Grain News

This week, canola markets can be compared to riding an elevator with a 4-year-old child at the controls: up, down, up, down. At the time of writing, the futures posted for May canola are around $782.80/MT with a slight decrease pushing into July. Although there was a bit of a late run yesterday afternoon, Wednesday morning seems to have mixed feelings on where the market should be. With the anticipation of a spring snowfall throughout the prairies, we suspect this might have a bit of impact on the pricing, as late moisture now might be a good kick start to get that canola coming out of the ground this year. If you are sitting with old crop in the bin, it’s highly suggested moving it into the markets that we are seeing. With seeding, and ultimately harvest, not as far away as we think, we suspect the planned acreage of canola this year might start impacting the prices we are seeing today. For sales targets over and above posted values, we suggest placing a firm offer online to catch any potential price spikes in the market!

A glimmer of hope could be seen for the flax market as the Thunder Bay Port has begun welcoming export vessels. Three weeks ago, the port saw its first lake boat take a shipment of canola, and last week docked its first ocean vessel to begin loading Canadian wheat. This is seen in a positive light as past years have shown a spring peak in flax pricing thanks to the additional shipping capacity out of Thunder Bay’s port. Currently, local flax prices sit around $14/bu FOB (delivered in certain locations), with the odd opportunity triggering slightly higher in the right location at $14.50/bu FOB farm. Yellow flax stays quiet, with few trades occurring, and in the range of $22/bu delivered SK. There are mixed opinions on new crop, with some buyers seeing an opportunity as Canadian flax acres are expected to go down, while others view flax markets on an international scale, not only seeing comfortable supplies in Canada, but in Western Europe and Kazakhstan as well, despite a drop in domestic acres. It is expected that Kazakhstan has the supplies to maintain sizeable levels into China, Afghanistan, and Europe well into 2023. With that being said, new crop opportunities for brown sit around $14/bu FOB/delivered throughout SK including an act of God. New crop yellow flax bids are quiet, but our merchants can always touch base with buyers for real time information.

Spot mustard markets maintain historically strong values for nearby movement, while production contracts show continued slippage on the expectation of huge acres for the coming season. Despite a poorer production year, exports have been exceptional with shipments being the highest since May of 2010. The areas in Canada that have the highest density of mustard production are reporting dry conditions, thus far, for the coming seeding season, but recent late season snow may help alleviate some concern. While the reports may seem problematic, it is a marked improvement over last year. It is still far too early to speculate how the year will go and with the massive spread between old and new crop prices, there is sure to be some excitement in the market for the coming marketing year. While buyers have been far more cautious in their purchasing of new crop acres there is still interest in signing up full AOG contracts. Old crop is still in demand as well with buyers looking for all qualities of product. Due to the daily fluctuations in value, it is best to call your merchant for up-to-date bids. If you are thinking of putting mustard in the ground this year, we have availability of certified seed which may still be delivered to your door in time for seeding.

Feed barley values seem to be slightly increasing this week with a decent amount of trade hitting the books. Previously, oat rations helped ease barley bids, but we are once again starting to see values in the $7.50-$8.00/bu range picked up in most areas of Saskatchewan. Growers are encouraged to take some product off the table as this could be a short-term rally before the summer months start approaching and new crop comes into play. As temperatures warm and feedlots cover their summer needs, we might expect to see further downside risk. New crop feed prices remain attractive as well and are still indicated in the $6.30-$6.50/bu picked up range. These production contracts do not include an act of God, but conservative sales are suggested at these historically strong values to hedge yourself against possible value loss. These recommendations do not come lightly especially with Australia and China seemingly on better terms, and still working out trade disputes, and the possible lift on tariffs. If the barley tariff is lifted, we expect new crop prices to decline further.

The chickpea debate persists around the topic of how many acres will be planted in North America. Canada and the U.S. continue to see some backpedaling on the year over year percentage increase originally predicted. This reiteration of last week’s comments should be noted as we are seeing possible inconsistencies throughout our day-to-day operations as well. Only time will tell what the total number of acres is, so for now, we wait. The heavy moisture now impacting southern Saskatchewan likely doesn’t swing last minute decisions on planting as most growers seem fairly set in their plan. Buyers have been more willing to hear new crop offers on chickpeas with targets being hit slightly above advertised bids. New crop indications range from $0.45-$0.48/lb FOB farm with AOG and Sep-Dec movement, with the latter seen trading on firm target in select areas. Bids continue to carry different terms, depending on the buyer and should be reviewed with your merchant prior to any signings. Old crop values range from no bid with a few purchasers up to $0.53/lb FOB farm with May-June movement. Targets are welcome here too, as this could trigger a nice trade.

Lentil markets are mixed this week with some purchasers’ bids slipping, others ramping up, and some content to sit where they are for the time being, just trying to understand just where things are at. Current pricing shows small greens with some spot interest at 50 cents/lb and new crop quoted up to 45 cents/lb. Red lentils show bids at 37 to 37.5 cents/lb delivered on #2 in the spot market, while 35 cents/lb with an act of God, picked up on farm has traded on new crop. Bids on large green lentils are at 56 cents/lb for #2 and growers might still catch a new crop opportunity at 47, possibly 48 cents/lb on a #2OB contract picked up with act of God. The strongest priced lentils type remains the French green which can be sold still at a buck a pound on old crop with new crop up to 65 cents at the yard with AOG, if you have seed, which is not readily attainable. We are still in wait and seed mode for where the new crop acres will come in, but maybe lentils will play the same game they often do: the story is that acres will be much lower and at the last-minute prices pop and the lentils still get their due. As late winter stretching its legs one last time, it should keep things in a standstill for now.

Soybean futures followed the herd in a general commodity sell-off. The market is eagerly watching early U.S. planting progress, which is off to a good start and running ahead of schedule. That said, the market has not lost sight of the poor Argentinian crop and burgeoning Brazilian soybean harvest. Local bids are still holding up quite well at $18.50-$19.00/bu FOB farm, location dependent. The dry bean market is stubbornly static. Inventories are well-heeled and thus far are off setting an expected drop in Latin American production. However, couple lower Latin American production with lower intended acres in CAN/US, and late season market support could be a reality. Current indications lean towards fewer fabas being planted this spring. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm, both location dependent.

Wheat has been no exception to the recent commodity sell-off. The board is red with double digit reductions in all three major traded classes. Wheat’s big story is the fate of the Black Sea shipping deal, up for renewal in less than a month. U.S. winter wheat crops continue to receive very poor condition scores. It’s too early to bank on that one yet though, as the HRW crop can recover if significant spring rains develop. Countries neighbouring Ukraine are expressing concern over Ukrainian wheat being dumped within their borders and suppressing local price. The EU will be offering a financial remedy to bordering countries along with restrictions on Ukrainian grain exports. Local spring wheat bids are hovering in the range of $10.50/bu delivered and feed wheat bids are in the range of $9.75 – $10.50/bu FOB farm, location dependent. The durum market continues to look for signs of life as bids remain in the range of $11.75 – $12.00/bu delivered. Western Prairie seeded acres are forecasted to increase for durum wheat for #plant2023.

Canadian exports on peas are lagging behind the 5-year average as there is minimal demand, especially from Chinese markets, with Canada remaining heavily dependent on them. Stormy waters continue on old crop yellow peas with bids sitting around $10.50-$11/bu picked up on farm with new crop $1/bu difference on the negative. So, when you find a price of $13-$14/bu delivered into Southern Alberta on a yellow pea premium program with an AOG, it’s worth an inquiry to your merchant. Green peas are holding value at $13.50-$14/bu FOB depending on farm location. We are seeing new crop values around $12/bu picked up on the farm with an AOG. Maples are still trading the strongest of the three with bids holding down at $17-$17.50/bu delivered in with the latter pricing for Acer variety. New crop maples are ranging around that $15-$15.50/bu delivered in with an AOG. Again, Acer variety is most sought-after. Overall, pea supply is tighter going into this upcoming year. Next week’s StatsCan report should reiterate what has been talked about for a while (the pull back of said acres). Could we see a price perk?

Canaryseed bids keeps bumping its head against the metaphorical price ceiling of $0.40/lb delivered in. Trades continue to trickle in at these levels with purchasers unwilling to budge higher; assumption is the market continues to be covering its need, with the majority of Canadian origin product finding a home in Mexico. Flipping to new crop, values continue to hold at $0.35/lb with an AOG. Looking globally, India’s nigerseed crop is in tight supply, with the next harvest 5-6 months down the road. Does the market see potential for an increase in pricing? This may be something to keep an eye on.

Oat news is stuck on repeat with nothing new of significance to report. Feed markets seem to have the best shipping window, compared to the milling market where shipping is pushing out until fall or later. Common pricing has been in that $3.25-$3.75/bu range picked up on farm for feed quality with good weight. A bonus to selling into the feed market is, normally, dockage is not deductible. There has been the odd trade slightly higher than advertised pricing when put out on a firm target. Outside of the “status quo,” the only new news of significance to report is that late last week a buyer popped up looking for oats out of Southeast Saskatchewan or Southern Manitoba, who would even entertain lighter weight product. If you’ve got oats that may fit the bill, call for details! All in all, growers will have to remain patient as buyers try to eat their way through this surplus.

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 exports are reported at record high levels for another month regarding Canadian production, with Turkey and the US being the dominant end users. While there is some optimism on the speculation for increased acres, in both Canada and the US, we see some backpedaling on the percent increase originally suggested. As exports maintain and we chew through carryover, it is expected there will be another, “bump,” in the market before next harvest. Another factor to consider is the potential yield issues brought up by disease that growers have been combating over the last couple of years. With possible lower yields despite the increased acres, strength could maintain in North American production for an extended period. Buyers have been more willing to hear new crop offers on chickpeas with targets being hit a full $0.015/lb ($0.90/bu) over advertised bids. Old crop bids range from no bid up to $0.50/lb FOB farm with May-June movement. New crop has ranged from $0.45-$0.48/lb FOB farm with AOG and Sept-Dec movement. Bids can carry a wide range of terms from splits and smalls being paid to completely deducted or shrink vs no shrink. Call anytime to review possible marketing options.

North American flax supply likely won’t feel as burdensome for 2023/24 as plantings are expected to decrease on both sides of the border. Analysts expect a 23% reduction in Canadian flax acres while the USDA is forecasting a 29% decline year over year. The last couple of weeks have also shown some promise of flax moving into Thunder Bay and the west coast. It is still unclear if the product is destined to China, but nonetheless, shipments taking place are a good sign. Kazakhstan is reporting that flax supplies will maintain strong export pace for the rest of 2023. With prices declining, it means the market is comfortable with the oversupply heading into a new crop year. For those with flax in the bins, prices have hovered between $14.00-$15.00/bu over the last few weeks.

