed oats are trading at $2.00-$2.25/bu picked up in your yard depending on your location. This price is based on heavy and dry oats and gets stronger the further south you are located. If you have any off-spec feed oats be sure to let us know as we often have buyers for those as well. #2 CW oats are trading around $3.00/bu delivered plant on the east side of Saskatchewan. This price holds for both new crop and any product you may have in the bin.
Mustard remained flat, as a few trades went through on all 3 types of mustards this week. Rains over the past week have certainly helped moisture in a lot of growing areas, but some localized areas in southwest Saskatchewan didn’t get much of this reported rain. Generally, most areas have caught something. Growers have been reporting heavy flea beetle damage in their mustard and canola in certain areas, so spraying was necessary. It does seem like a good time to get some old crop moved for June and July and new crop production locked up as prices and demand remain quiet. Yellow mustard sits at $0.34/lb on old crop and $0.35/lb on new. Old crop brown varieties continue to hover around $0.40/lb and $0.33/lb on new crop. Finally, oriental mustard values hover around $0.27-$0.28/lb for both old and new crop, with a small opportunity for better spot values if you have Vulcan variety. If these prices don’t suit you today, call your merchant with some offers if you have a target in mind. This is a great way to show your mustard to various buyers.
To our consternation, canola futures continue to slip this week following soy markets. Monday’s loss of $5.00/MT was the start, with Tuesday seeing marginal gains and today (Wednesday) continuing to fall. $523.70/MT is where July currently sits, with November at $517/MT. Basis levels are still attractive with some buyers even posting positive numbers this week. Bids generally remain strong and buyers seem to have lightened the basis to counter losses in the futures market. Call today or submit your targets on our website keeping in mind Northwest and Southeast areas seem to grab a little better value due to freight advantages.
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