Oats push into mid-April with nothing new to report. Based on recent buyer feedback, chances are that at this stage, the oat world will likely remain unchanged over the next few weeks, if not, months. Old crop milling bids remain almost nonexistent – as we all know, as buyers did a good job covering their needs until harvest and beyond in some cases. Your best bet for oat sales today continues to be the feed market, which is still carrying bids of $3.25/bu up to $3.75/bu picked up on farm. The one nice thing about these opportunities is most come with a relatively quicker shipping period as opposed to being pushed out into 2024 in the milling market. If this isn’t going to open up the bin doors, we suggest trying a reasonable firm target as we do see sporadic pockets of trade pop up.

Canola markets had shown a little bit of life over the past couple weeks, but have since started to trend downward again. The market continues to be questioned on which direction it will take, but with historically strong values available now, selling a certain percent of what you have sitting in store seems to be the smart move to make. With local basis levels jumping around, and depending on location, we are seeing a wide spread in contract values, which is why it is important to talk with your merchant before making sales. Currently, spot bids are quoted anywhere in the $16.75 – $17.50/bu FOB farm range pending location. In a press release yesterday, it was reported that a plant expansion is slated to hit Yorkton that should double current capacity. Although the expected timeline for this will be a 2025 startup, it will be something to keep a close eye on and interesting to see how the market reacts.

Big news on the barley front as Australia and China inch closer to coming to terms over their barley dispute. While no formal conclusion has been announced, the two nations have reached an agreement to resolve the disagreement – meaning Australia will suspend their WTO complaint while China undertakes an expedited review of their current tariffs on Aussie product. With a three-to-four-month review process, some analysts are pinning mid-July as the time where we could see a lift on tariffs. Looking at how this has affected international markets, France new crop barley took a hard slide at the end of March when news of positive talks between the two were announced – a similar reaction could be on the horizon for Canada. Turning to today’s prices, spot feed barley is trading in a range of $8.90/bu delivered Lethbridge and $7.50/bu FOB farm in most SK areas. New crop indications have remained steady around $7.80/bu delivered Lethbridge and $6.50/bu FOB farm in SK, but opportunities in the $7.00/bu range have appeared in SW Sask. Malt bids continue to look similar, with indications around $8.00-8.50/bu delivered AB/SK for old crop, and $7.30-7.80/bu delivered AB/SK for new crop.

Canaryseed has seen a slight uptick in spot pricing over the last few weeks. Spot bids continue to sit at $0.40/lb delivered SK, equating to $0.39/lb FOB farm for many areas. New crop bids sit at $0.34-0.35/lb FOB farm with AOG, with some buyers indicating an extra cent for delivered product. Looking at Canadian trade, canary exports to Africa, Europe, and the Middle East are seeing strong gains over last year. Reports show exports to Africa nearing double to last year, with significant gains in Algeria and Tunisia. Europe has seen its largest gains in Spain and Italy, and the Middle East has seen strong increases in Turkey and Egypt. Exports to South America have tailed off slightly, with Argentine exports picking up and claiming some of the Canadian market share.

Wheat markets have seen some fluctuation up and down, but are trading generally sideways today with markets showing a slightly lower trend this past week. While some chatter that poor outlook on the winter wheat crop in the States adds some promise to futures, the world supply will ultimately and largely dictate what we see on price. Feed bids currently show numbers around $10- $10.50/bu FOB farm depending on area, while milling prices are not terribly better at $11.25/bu range as a delivered-in price. Once you factor in the freight difference, the milling premium is almost nonexistent, so sales on feed quality make very good sense today and should be taken advantage of while available. Durum prices remain around $12 to $12.50/bu, delivered-in for summer months on a #1, 13.5 CWAD in a few areas. The overall outlook for the wheat complex is not too strong at this time (short of some kind of major shakeup), though, one shudders to think what that might be.

Soybeans are bouncing up today and showing some signs of recovery. Market factors remain the same with tailwinds coming from a poor Argentinian crop and headwinds from Brazil’s robust export pace. Local bids are still holding up quite well at $18.50-$19.00/bu FOB farm, location dependent. Predictability and stability are the names of the game for dry beans. Latin American production concerns are being muted by US carryover inventory. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Local faba markets continue to show decent values, and current indications lean towards fewer fabas being planted this spring. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm, location dependent.

Red lentil markets continue to strengthen, while green lentils lose a little steam this week. Old crop and new crop red values have almost converged, now only showing a small spread between bids. Both new and old red lentil bids are indicated in the $0.35/lb range, give or take a penny, pending location. As mentioned, large green lentil bids slipped, with old crop bid around $0.55/lb and new crop back down to the $0.48/lb range. There may be the odd opportunity still available to catch $0.49/lb on new crop large greens, so speak with your merchant sooner than later. Small green lentils hold strong this week at $0.51/lb on old crop and $0.45/lb for new crop. Early seeding projections still show a decrease in red acres, which will be the biggest decline, and large greens stable with a possible increase; we believe recent new crop large green lentil bids enticed growers to lock up some acres. Small green lentils are in the same boat as large greens, and French greens will likely see a decent increase in acres as well. New crop red bookings have been considerably slower than years’ past, with today’s bids roughly 2 cents higher than last year’s average value. That said, it is still 5 cents short of last year’s 40 cent high. With new crop prices on lentils strengthening, is it enough to influence an increase in seeded acres or is the rally too little too late?

Mustard is trading very similar to last week and prices seem to have flattened out for now as the weather warms up. New crop brown mustard sits around the 55 cent/lb range, while yellow is at 64 cents, and oriental has a shot to trade at 60 cents; all contracts are still quoted as FOB farm and include a full act of God. Now we watch the weather and see how the melt progresses in mustard regions, but for now, it’s the same story. We continue to see some buyers stand back, content with the acres they have booked at much higher prices, while others trickle in bits and pieces. On the spot front, markets seem more stable as well compared to a few weeks ago. We have a strong bid on yellow mustard still, with indications around 82 to 85 cents/lb FOB farm depending on your location and the day. Brown and oriental spot values are quoted around 72 cents/lb for April/May movement. Pricing and demand seem to change daily though, so it is important to keep in touch with us regularly on both old and new crop. We continue to book mustard seed for delivery on a case-by-case basis, so if you have a last-minute need, we may be able to lock you in.

The pea market remains unchanged from a week ago with demand on yellow peas remaining soft. Should yellow pea bids continue to slide, you may see overseas buying interest pick up, mainly Chinese interest as they’ve been quite quiet recently. When they do pull in product, the Canadian market has been a main supplier. Until demand picks up though, interest wains. This isn’t boding well for new crop yellows either as bids remain light. With the prediction of Canadian planting acres on the decline roughly 9%, the bulk of the hit is expected to be absorbed on yellows. That said, carry-over will be tighter, so this upcoming year’s crop should prove interesting. Yellow pea spot bids remain around $11-$11.50/bu picked up depending on location. Greens are maintaining tone at $14/bu picked up with maples ranging around $16.50-$17/bu again depending 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.

The soybean market is positioning and re-positioning after the last USDA report. The report was bullish for soybeans, but it was somewhat muted by Brazilian soy shipping pace. Since then, significant export sales have been reported, along with further Argentinian crop losses; both have nudged the market upwards. Local bids are still holding up quite well at $18.50-$19.00/bu FOB farm, location dependent. The dry bean market remains, “steady as she goes;” abundant carryover inventory in the larger acre classes is being balanced against Latin American production concerns. The result being net sum zero with local prices holding steady. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes, to 70¢/lb on specific specialty classes. A lot remains to be seen with new crop faba acres. Thus far, eastern prairie spring conditions are setting up similar to last year, which if the same, will not favour faba planting. At this point, indications show similar acres to last year, which is on the lower end of the 10-year planted acre spectrum. Feed quality fabas continue to be supported by pet food values. Local bids on export quality #2 faba bids are being indicated in the range of $13.50-$14.00/bu FOB farm, and feed quality values are near $10.00-$10.50/bu FOB farm, location dependent.

Oat markets can be related to the infamous junk drawer; we all have one, but what do we do with it? Clean it up or just let it sit there? Unfortunately, the simplest option, and the route most of us take, rings true for oats right now. As we have been reporting over the last couple of weeks (months?), millers are generally full-up, happy to leave product sit on farm, and show no sign of coming back to the market any time soon. Locking down a milling price continues to be an extremely hard task, and if you’re lucky enough to find one, it most likely carries a delayed delivery window. That said, if you are looking for some bin space and cash flow, we highly suggest pursuing the feed market. Although it may sound silly, given the lack of demand and general absence of a price spread, feed options just makes sense. Indications range anywhere from $3.25/bu up to $3.75/bu FOB farm, with shipping over the next couple months. At this time, actual trade remains slow into these markets, so there is still some room to get product booked; how long that lasts is unknown. If you are looking to move some product and have a higher price in mind, posting a reasonable firm offer may be the way to go as you never know when a small pocket of demand might open up.

Flax bids are flat this week with no real change in the market. Old and new crop pricing is currently available at $14.00/bu picked up, but actual trade remains slow. With competition still coming from Russia and Kazakhstan on the world stage, the domestic market outlook indicates pricing will remain flat for the foreseeable future. Growers are encouraged to keep an eye on this market though, as small “one off” opportunities do pop up on occasion. Even with an expected decrease in Canadian acreage for the 2023/24 season, export demand would have to pick up quite a bit for the flax market to recover. This is due to an anticipated large carryover, meaning supply isn’t likely to be short. While the US has been the main destination for Canadian flax, options for movement vary as the buyer pool is small. If you have flax you need to move before 2023 harvest, call our office as there are some movement options available for the summer months.

Chickpea markets remain unchanged, but still toting attractive tradable levels for the week. More growers have been coming to the table with production contracts, and US growers are looking to empty a few bins. News of poorer crops globally have the market believing there will be a shortage of supply over the next 6 months. This could lead to a potential uptick in North American values. In contrast to the Canadian prediction of increased acres, it has been reported that the US will drop their acres 4% from last year’s 340K and will likely move to a smaller caliber variety to accommodate the snack food market. Prices have a wide range depending on the end use, with #2 Large Kabuli old crop quoted and trading at $0.48-0.54/lb FOB farm for April-May movement. New crop is bid at $0.44-0.46/lb FOB farm with an AOG. Feed/sample chickpea markets are still steady with indications at $0.30-0.33/lb FOB farm with little to no trades happening.

Further reports of increased acreage of canaryseed has not stopped the market from bumping bids this week in nearby movement. Spot prices bump to $0.39-0.40/lb FOB farm with some freight sensitivity, and new crop maintains tone at $0.34-0.35/lb, FOB farm with an AOG. Exports around the world have been strong which is reflected in the renewed life of spot values. This trend could carry on till the end of the year to accommodate demand. New crop sentiment is that the acres will get seeded and there is a certain comfort level there. Buyers are not pushing for production contracts, but do carry daily bids for those looking to offset some downside risk.

Canola markets have started downward movement after nearly a week of much welcomed gains. Today, it is reported that slippage in ICE canola future markets can be attributed to spillover from losses in veg oil, European rapeseed, and palm oil. At time of writing, both May and July have lost roughly $10/MT, currently sitting at $767/MT and $750/MT respectively. Local basis levels continue to fluctuate with spot bids quoted in a wide range from $16.75-$18.00/bu delivered plant, pending location. Higher values are seen in NW Sask compared to most other locations. New crop canola contracts show a tighter range in value pending location, with quotes between $15.50-$16.00/bu delivered in. Growers are encouraged to use firm offers if these values aren’t quite satisfactory, as small rallies do occur, and having your product ready and available for trade may just be the difference needed to secure your target price.

Pea pricing remains relatively sideways week over week. Buyers continue to entertain #2 green peas at roughly $14/bu picked up on the farm for Apr-May movement, while maple pea pricing has slid back a bit with top end bids now around $17/bu FOB. Maple pea variety remains the main determinate on pricing. Yellow pea demand is hit and miss with offers posted in western SK/AB triggering periodically around $12/bu picked up. Again, these bids are not deep, but when buyers pop up it’s great to have a firm offer on the table. Over in eastern SK, bids are a little more stagnant as even targets sub $12/bu have a tough time trading. New crop bids have popped up here and there on all peas so call your broker to see where values are in your area. Of note, there is a specialty new crop yellow pea program in southern AB and southwestern SK that offers a premium, so give your Rayglen merchant a call to discuss the requirements.

Mustard prices have not been kind this week on the new crop front. Bids have slipped below 60 cents/lb for brown mustard, while yellow and oriental likely fetch values in the low 60 cent/lb range. Similarly to last week, we continue to see some buyers pull away from the table, currently offering no bid on new crop as they have filled their needs for now. Pricing and demand seem to change daily though, so it is important to keep in touch with us regularly. There are quite a few acres going in the ground this spring and we wait to see how growing conditions develop to offer further market direction. Moving to spot markets; we have a strong bid on yellow mustard today with indications around 85 cents/lb FOB farm depending on your location. Brown and oriental spot values are quoted around 72 cents/lb for April/May movement. Please check with us as these old crop prices are volatile and are subject to quick changes as well. We continue to book mustard seed for delivery on a case-by-case basis, so if you have a last-minute need, we may be able to make something work.

Lentils continue to gain value as we get closer to seeding and new and old crop large green lentils lead the way in pricing and sales. Old crop large greens are trading at 56 cents/lb with new crop trading as high as 50 cents FOB Farm with an AOG. Small green lentil old crop continues to trade at 50 cents FOB farm and new crop shows a slight discount, trading at 45 cents FOB Farm with Act of God. Old crop red lentils are trading 36 cents/lb FOB, while new crop is indicated at 32-34 cents/lb FOB farm including Act of God. Lentil markets are seeing some strength due to worries about the Indian pigeon pea crop, reduced Canadian acres, and lower ending stocks. Green lentils seem to have the most to gain and are currently the most sought-after type of lentil, although sentiment over the last day or so has moved slightly more bearish. Some fun facts for comparison: this year, new crop small green bids are 10 cents higher than last year’s starting value. New crop large green lentil pricing is 2 cents higher than last year’s average price, with 50 cent new crop the highest bid in the last 5 years, if not of all time. At these levels, acres are getting booked, and as soon as buyers get the coverage they need, expect the market to cool off.

Despite barley prices looking similar to last week, there have been some notable events worth keeping an eye on. Looking at barley substitutes, on March 31, the USDA released its Prospective Plannings Report. The report placed corn at an estimated 92 million acres, up 4% from 2022. Using traditional yield values, 2023 could have corn production at its second highest level in history at over 380MMT. With a near record crop on the horizon and the efficiency and ease of sourcing corn, feedlot operators may continue to feed corn, putting pressure on Canadian barley this fall. Adding to that pressure, additional meetings between China and Australia are to take place this week. By Friday, the World Trade Organization is set to deliver its report to both China and Australia, which will outline whether or not any trade rules have been broken. As we’ve said over the past few weeks, if trade talks between the two parties are successful, look to see China returning to Australia for much of their barley needs. Looking at local prices, spot feed barley is being purchased in the range of $9.00/bu delivered Lethbridge, and $7.50/bu FOB farm in most SK areas. For some SK growers, $7.90/bu delivered to Regina area may be an option. New crop feed barley has remained strong at $7.95/bu delivered Lethbridge, keeping it around $6.50/bu FOB for SK growers. Bids on malt look nearly identical to last week, with indications around $8.00-8.50/bu delivered AB/SK for old crop, and $7.30-7.80/bu delivered AB/SK for new crop.

Wheat prices are off a little this week as markets slid lower the past few days. We are not seeing big movements like in other markets, but values are generally slipping. News out of the Black Sea Region shows more companies pulling product out of Russia, but despite upheaval of who these companies are, there is still a lot of product that needs to ship; according to analysts, this doesn’t point to sunnier days on wheat prices for the nearby. Short of some major setbacks with agreements in the Black Sea, things look to carry on as is, for now. Currently, we see CWRS bids down to $11.50/bu range delivered in on #1, 13.5 for late spring movement. Prices on CWRS for the fall are about a buck discount to current bids. Durum prices are still catching $12 to $12.50/bu delivered depending on area for movement into the summer.

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 wheat world has started showing signs of life on both old and new crop this week. Overall, trade seems to have pulled back though, with anticipation still focused on what will shake loose out of the Black Sea region. On top of this, and as previously reported, the U.S. winter wheat crop is still under stress, which is likely factoring into current future values. A new USDA report is slated to come out this Friday, which should offer further direction and we are interested to see how this market reacts. Spot bids for #1 CWRS are sitting around $11.00 – $11.50/bu today, which is still a great value to make sales. New crop bids are quoted roughly $1.00/bu less, but if you have a sales target in mind posting a firm offer may just be the push purchasers need. Durum trade also remains quiet with only the odd contract hitting our books around $12.60/bu delivered plant this past week. We suspect growers are hoping for a late season market run. Given some cooler than normal temperatures at this time of year, it looks like seeding may start later than expected, but at this point, we don’t expect to see rotation adjustments.

Locally, chickpeas may be in for a late start to seeding this year due to massive amounts of snow volume still lingering across many areas. This is not great news for chickpeas as high moisture conditions can equate to increased disease issues and quality concerns. That said, we’re a long way from realizing those issues, so at this point it is just something to keep in the back of our minds. Globally, the chickpea market has seen environmental stresses to production in Mexico and steady strong export trade in Turkey. Current Canadian markets are in, what feels like, another plateau. Bids have not moved and there have very few trades on both old and new crop. With values being as high as they are (yes, high, we said it) we struggle to understand the growers frame of thought. All signs point to an increase in acres yet the business being done is meagre. Still early days though so keep the conversation going with your broker as this market has proved to move in the drop of a hat!

This week we have seen a bit of a pull back in maple pea pricing with top bids sitting at $18/bu delivered into central Sask on limited tons and variety specific. Buyer preference on maples has been pretty dominate towards product grown from Acer and Mosaic variety, followed by Blazer. Liscard demand has popped up on occasion, but product grown from this type is generally more of a niche market, so finding a home other than your bin can be difficult. Green pea values are holding firm, with top bids around $14/bu picked up on farm. Now, trying to find a home for yellows is a bit more of a chore with top bids hovering around $11/bu picked up and demand on the slow side. New crop yellow peas, though, have a bit of life if you are located in Southern AB or SW Sask as there is interest around $13-$14/bu delivered in with an AOG. Call your merchant for details as this is a specialty program with some requirements outside of the norm. Markets are keeping an eye on USDA seeding intentions due out Mar 31 and hoping to gain insight on what will likely happen here at home.

Mustard prices are tough to track down these days. Many buyers are sitting at “no bid” on both old and new crop right now, as they have already bought lots and overseas markets are quiet. Currently, we still have a few spot bids at 76-77 cents on oriental and brown mustard, while #1 yellow can still catch 82 cents/lb for movement into the summer months. Acres are projected to be up a fair bit on mustard this year and buyers are showing signs of worry on oversupply down the road. Time will tell, but taking some of that risk off the plate is not a bad play. New crop prices on all types of mustard are indicated in the 60’s now, with contracts mostly up to 10 bushels per acre including an act of God. While not as lucrative as they were early in the year, we are still seeing strong historical values on mustard pricing and the act of God provides protections that DDC options on other commodities just don’t.

Canola markets have been rallying as funds continue to close short positions. A very nice technical bounce is occurring after May canola slipped below the $720/MT level just a few trading sessions ago. Today we are seeing May futures trade around $770/MT at the time of writing. Perhaps additional short covering could lead to more gains. We will have to wait and see if futures values above $780/MT are in the cards as we progress into spring/summer months. Numerous factors such as slow demand and grower sales have also played a role in the drop over the last month, so it’s nice to see a relief rally. Basis levels in the province are always changing, so it is best to shop around for the top opportunities and make sure you are getting the best price on the day. Be sure to talk to your merchant about FOB bids if interested.

Coming in hot for another week is old and new crop large green lentils. Buyer bids on old crop are trading as high as $0.56/lb picked up on farm ($0.58/lb delivered in) with new crop still hanging in there at $0.48/lb picked up with an AOG. Small green lentils are trading sideways as they maintain $0.50/lb delivered with new crop holding strong at $0.43/lb with an AOG. Red lentils are holding their own as well this week, with $0.35/lb tradable on old crop and the odd offer triggering a tad higher barring freight. New crop values show quite a range as we’ve seen anywhere from $0.31-$0.34c/lb picked up with an AOG quoted this week; the latter generally seen in Southern AB, but there may be opportunities in SK. We do still have some buyer interest in new crop French green lentils at $0.60-$0.65/lb picked up on the farm should you be lucky enough to find yourself some seed. Lots of great opportunities available to get yourself shored up on 5-10bpa under act of God at very strong prices for fall shipping, offering some cashflow and bin space to boot.

Canaryseed prices jumped a bit this week moving up to 40 cents/lb delivered plant in select locations. New crop remains stable at 34-35 cents/lb FOB farm for September to December movement including an act of God; a great starting point for taking some risk of the table. Comparing apples to apples, last year, new crop pricing started at 35 cents/lb as well, with markets moving to a high of 43 cents/lb for a single contract during the summer when yield concerns were at their highest. The average new crop price last year was 39 cents/lb, but I think we can agree that moisture conditions were much more dire than what we are seeing today, and this could mean increased supply next harvest. Last March was when canary started to come off the highs of fall 2021 and by July 2022, the market experienced a 5-cent drop; by September another 5-cent drop, leaving us in the current trading range of 37-40 cents/lb FOB farm. The market seems to be comfortable in this range, and if we see increased yields next harvest, it could translate into another market correction. Of course, weather and outside markets will be big factors influencing domestic values, but what we can say for sure is that we’ve got historically strong values on our plate currently. Of note, some buyers think that the project acres and supply should provide enough product for the upcoming year.

The oat market remains sluggish and unchanged week over week. The price range has been as low as $3.25/bu as high as $3.75/bu, in very light trade and the majority of that product headed to the feed market. Overall, milling bids have been hard to get a handle on as oversupply continues to provide a hurdle to this market. Likely nothing you haven’t heard before, but we’ll reiterate; first, most of the oat millers are full until next crop year, second, if you are lucky enough to find a buyer that isn’t covered feed values after freight deductions likely pencil out at or above milling values, and finally, shipping timeframes are pushed way out for those that are lucky enough to find milling bids, which don’t always align with operational needs. All in all, realistic grower targets seem the best way to get a trade done of late. Buyers see so much “potential” product daily that having that firm target gives them something solid to work with.

As planting season creeps up, barley acres are expected to be similar to 2022. Agriculture and Agri-Food Canada’s March 2023 report pegged barley acres at 7.4 million, a slight increase of 5% from last season. Looking at barley through a cattle lens, cattle are lighter throughout February and March and feed demand is often reduced during these months. We can hope to see some increased barley demand as cattle weights pick up come the spring. Looking at current markets, barley continues to maintain similar pricing as last week. Spot feed barley is being purchased in the range of $8.75/bu delivered Lethbridge, and $7.50/bu FOB farm in most SK areas. New crop feed barley has also held steady at $7.80/bu delivered Lethbridge which equates to around $6.50/bu FOB farm for SK growers. Spot malt bids hover in the range of $8.00-8.50/bu delivered AB/SK. New crop malt bids are still slim, but we are hearing of AOG and DDC bids in the range of $7.30-7.80/bu delivered AB/SK.

Soybean prices edged higher on continued concerns over Argentina’s expectedly poor yielding crop. Local bids are still holding up quite well at $18.25-$18.75/bu FOB farm location dependent. Local dry bean bids in Mexico have shown promising increases due to lower production. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Canadian faba exports have been light, largely due to competitive export pressures from countries such as Australia. Australia is reporting their 3rd largest faba crop in the last 10 yrs. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm, and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

New crop Western Canadian flax acres are expected to be significantly reduced from previous years. This is largely attributed to falling flax prices and thus other competitive crops penciling in better for the farmer. Old crop flax bids have had little support beneath them for the past couple of months. Big production and more competitively priced crops from both Russia and Kazakhstan have been favoured over Canadian supplies by China and Europe. New crop flax bids have been scarce and old crop flax is hovering near $15/bu delivered.

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.

Canadian flax acres are expected to decline for the 2023/24 crop year; however, supplies will be slightly larger due to an uptick in carryover stocks, and we’ll need to see export demand increase for this market to recover. The US has been the main destination for Canadian flax with very small amounts headed to China. Russia and Kazakhstan are still dominating the Chinese market with their production. Pricing indications on flax sit around $14.00/bu picked up this week with very few buyers in the mix. These prices are frustrating for Canadian flax growers, but early reports suggest this could discourage planting acres overseas. While it is early, these reports show the first signal that declining prices and heavy supply could reset global markets. If there is a reset, it will likely be gradual.

For the most part, barley markets remain unchanged, with bids and demand stable for a few weeks now. Old crop feed is still triggering around $7.50 – $8.00/bu FOB farm depending on area and shipping window. New crop values continue to be quoted anywhere in that $6.25 – $7.00/bu FOB farm range, again subject to freight and shipping timeline. Growers with sales targets are highly encouraged to post a firm offer up. These prices remain a great starting point to get some product sold into. Recent rumblings over the past few weeks suggest that we will eventually see a price correction and values will fade. Although we hope that these are in fact just rumours, the reality of it is, if the market does take a turn for the worst, we could see substantial drops overnight as opposed to a, “slow leak,” over a few weeks. With what appears to be some decent snow cover throughout the prairies, locking in a percent of what you expect to produce this year just makes sense!

Canaryseed prices continue to hold firm and see little change week over week. Spot prices hold at $0.37-0.38/lb FOB farm, with the odd half cent premium for delivered product to various plants in SK. New crop continues to sit as one of the stronger production programs available, with multiple buyers looking for acres at $0.34-0.35/lb for FOB farm. With fall movement options on new crop, this continues to be a program that has the ability to generate quick cash flow throughout harvest. Looking at Canadian and world markets, forecasted Canadian acreage still sits around 300,000. The first half total for 22/23 exports amounted to 102,000MT, which is up from last year’s 83,000MT. Additionally, CGC is reporting farmer deliveries to elevators above average, but in line with the 5-year. Despite steady movement, continued discrepancy on Mexico’s trade data has some believing Canadian canary supplies could be larger than it seems. With steady bids and strong exports, the market appears to be balanced and the current price environment could hold for some time.

The wheat market has paid close attention to the expiry and renewal of the Black Sea Grain Initiative over the past several weeks. The deal was extended for 60 days, half of the intended time wanted by Ukraine. Reports suggest that Moscow would only extend the agreement to anything longer than 60 days if Western sanctions were removed. Additional news in world wheat: the U.S winter wheat crop remains under stress and offers opportunity for Canadian prairie farmers. With a large area of winter wheat under, “extreme to exceptional,” drought conditions, increased wheat acres in Canada could help offset reduced U.S. production. Looking at local markets, spot trading for CWRS 12.5 pro sits around $11.00/bu delivered SK. Old crop spot trading for durum has slowed down, with some buyers’ needs full for the time being. Some have dropped durum spot prices to $12.00/bu delivered, while a few continue to buy just shy of $13.00/bu delivered. New crop durum has seen little change, and values still sit around $11.00/bu FOB in SK. Feed wheat values range from $10.00-10.50/bu FOB, and $10.75/bu delivered Lethbridge. New crop feed values into Lethbridge sit around $10.30/bu.

Spot pea pricing is a little all over the map this week, but the “top dogs” are maple peas, which are trading anywhere from $17 – $18.50/bu picked up on the farm depending on location and variety. Sliding into second place we have green peas, which are trading at $13.50 – $14/bu picked up on the farm; freight will be the biggest detractor. Finally, we have yellow peas tailing the group with bids on the west side of Sask currently quoted at $13/bu delivered in. Eastern Sask yellow pea bids are seeing values closer to $11.25 – $11.75/bu; however there has been the odd grower target triggering along the southeast SK/MB border at $12.50/bu for late spring/summer shipping. New crop pea programs remain largely uninteresting to growers, but we do have a specialty program in Southern AB at $14/bu delivered with an AOG. Call your merchant for details! Sask bids are sitting a bit softer, quoted around $12/bu delivered in with an AOG. New crop green and maple pea trades have been quiet with bids ranging around $11 – $14/bu depending on location and variety.

The oat market remains quiet as most buyers are mostly covered until fall. Looking through data from StatsCan may provide a good explanation on why the market is so quiet. The supply numbers tell the story; in December, stocks were pegged at 3.6MMT, up 91% from a year ago and the highest on record. In addition to the huge supply, the export market has also seen a downturn providing the perfect storm for this lackluster market. Expected ending stocks are pegged at 1.2MMT, which is 4 times the 2021-22 carryout and just about double the five-year average. This amount of carryover will take markets a while to work through. The upside in all of this is that acreage is pegged to see a minimum reduction of 30% and possibly as high as 50%. Alas, even with this large reduction in acres, average production numbers could still set next year’s supply 6% higher than the five-year average, and would put some pressure on pricing to start the 23/24 crop year. Patience is going to be key going forward as there is a lot of product to move and not many places to move it. Bids this week have been as high as $3.70/bu in the right location for #2 oats and as low as $3.40/bu for feed. All bids are quoted as FOB farm with movement for as far out as July.

Chickpea exports out of Canada maintain strength in the first quarter of 2023. Speculation of increased acres in both Canada and the US still leave a bullish tone as there is concern of steady supply chain availability. Reports of less-than-ideal crop conditions in Mexico and producers planning fewer acres support that bull. Conversations around new crop production contracts are far less frequent than expected and have the trade wondering if the increase in acres will be as aggressive as anticipated. Old crop #2 large Kabuli bids sit around $0.50/lb FOB farm, give or take a penny or two for April-May movement, with new crop bids generally at $0.44-0.45/lb, with a few outliers at $0.46/lb FOB farm with an AOG. With all the talk of big acres, putting something on the books may not be the worst idea one can make. Feed values slipped a little with bids now quoted around $0.30-$0.35/lb FOB farm. Pet food is a wild card though and when demand peeks, prices can jump significantly. Get on our email/text blasts for sudden shifts in the market to be first to know.

Canola markets have been seeing day after day losses over the past half month. We have seen May futures come down from $820/MT to, at time of writing, the current level of $722/MT. That’s a loss of over $2.22 cents per bushel in 16 days… not pretty. Why is this happening you ask? It’s a multitude of reasons all adding up: soybean markets are a big cause as they have fallen a matching timeline due to expected increases in production from South America; acres and production for the upcoming canola crop are expecting increases; word that changes in US biofuel rules would reduce markets for Canadian product don’t help, and talk that Canadian product is too expensive to compete in the EU veg oil market all seem to be partial factors. Basis levels in the province are still showing wide discrepancies from north to south, and east to west, so it is best to shop around for the top opportunities and make sure you are getting the top dollar on the day.

New crop mustard bids have fluctuated a bit this week and we’ve seen some buyers step up to the plate to book product a little higher than the mid 60 cent/lb range we’ve been seeing lately. Spot markets remain fairly flat, but still strong historically and worth taking a look at. Spot values remain around $0.90/lb for yellow mustard, $0.78/lb for brown, and $0.82/lb on oriental. It is very important to talk to your merchant as these prices fluctuate daily depending on the needs of the buyer. New crop pricing remains in the $0.66/lb area for oriental, brown possibly at $0.70/lb, and yellow also in the low $0.70’s today, all including an AOG for full crop year movement. Seed sales are wrapping up and our supplier has begun treating and packaging. There may still be a chance to book some last-minute product at this late stage, so talk to us if you are in need. We have found room on delivery trucks in some cases.

Lentil markets remain stable this week, which is good news as prices are attractive and worth a good look. Expectations for the coming year are that lentil acres will fall by at least 5%, with the majority of that loss representing red lentils. The trade appears to be bullish green lentils due to concerns over India’s pigeon pea crop. Getting into the numbers, #2 red lentils are trading at 35.5cents/lb delivered to various plants for old crop, while new crop is at 32 cents/lb FOB farm with an AOG on 10 bu/acre. Standard #2 large greens are trading in the 53-54 cent/lb range FOB farm for old crop. New crop large greens have been getting booked up steadily at 48 cents/lb FOB farm with an AOG for a #2 quality. These contracts pencil out nicely and can have a 5-10 bu/acre AOG. Old crop small greens aren’t too far behind with contracts available for 50 cents/lb FOB on a #1 quality. New crop small greens sit at 43 cents/lb FOB farm for a #1 with an AOG as well. As commodity markets take daily losses, these lentil values become even more attractive in ensuring profitability on the farm.

Soybean futures have taken another step down in large part due to near record Brazilian production forecasts. Local bids are still holding up quite well at $18.25-$18.75/bu FOB farm location dependent. Local dry bean bids in Mexico have shown promising increases due to lower production. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Canadian faba exports have been light, largely due to competitive export pressures from countries such as Australia. Australia is reporting their 3^rd largest faba crop in the last 10yrs. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

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

Mustard markets remain fairly stable this week with spot and new crop bookings rolling in at a much slower pace. More accumulative snow was seen from the winter storm that streaked across southern Saskatchewan over the weekend, offering better planting moisture even if just marginal, which is seen as a positive for the upcoming crop. Spot values remain in the $0.90/lb range for yellow mustard, and the $0.82-$0.85/lb range for brown and oriental. It is very important to talk to your merchant as these prices fluctuate daily depending on needs of the buyer. New crop pricing remains the in the $0.60’s for oriental and brown, with yellow showing bids in the $0.75/lb today, all including an AOG for full crop year movement. Even with softer new crop values now, all three classes of mustard are showing returns with great margin rankings according to analysts. Pair that with an expected large increase in acres and growers are still encouraged to get the first 10bpa locked in. Seed sales are wrapping up and our supplier has begun treating and packaging. There may still be a chance to book some last-minute product at this late stage, so talk to us if you are in need.

Lentil markets remain strong this week mainly due to speculation that the Indian pigeon pea crop will be smaller than expected. Other factors include reduced Canadian acres and limited shipping capacity out of Australia, all working together to provide a much-welcomed uptick in bids. Green lentils will see a pricing benefit from the poor pigeon pea crop, while reds will benefit from Australian news and speculation of reduced acres. Large green lentil prices are fairly stable at 53 cents/lb FOB for old crop with the odd target triggering slightly higher. New crop large green pricing ranges from buyer to buyer with the highest trades taking place at 48 cent/lb FOB with an act of God. Red lentils have a handful of buyers looking to purchase old crop at 34-35 cents/lb FOB farm, while new crop trades as high as 33 cents FOB farm with act of God.  Small green lentil spot bids have hit 50 cents/lb again this week and targets at 45 cents for new crop have also triggered. Of all the forementioned bids, new crop large greens have seen the most uptick as many growers see the expected increase in acres next season. All options for lentils right now look better than only a month or two ago. We encourage growers to take a hard look at these values and not miss the opportunities that present themselves today.

Canaryseed markets remain virtually unchanged this week without much new to report. Old crop is still trading in the $0.36 – $0.38/lb FOB farm range witch contracts carrying some quicker movement options along with them. This quick shipping window can offer growers prompt cash flow at historically high values and some are taking advantage of it. If you are looking to catch a cent or two more, throwing your product up on firm offer is not necessarily a bad idea. Bids have been fairly comfortable in their trading range, so if your target doesn’t trigger, then at least you have reassurance you didn’t leave money on the table and you can still sell at today’s posted values. New crop bids also come with little change this week. Current quoted values sit in the $0.34 – $0.35/lb FOB farm with contracts including an act of God. We’ve said it before, and we will say it again: This is a great program to get something locked in while taking the risk of market volatility and production shortages off your plate. Early movement + early cash flow + good price = Great farm management skills!

When looking at crop rotation for next year, large Kabuli chickpeas are one of the leaders in gross margin profit. Some analysts predict a 39% increase in acres compared to last year, going from 234K to 325K. This is still above the average on a 5-year high, with 19/20 crop year being 392K acres. Spot contract values in 2019/20 for a #2 large Kabuli were high teens to mid 20’s, while production contracts were being booked at $0.26-0.29/lb FOB farm with an AOG. Today, growers are booking spot #2 large Kabuli’s at $0.48-0.53/lb for old crop and $0.45/lb new crop with an AOG, both FOB farm. While, of course, global supply has a factor in value, it cannot be ignored that right now, in your back yard, chickpea values are strong despite heading into a potentially larger production year. Feed and pet food markets have not wavered from their values in weeks and while the demand is always there, it is not strong enough to push higher bids. Serious consideration should be taken with chickpea production contracts and how those pencils into your book. Call your agent for details.

Flax prices are down slightly again this week, which comes as no surprise at this point. We have been writing about the competition in flax pricing from the Black Sea region for several months now and the same story continues. It’s no shock that prices overseas are much cheaper than domestic values and that product continues to get sold into the Chinese and European markets. Market analysts expect Canadian flax acres to be down in 2023, which could help offset some of the expected larger carryover. If flax production in the US sees a decline in 2023 as well, we may see more demand from our neighbours to the south, which would be supportive for markets. Whether or not that happens is to be seen, but until then, flax prices will likely remain under pressure going into 2023/24. For those with flax in the bins, call our office as prices are ever changing; at time of writing, we are seeing $16.75/bu delivered.

There’s no way to put it lightly, the canola market looks like it has just gone ten rounds with Mike Tyson in his prime; futures have been on a steady decline all week. A large Australian rapeseed crop has been supplying major areas of the world while Canadian canola was considered expensive for a very long time. That, paired with what is expected to be a huge Brazilian soybean crop, is resulting in the perfect storm for our canola markets to fall off in a big way. At time of writing, May futures are at $754/MT, which is down roughly $60/MT in just one week. Local bids have slipped to around the $17.25-$17.50/bu mark delivered to plant, with basis levels remaining relatively unchanged. July futures are similar and sit at $751/MT representing a slight discount for movement into the summer. New crop bids have followed suit and have dropped down to around $16/bu delivered to plant. We’ll need to see the market stop the bleeding before we can assess the total damage and make plans moving forward.

A decision should be coming down from the WTO sometime in Mar or Apr regarding the China/Australia dispute over the barley tariff. More recently, the two sides have been communicating which is viewed as positive when it comes to relations. Whether terms are adhered to or not is another story depending on how the WTO comes down. The longer this stays unresolved, the longer Canadian barley markets reap the benefit. Bids in Saskatchewan range anywhere from $7.50 – $8.15/bu picked up on the farm with the latter quoted for product along the #1 highway near the SK/AB boarder. New crop values are also holding strength with bids ranging from $6.40 to $7.00/bu picked up in SK pending farm proximity to feedlots. Locking in a bit of new crop grabs you some cashflow at harvest time, along with a bit of bin space, and although these contracts do not include an act of God, conservative sales are still encouraged.

Soybean futures are facing headwinds this morning due to sluggish U.S. export pace, Brazil’s harvest, and concerns over Chinese purchases due to swine fever. Despite these issues, local bids are still holding up quite well at $18.50-$19.00/bu FOB farm, location dependent. Local dry bean bids in Mexico have shown a promising increase due to lower production. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Canadian faba exports have been light, largely due to competitive export pressures from countries such as Australia. Australia is reporting their 3^rd largest faba crop in the last 10yrs. Feed quality fabas continue to be supported by pet food values. Local bids on export quality #2 faba’s are being quoted in the range of $13.50-$14.00/bu FOB farm, while feed quality values are near $10.00-$10.50/bu FOB farm, location dependent.

It’s anticipated that peas will see a 3^rd straight year of declining planted acres, with most of it incurred in the largest segment, yellow peas. Coupled with a decline in planted acres, is the anticipation that carryout will remain in single digit percentages. Exports are running behind what’s deemed to be “normal” and can largely be attributed to modest Chinese demand. Local yellow pea bids are in the range of $12.00-$12.50/bu FOB farm, location dependent this week. Green peas are hanging in there at $14.00/bu delivered or $13.50 FOB farm in many areas across SK and AB. New crop pea programs remain largely unattractive and this has kept trade to a minimum. Call your merchant for details on today’s new crop programs.

It’s difficult to find any positive news in oat markets these days. The supply is large, and the bids are few. Milling markets seem to be mostly filled up for the foreseeable future and options for emptying bins are pretty limited. Feed quality trades have slipped below $3.50/bu on farm in many areas of the province, with homes for oats as feedstock being limited. Worth noting in feed oat markets is the need for a good bushel weight as the discount for light oats is drastic, and the prices you see fall apart quickly if your product is underweight. New crop options are few and far between, but if you need to get something on the books, we suggest possibly putting some offers out in the $3.50/bu range FOB farm, which might be in the cards to facilitate trade.

Wheat has made gains to a one-week high after last week’s slippage. Spot prices for CWRS 12.5 pro and CWSWS delivered Saskatoon sit at $11.32/bu and $11.52/bu respectively. Spot durum bids continue to look similar to weeks past, at $12.25-12.50/bu delivered various plants in Sask, with new crop trading around $11.50/bu on DDC contracts. Spot feed wheat delivered to Lethbridge comes in between $11.17-11.30/bu. Watching the world markets, many are paying close attention as the Black Sea Grain Initiative between Ukraine and Russia is only a few days away from expiry. Moscow has proposed a 60-day renewal, but with that proposal being only half the duration of the last two terms of the agreement, Ukraine has countered and wants to see the deal extended for a full year. With the quickly approaching expiry, some importers like Saudi Arabia, Tunisia and Algeria have made a push for wheat imports with recent reports of tenders totaling 2MMT.

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.

Oats, oats, and more oats; that’s one way to describe the stockpile of carry-over we are seeing throughout the prairies for 2023 and at this point of time, likely pushing into 2024. To date, there has not been much change in old crop values with bids still in the $3.50/bu range, pushing into summertime movement. New crop programs remain elusive, but indications around $4.60/bu delivered into Manitoba have been floating around. As one can imagine, this hasn’t sparked much interest yet. If you you’re sitting on the fence wondering whether to store old crop oats or push them to market, at this point, it seems letting them go may be the better option as there is real uncertainty over how long this will drag out, and if we will see further value loss before the market shifts.

Mustard prices continue to fluctuate day to day and although there is buying interest, prices vary and are well under the $1.00/lb we were seeing a month ago. Best to call your Rayglen merchant for up-to-date FOB farm old crop bids on all types as quoting general values has become difficult. Markets are showing a spread between old and new crop, which will affect buying behaviour as we head into spring and move closer to planting and ultimately harvest. Mustard has seen a fair decline in new crop pricing as well, but the numbers still make sense to lock in some acres and protect yourself against further weakness. Even with softer new crop values, all three classes of mustard are showing returns with good gross margin rankings according to analysts. This year’s values have attracted acres for 2023 seeding and we suspect there will be a large increase in acres. Call our office for new crop pricing options.

Spot large Kabuli chickpea markets have been a little quieter as of late, with bids indicated around 50-51 cents/lb picked up on farm for #2 quality with decent sizing (i.e., max 10-20% 7mm). The ending stocks this year do not look overly burdensome, and market demand has been very hot and cold, so we would suggest waiting for another hot period and market accordingly. Acres look to increase on chickpeas this spring, up to 325,000, which, with a stronger yield, should keep pricing running about sideways for the most part. Any weather issues could keep stocks pretty tight going forward, but we always need to keep in mind that we are not the only players in the chickpea game – far from it. So, any possible local supply issues do not automatically correlate to stronger pricing. New crop opportunities are at strong levels with buyers quoting 45 cents/lb picked up on farm with act of God.

Pea markets have stabilized with not much change taking place over the past week. Green pea contracts are available at $13.50/bu FOB farm for #2 quality with the odd target trading closer to $14/bu. Higher bleached green pea bids are available at slightly discounted prices, so feel free to let us know what you have for quality, and we will find a home for your product. US green pea bids are still strong around $10.50/bu USD FOB farm and this has been buying waves of product for the last few weeks. Yellow pea bids range between $12.25-$12.50/bu FOB farm depending on your location for a #2 quality, again with the odd target trading higher. On the new crop side of pricing, green peas are indicated between $11.50-$12/bu FOB farm, while yellows are lagging behind at $10.50/bu FOB farm. Contracts for both are quoted for #2 grade and include a 10 bu/acre Act of God clause. The more niche maple pea market is trading at a premium to yellows with bids around $16.50-$17/bu FOB farm. We are encouraging offers on new crop maples in the $14/bu range FOB farm with an Act of God.

Lentil markets continue to show positive gains week over week, which is nice to see after a steady slide in previous months. Concerns of an acreage decrease in Canada may be helping prices, as well as a CDN $ that is struggling of late. Red lentil bids are up to 35-35.5 cents/lb delivered on #2 quality, while new crop bids with an AOG are quoted at 31.5 cents/lb delivered. Large green bids are showing the most improvement this week, with 53 cent/lb FOB farm offers triggering on #2 quality product in the bin. New crop bids are also rising to 46-48 cents/lb FOB farm with an AOG. We encourage taking a good look at new crop large green values and getting some signed up. There is a good chance many acres could switch over from reds due to the wide price gap we’re seeing. Small green lentils are holding steady at 48 cents/lb FOB farm for old crop #1 quality. New crop #1 small greens are trading at 42 cents/lb FOB farm with an AOG and have lower grade spreads built in. In the US, #1 US medium green lentils are trading as high as 35 cents/lb FOB farm for old crop and around 29-30 cents/lb FOB farm on #1 US quality new crop with an AOG.

The flax market is still relatively quiet on the pricing side of things, but $17.00/bu FOB did manage to buy some tonnes last week. Those sales, did however, put some pressure on buyers who are now quoting values as low as $16.50 delivered. One of our purchasers who exports to China provided Rayglen with some trade information over the last year. In 2022, China had demand for 600,000MT and estimated a need for 700,000MT in 2023. In 2022, Russia accounted for 70% of the flax imported into China, while Canada accounted for 4.9%. This put Canada into third place for countries exporting flax into China; keep in mind Canada was, at one time, number one. According to data for December 2022, Russia accounted for 74% of the imports and Canada fell to 1.1%, but it was still ranked as third. Russia has become a major player in the Chinese market for a couple reasons; 1. Limited markets to trade with, 2. a 300,000MT increase in production from the year before. These two reasons have Russia trading at a discount compared to Canadian pricing. Last week, Russia was trading flax into China at $535/MT US to $576/MT US depending on the shipping port. Canadian flax is priced at $655/MT US, which is only trading to high-end users.

Soybean values stay strong for another week. Talk about the Argentinian bean crop and adverse weather is helping keep values up. There have been reports their production went from an earlier estimated 41MMTS to 33MMT due to drought – that is down 25% from last year’s production. The Brazilian supply is expected to be a large crop, but it may not be enough to keep values stable. Bids remain unchanged from last week and are location dependent ranging from $16.75-$17.25/bu FOB farm. Faba beans have maintained tone for another week with #2 quality bids ranging of $13.00-$13.50/bu FOB farm and feed quality values are near $9.50-10.00/bu FOB farm. New crop values are still hard to put a pin in, so buyers are encouraging offers from the sell side.

Canaryseed markets have been fairly flat for the past few weeks, and although we’ve seen some sales into the spot market, overall trade has been fairly slow. Old crop values continue to be quoted around that $0.36-$0.38/lb FOB farm mark with some quicker shipment options still available. It is important to throw in your targets on spot canary at a level you’re comfortable with and see if we can get the trade done as demand still seems strong. New crop is trading in the $0.34 – $0.35/lb FOB farm range with buyers doing anywhere from 10 – 15 bushels to the acre under AOG. We really like new crop canary as sale option here at Rayglen, and if you are growing it, you should really pencil these numbers in. If you need seed, contact us as we may have the right lot you are looking for.

According to the Canadian Grain Commission, out of country barley exports are moving ahead of last year’s pace. Despite January seeing the smallest monthly export total since fall 2022, Canada still exported 131,000MT of barley, with China being its main buyer at over 100,000MT. Watching today’s markets, corn imports from the US continue to supply many feedlots, and barley prices continue to look similar to previous weeks. Current feed barley bids range from $9.00/bu delivered into Alberta, and $7.40-7.80/bu FOB farm in Sask, with the higher value being found in the SE Sask area. New crop feed barley continues to trade around $6.50/bu FOB farm on a DDC (no AOG). Malt barley bids range from $8.10-8.40/bu delivered AB/SK/MB on old crop, with new crop malt bids between $7.30-7.90/bu delivered, dependent on delivery time and option between an AOG or DDC.

The wheat market is trying to climb out of the hole that it dug itself into these last couple days with bids hovering around $11.25/bu delivered in central Sask. With acres on the rise both here and south of the border, new crop bids are staying steady drawing ire from other crops, i.e. lentils. There are growing concerns on the US winter wheat crop, and it is reported that just over 50% of Kansas crop was in poor to very poor condition; conversely, just over 15% is in good to excellent condition. This does not bode well for the start so far. Sliding over to feed wheat, bids continue to hover around that $10.25/bu range picked up on the farm give or take a quarter depending on freight costs, making it a nice alternative for some lower grade milling wheat. Switching gears over to durum, buyers continue to range around $12.50 – $13/bu delivered in, with 3 tenders on the loom. New crop values are a little lackluster right now and trade has been light.

Canola has been on an overall down tread since Feb 22^nd. That said, there have been market up days and coupled with attractive basis levels, producers have been able to sell targets at $19.00/bu delivered. Due to strong crush margins, domestic demand remains strong, allowing basis to absorb some overall softness in the futures. Canadian canola values continue to price in on the high end as it compares to other global veg oils. Significant Chinese demand is yet to surface which may weigh on carryout stocks. Futures have come off a bit over the past couple days with local bids now hovering in the $17.75-$18.50 picked up 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.

Flax trades seem to have shown a little bit of life this week as some buyers have perked up interest and are actively starting to look for product. This is not to say we saw a big bump in bids, but some business at $17-$17.50/bu was a workable number for both buyers and sellers and got product on the books. Most traded for movement timelines in and around road ban periods, but some buyers are requesting movement into the summer months as nearby options are fairly locked up. It seems that some of this business has flax heading back east as interested bidders are predominantly active in Chinese markets. This could possibly indicate we are seeing the amount of product shipping from former USSR letting up. New crop did have some buyer interest that filled quickly at $18/bu on farm with act of God this week and although the program is full for the time being, we can stack offers in hopes more tonnage opens up. There has been limited interest in spot yellow flax around the low twenties per bushel if you need some bin space or cashflow, but new crop bids remain unreleased thus far.

Canaryseed markets continue along their unchanged path this week, still boasting some great sell values on both new and old crop. Unlike having to send the canary in to sniff out the mine, these canaryseed values are guaranteed a safe and smart decision to get some product hedged against possible downturn, on top of locking in early shipping windows and cashflow. Old crop values continue to trade around that $0.36-$0.38/lb FOB farm mark with some quicker shipment options available. New crop values are also still triggering in that $0.34 – $0.35/lb FOB farm range with buyers doing anywhere from 10 – 15 bushels to the acre under AOG. With recent snowfall throughout the prairies, and most hopeful that starting moisture will be adequate, getting some of this crop locked in seems like a power move.

It looks as though canola markets will roll into March and end February without much change from weeks past. Although we’ve seen fluctuation to daily futures, adjustments to basis levels have local spot bids averaging out in quite similar ranges each week. Current indications on old crop canola sit around that $18.00/bu mark, but for an accurate value, best bet is to call in and let us tailor a bid to your farm. New crop values on canola also remain at levels that one should strongly consider selling their first 10 – 20 bushels into, currently sitting at $16.50 – $17.00/bu FOB. These are strong indications and those types of bids, paired with the recently released Alberta and Saskatchewan crop insurance numbers, have us guessing it may be just the push those on the fence about seeding canola needed. As always if you are looking for a bit higher value, we encourage placing a firm offer to catch any potential spikes within the market.

Green peas have seen some buying demand over the last week with prices in the $13.50/bu FOB range. For those with bleached green peas in the bins, there is also demand and movement with discounts, so call in with specs or send us a sample for review. We also have buyer interest in US green peas around $10.50/bu FOB farm for low bleach. Yellow pea pricing sits around $12.50/bu picked up, give or take 25 cents depending on location. Historical pricing charts from analysts, show high returns in seven of the last nine years when selling in the first week of March so growers may want to keep a closer eye on pricing over the next week. We will have to see if this trend holds true. New crop green and yellow pea programs are slow to come out, but prices are indicated around $10.50/bu for yellows and $11.50-$12.00/bu for greens. Both are likely to contain an act of God clause. Call our office for details if you’re interested in making a sale. For those with maple peas still in the bins, prices are flat in the $16-$17.00/bu price range, picked up. If you are in need of any type of pea seed, reach out to your Rayglen merchant as we have some options available.

The wheat market is on the softer side and we are expected to see continued pull back over the next month. Record wheat sales out of the Black Sea region are a little surprising considering everything going on over there. With what looks like an increase in acres here and south of the border, we could see pricing continue to slide, barring any pre-planting weather concerns in Europe. That comes a bit down the road from now, but something to keep an eye on. A nice little price perk in central SK was seen today on #2 CWRS at 11.50/bu delivered in for Mar-Apr shipping. This is a strong spot bid compared to other pricing indications popping up around the $11.20’s/bu range. Flipping to feed, bids seem to be ranging around $10.25-10.75/bu picked up on the farm, making it quite comparable to some milling bids after factoring in some freight. Sliding over to durum, you can catch $12.50/bu picked up on the farm for #3 CWAD or better, within a couple hundred KM striking distance of Saskatoon, should you be looking for a home.

Canadian chickpea exports are at 91,500MTS for year to date with the bulk of the shipments going to Turkey and the US. This number is the highest it has been since 2000/01. While it feels like the market is quiet, things are happening in the background. Prices have not changed on average but we have seen opportunities arise where offers are hit, and a little bump is given for a set amount of volume, then shut off again. It has been said over and over that the value of North American chickpeas are not globally tradeable and with the US being a main destination for our export, it validates that reality. When speaking to a buyer this week they advised they had their first firm potential business for old crop in a month and the interest equated to $.45/lb FOB farm to the grower. New crop bids are at a lower spread to this and only a handful of buyers with pay $.45/lb +. With the speculated amount of acres going in, it’s hard to see how this price holds on. Chickpea dense growing areas are seeing good snow pack which will help to set up for a favourable spring. If chickpeas are going in the ground on your rotation, take a serious minute to pencil in what works for your books and give us a call with options.

The Argentine soybean crop has continued to face a well-documented drought that could result in losses of up to 10MMT of Argentine soybean production. Fortunately, countering those losses is the Brazilian soybean harvest that is predicted to provide a record-breaking crop of 153MMT. Brazil’s record crop will play a large role in North American soybeans’ export ability. Current spot prices for soybeans sit around $17.00-17.50/bu. December exports of Canadian faba beans amounted to less than 100MT, all of which were sent to the US. With Australian faba production estimates increasing and AU price decreasing, paired with an increase in UK seeded area and strong yields in the Baltic regions, Canadian fabas look to face heavy competition in exporting to Egypt for 2022/23. Fabas are seeing spot bids between $13.60/bu FOB and $14.35/bu delivered for export quality, while feed bids remain in the $10-10.50/bu FOB farm range. New crop contracts are available at $14.35/bu delivered Northern Sask on 10bu/acre with AOG.

Lentils continue to have positive gains. The Gulfood show seems to have had a positive impact on lentil markets, as all varieties have seen an increase in price. With speculation that lentil acres are going to decrease this year, buyers are offering some of the highest new crop pricing ever offered. Large green lentils old crop for a No. 2 has traded at 51 cents, with new crop bids as high 44 del with an Act of God for a 2 or better. Small green lentils old crop 47- 48 cents FOB farm for a No. 1 and new crop at 42 cents FOB farm with an Act of God, but higher offers are being looked at. Old crop medium green lentils are trading at 32-33 cents USD for No. 1 US, and new crop  are trading at 30 cents USD for a No. 1 US grade. Red lentils are trading as high as 34.5 del for a No. 2 old crop. New crop is trading as high as 31.5 for a No. 2 delivered. With a 14 cent spread between red lentils and green lentils, how many producers will consider shifting into green lentils over reds? Something to consider on the red lentils is that only the big three red buyers are interested at these levels. Smaller buyers are sitting on the sidelines.

The mustard market seems somewhat stable on the new crop front as we enter March. New crop prices have slipped to around $0.64-$0.68/lb on all types with yellow quoted the highest. But these have stabilized, it seems slightly, as we reach these levels. Despite softer values, we still think this is a good sign to lock in the first 10bpa under AOG. Spot bids continue to feel the downward pressure and some buyers have been reluctant to buy right now as needs are currently met. Current spot values from those still willing to purchase are quoted in the range of $0.90- $1.00/lb on all types of mustard, but we are seeing daily price fluctuations and volatility. Yellow and Oriental have the highest spot bids. We still have seed available for most varieties with delivery to your yard, but time is starting to run on delivery.

Oats once again remain very quiet. The same story persists. Supplies are heavy and buyers are filled up for the near future. Feed oats are still trading between $3.50-$3.75 FOB farm though and we have seen some sales occur at these levels. Perhaps it’s time to ask if we should be selling into this market and not wait for milling bids. Sometimes space can be an issue with oats, so if you have storage issues, shipping over the next couple of months can be arranged on this feed bid. With oat acres expected to be down, we should be able to work through our big supply, but this is obviously going to take time. Growers may need to carry oats in to the 2023/24 season before we see any significant demand and/or upward price movement. New crop bids remain largely elusive as well, but we have seen the odd bid around $5/bu DELIVERED to plant in MB. Those in extreme SE Sask may find themselves with a decent FOB farm bid based off this value – call your merchant with location and acreage for details.

A few weeks ago, we spoke on the possible mend of Australian-Chinese relations that had potential to re-open barley trade between the two parties. As trade relation meetings began the first week of February, we watched Australia ship a reported 15 vessels of coal and several thousand tonnes of cotton to China in anticipation they would be accepted. With reports of the cotton being received at the Qingdao port in recent days, it appears that relations could be improving. Despite Australian barley competing with Canadian product, old crop feed barley continues to see little change from prior weeks and trade around $8.90/bu delivered Lethbridge, with FOB farm values in Sask circling around $7.50/bu, but pushing as high as $7.80/bu in the right location. New crop feed barley delivered Lethbridge can be signed up today at around $7.80/bu, with Sask new crop values being traded around $6.50/bu FOB farm in the past few weeks. Malt barley appears to be trading between $8.00-8.50/bu delivered in AB/SK/MB. New crop malt barley contracts are few as of today, but we hear of additional opportunities presenting themselves by the end of the week. If considering planting malt this year, be sure to reach out to your merchant so we can start to watch for buyer bids and get your acres signed up under AOG or DDC.

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 wheat market has been sideways the past few weeks as the Minneapolis, Chicago, and Kansas boards all plugged along with little to no action. Last week, talk from the warfront didn’t stir things too much and we sit and wait to hear some new news to shake this market up. Locally, bids are still very close to last week, ranging from $11.30-11.70/bu for CWRS 12.5 pro, and $11.99-$12.06/bu for CWSWS, month and delivery dependent. Durum prices upped a little this week as we saw some $12.50/bu FOB farm bids pop up in select areas for spring movement on #2 or better quality product. Programs like that can come and go pretty quickly, but if you have some interest, we are stacking some offers at those levels hoping things perk up in other areas as well. The feed market prices still show highs of $10.50/bu FOB farm in the far SW Sask heading into feedlot alley and areas of freight disadvantage see bids closer to $10/bu FOB farm range.

To say the oat market is quiet would be an understatement. Week after week we continue to see no changes as supplies are heavy and buyers are filled up for the near future. Feed oats are still trading between $3.50-$3.75 FOB farm though and we start to wonder if growers should just take advantage of a sales opportunity rather than holding out for milling bids. Feed oat movement is generally quoted for shipping over the next couple of months, so it also offers some cashflow relatively soon. We have a new crop milling oat opportunity at $5/bu delivered into southern Manitoba for oats that are glyphosate free. With oat acres expected to be down, we should be able to work through our big supply over the next couple of years, but it may take some time for bids to bounce back up. Keep in touch with your merchant and/or set your targets for any openings that pop up as they tend to fill quickly.

Unchanged sentiment in chickpea markets this week. Buyers have no desire to take any long positions given the acreage forecasts and favorable growth conditions. On the flip, producers contemplate old crop selling options and dialogue for new crop bids.  Old crop values for #2 large Kabuli hover around $0.50/lb FOB farm with stronger opportunity popping up on hand to mouth trade. This might only add a penny to the pot, but buyers hit offers before coming to market with higher bids, so best to put those targets in. New crop is bid around $0.45/lb FOB farm with a typical 10 bu/acre act of God. Thus far, we have seen very few trades for new crop, but despite this, buyers hold steadfast and wait for bearish news in the market over the coming months. Feed and pet food markets are relatively quiet as well, but are always willing to buy. Check the bins, see what quality you have available, and call us to discuss options.

Flax pricing remains sideways this week as bids continue to hit our desk in the $17.00 – $17.50/bu delivered range with varying movement windows as exports continue to be on the quiet side. The Black Sea region is still shipping supplies into China and Europe at lower prices compared to Canadian values, and overseas markets should be content for the remainder of 2022/23, meaning Canadian flax prices could move lower yet. New crop pricing is very hit and miss, but there are some limited tonnage options available with values quoted around $18/bu FOB, including an act of God; call our office to discuss.  For those with yellow flax in the bins, $23.00/bu has gotten some attention over the last week, but again, freight and shipping window do play a factor. New crop yellow flax bids have yet to be released, but we suggest targeting desired sales values to see if we can find any traction.

Canaryseed exports maintain tone and buyers are still on the lookout for bushels. Spot market prices remain unchanged for the week at $0.36/lb FOB farm with relatively quick movement and offers are often trading slightly higher. New crop is still considered a great opportunity if you are wanting to try something new in the rotation or lock in some early values. With contracts having an act of God and bids sitting at $0.34-0.35/lb, it is something to be considered given most special crop markets have been on the decline for the last couple weeks. Weather and current conditions have all signs pointing to a decent spring and locking in the first 10 bu/acre with an act of God is encouraged in the canary market.

Very little change in the barley market again this week with prices continuing to hover around $7.25-$7.75/bu picked up on the farm across Saskatchewan, depending on location and movement timeline. A bit of a price perk is seen for those in central Sask who are looking for some quick movement, with $8.15/bu delivered plant being quoted. Those outside of the zone need not worry as we can provide FOB farm values tailored to your area, just call your merchant and they’ll be able to help you out. New crop bids continue to hold strong and with the amount of fresh snow received in southern Alberta this may be a great time to jump on some contracting opportunities, especially with talks between China and Australia in process. If they can figure out their differences and start working together again this would put a cap on Canadian values. Malt barley markets remain generally uninteresting with few bids being posted for new or old crop. That said, if you’re interested in making a sale, call in with variety, specs, and tonnage, and we’ll do our best to track down some values.

Canola’s upswing yesterday takes a different tone today with gains being negated on early morning canola charts. Strength came from cold temperatures and reports of frost hitting Argentina’s soybean crop and markets faced some speculation. The negative impact on soybeans spilled over into canola bolstering prices briefly, but the ship now seems to be making a course correction, so to speak, getting back to sideways trading. Those types of opportunities are definitely something to watch for down the road. Keep an eye out for pockets of upswings in this market to capitalize on any remaining stock in the bin. As of time of writing, spot canola is trading at $834.50/MT off March futures with new crop at $807/MT off Nov ’23 futures.

Old crop pea markets roll into the week virtually unchanged. Yellow peas are still quoted in the $12.00 – $12.25/bu FOB farm range, but tonnage needs don’t seem very deep at this time. Green pea bids are mostly flat as well, but we have seen small opportunities on good #2 quality, max 3% bleach pop up at $14.25/bu delivered plant in central Sask. If you’re looking for a FOB farm bid give us a shout and we can work some freight into the purchasing price. There still seems to be some interest in spot maples at values well over yellow and greens, but bids are variety specific, so call your merchant to discuss options. Switching over to the new crop side, we haven’t seen much change in these markets either. Production contracts on yellow peas are indicated around that $10.50/bu FOB farm mark with an act of God, while green pea pricing seems harder to track down. Buyer interest remains subdued for new crop greens, but some soft indications have been floated out around $11.75/bu. We suspect the best approach is submitting a firm offer to see if we can get any purchase interest. The same theme rings true for new crop maple peas; buyer interest is quiet and we suggest targeting your desired sale value. We are not seeing major fluctuations in bids like some of the other commodities and the values that are being posted for both new and old cop are still worth considering getting something sold into. With recent shots of snow throughout the southern prairies, growers may want to emphasize getting something on the books for the upcoming harvest.

The mustard market continues to be slammed as February comes to a close. That’s a rough way to put it, but that has been what’s happening over the last 2 to 3 weeks. Spot bids continue to feel the downward pressure and some buyers have moved to no bid as current needs have been met. Current spot values from those still willing to purchase are quoted in the range of $0.90- $1.00/lb on all types of mustard, but we are seeing daily price fluctuations. This is why it is important to talk to us about a strategy when trading mustard. Although values aren’t as high as a few months ago, we must remember that these bids are still incredibly strong historically and perhaps it is time to ask yourself…Why am I still holding mustard? Will it take years to see these prices again? For reference, new crop prices have slipped to around $0.64-$0.68/lb on all types with yellow quoted the highest. Despite softer values, we still think this is a good signing to lock in the first 10bpa under AOG. We still have seed available for most varieties with delivery to your yard.

Lentil markets are seeing a much-welcomed bump in demand and a little strength in pricing this week. Old crop large greens are back to trading around 49-50c cents/lb FOB farm in many locations with new crop at 42-43 cents/lb picked up, including an Act of God. Small green lentils are trading at 48 cents/lb FOB on old crop with new crop trading at 40 cents/lb with an Act of God. French green lentil old crop price remains at $1.05/lb range, while new crop is trading at 60 cents/lb with an Act of God. Producers may have trouble finding French green seed as there was limited supply this year, but we may have some options available if you’re interested in getting into this market. Old crop reds have gained a cent in the past week with bids at 32.5 to 33.5 cents/lb delivered plant. New crop small reds are trading on and off at 30 cents FOB with an act of God in certain locations where freight make sense; now is the time to get your targets up. We’ve had no real indication from the trade regarding the cause for in the increase in demand and bids, but it may have to do with a weaker dollar, new sales taking place at the Gulfood show, or lack of farmer selling causing buyers to pay up to secure product.

Soybean markets paused and cooled off a bit today as traders regroup and seek direction in upcoming USDA reports. The market is also seeking clarity regarding the severity and impact of the South American drought along with recent reports of frost in the Cordoba region of Argentina. Local market is in the range of $17.15-$17.65/bu FOB farm. Despite production concerns in key global bean producing countries, local spot bids are yet to respond in any measurable way. However, local dry bean bids in Mexico have shown promising increases. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Canadian faba exports have been light, largely due to competitive export pressures from countries such as Australia. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba sit in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

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

The canola market is down $12/MT compared to last week, currently sitting at $814/MT at time of writing. With cheaper offshore choices, the decision to sell comes down to risk management or cash flow at this point. Considering US soy oil will start to lose its market share once the South American soy crop starts makes its way to market, canola prices are still doing fairly well. New crop remains virtually unchanged with pricing from $787/MT – $791/MT. Taking some risk off the table and locking some conservative tonnage in at these values is not a bad play. All markets are volatile right now and the basic fundamentals of marketing need to be considered.

Barley continues into this week without much change in old or new crop markets. Current bids remain at values which should be considered especially when all other markets are so volatile. Although achieving an immediate shipping window is next to impossible, old crop feed barley is still capturing $7.25 – $8.00/bu FOB farm for movement in the next few months. New crop feed barley doesn’t come with much for firm bids, but buyers are indicating values around $6.00-$6.50/bu FOB farm on a DDC (no act of God). Freight costs remain one of the hardest struggles with barley, but purchasers are really paying attention to grower targets and have been triggering most that are in their, “wheelhouse,” so please don’t hesitate to throw something out! It’s hard to fathom that 4 – 5 years ago this number couldn’t even be obtained for malt barley let alone into a feed market with a lot less risk. Not to beat on a broken drum, but one cannot stress enough that at these values, a smart decision is to get something locked in.

Pea values haven’t seen quite the hit that other markets experienced over the past couple weeks, but they also haven’t taken a run. Bids, although relatively unchanged, do not seem to be deep anywhere you look. Old crop yellow peas continue to trade around that $12.00 – $12.25/bu FOB farm range with buyers uninterested in sharpening their pencils to purchase above those values. Good quality green peas float along that $13.00 – $13.25/bu FOB farm pricing while knocking off a quarter or two for quality with a bit higher bleach. The major push for maple peas seems to have backed off a slightly, but there remains some buyer interest for variety specific maples in the $16.00-$17.00/bu range. Onto the new crop side of things, yellow peas continue to show some pretty big pricing spreads depending on area and if you are looking to trade something containing an act of God today, firm bids sit around $10.50/bu. That said, grower targets have traded as high as $12/bu in eastern SK. For all the other classes of peas new crop contracts remain few and far between with a lack of firm programs available. If you have a sales target in mind, we suggest throwing a firm offer out to see what sticks. Even if it’s a bit over the market, we may see counter bids indicating desired value ranges.

The flax market has gone just about completely quiet over the past week. Canadian flax supply and asking values are just too much for today’s markets especially when factoring in cheaper sales from competing world supply. Domestic stocks are the second highest in the last 4 years and that paired with a demand number of approx. 335,000MT does not bode well considering 20/21 showed approx. 609,000MT of demand. The past 2 years most of Canada’s exports went to US mills, but this year, that has also slipped due to better American production numbers. Meanwhile, China has been able to procure cheaper product from Russia and Kazakhstan also causing the decrease in demand. At $17.00- 17.50/bushel on old crop most producers seem to be willing to hold for better pricing, which may take until late next year. What might make this market more attractive? Reduced acres in Canada, a crop failure in Black Sea region, or more demand from other countries is our speculation, but most likely there needs to be a combination of those factors. No matter what happens, this market is going to take some time to fix.

Wheat futures saw a fall from recent highs this week as concerns of another Russian offensive into the Ukraine materializes. With threats to Ukraine’s wheat planting area, paired with the Black Sea Grain Initiative needing renewal mid-March, production and export concerns out of the Black Sea corridor are coming to light. Locally, bids range from $11.30-11.70/bu for CWRS 12.5 pro and $11.99-$12.06/bu for CWSWS, month and delivery dependent. Durum prices sit between $12-12.50/bu delivered various plants in Saskatchewan, with new crop durum prices seeing $11.00-11.50/bu delivered on DDC’s. As we head into spring with dry conditions globally, Canada and other durum growing areas will turn their focus to the weather. Major durum growers/importers such as Morocco, Tunisia, and Algeria are experiencing some of the driest conditions in 30 years, causing concern for this year’s crop. Feed wheat prices sit around $10.35/bu for red wheat, and $10.00/bu for white, delivered into Alberta and Sask for Feb-Mar. DDC and AOG contracts are available for 2023 new crop, with one bid including an AOG on up to 35bu/ac at $9.75-9.90 delivered in Sask for Sept-Nov movement.

Chickpea markets are quiet for another week and a phrase that has floated around for years rings true across almost all commodities: “high prices cure high prices.” While the floor for commodities will see a slight elevation from time to time, the ceiling cannot stay up. Chickpeas markets, over the last 2 years, have experienced tight supply, competitive trade markets with lower than N. American values, and now we are looking towards a solid supply for the next crop year. If production has a significant increase, the only way to stay on the global scale is to be more affordable. The fluctuations in current markets are due to buyers being in flat position and then finding opportunity that needs to be covered, hence the slight upticks we have seen. It is a commodity of opportunity right now. If you are planning it for next year’s rotation, start talking new crop values today. If you have it in the bin, set some targets to take advantage of said opportunities.

The mustard market has been going through some serious troubles in recent weeks with bids drastically softening. At first, the price decreases were mostly just affecting new crop bids as acres continued to get locked up, but in the last week or so we have seen some major losses in the spot market as well. Current spot bids are in the range of a buck a pound on all types of mustard, but the market is loose so that may not be the same case in a few hours. New crop prices have slipped to the 60’s in prices (as in cents/lb not the decade) and many buyers have just pulled bids for the time being to sit on the sidelines and see how this all plays out. The main culprits that the analysts out there point to on the price dropping are increased acres for 2023 and some talk of larger stocks. Sure, stocks are larger if you compare them to 2021, but are still historically tight for mustard at this point. Long story short is that basically the seller’s market has flipped to a buyer’s market on mustard, and like many other crops, needs some new news of weather issues or some other problem to straighten things up. Whether or not we get that news is up in the air.

Spot canaryseed has been trading in the $0.36/lb range FOB farm over the past couple weeks, with delivered to plant bids at $0.37-$0.38/lb. We have seen the slow erosion of spot prices in 2023 continue, but new crop bids appear to be at, what we feel are great values. Current 10bpa act of God contracts sit at $0.35/lb delivered to various plants in Saskatchewan and adjustments can be made for FOB farm values if desired. We see this as one of the better marketing options on the table right now as the AOG covers any production and/or quality risk at a historically great value. Exports remain steady on canary, yet spot price has slipped and like always, it poses the question of what the stocks in this province really are. If canaryseed looks to be in this year’s seeding plan, we strongly recommend reaching out to your merchants to lock in some acres. The new crop bid is subject to change at any time, so act now. We may have some seed available so please check with us if you need some.

Oats continue to kick stones on the sidelines wanting to, “play,” with the rest of the group, but are being relegated to the bench. Pricing remains quiet with minimal interest on the buy side. Feed oat prices are sitting around $3.50 – $3.75/bu picked up on the farm with movement in the next couple months. New crop bids are scant, with $5/bu delivered into Manitoba being thrown around for milling grade and glyphosate free. With double the stock in the bins carrying over into the next crop year, it will take nothing short of a miracle to see change in the market. As expected, oat acres will be down with plenty of product ready and willing to fill the spot when needed.

Some small changes to report in the lentils this week, but the overall picture of the market is stable. Large green lentils in the bin are trading at $0.49-$0.50/lb FOB farm for #2 quality. New crop large green contracts with an AOG are available at $0.43/lb delivered for #2 spec. As of today, those new crop contracts include early fall movement, but will get pushed out as positions get filled up. Old crop small greens are trading on offer at $0.48/lb FOB farm, with new crop trading at $0.40/lb FOB farm AOG included. These new crop values for green lentils are historically high and something worth taking a good look at. Old crop red lentils continue to trade at $0.31/lb FOB farm in the right freight areas with potential for slightly higher values if right next door to plant. Despite tighter domestic supplies of red lentils, Australia’s large crop is proving to have a long tail, suppressing local prices. Expectations are that this will continue to be the case for a significant period. If you need to get some reds moved, sooner may be better than later. New crop contracts are available around $0.28/lb FOB farm with an AOG.

The soybean market has paused its fixation on Argentinian production issues and is now refocused on harvest progression in Brazil. As per usual, Brazil’s soybean harvest has begun in the northern most productive states. Brazil’s harvest is projected to be approximately 17% complete at this point.  Local market is still in the range of $17.00-$17.50/bu FOB farm this week with limited trade taking place. Despite production concerns in key global bean producing countries, local spot bids are yet to respond in any measurable way. However, local dry bean bids in Mexico have shown promising increases. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Canadian faba exports have been light, largely due to competitive export pressures from countries such as Australia. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

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