Grain News

Flax markets continue sideways with bids in the $16.50-$17.00/bu picked up range depending on area and movement timeline. Stocks remain heavy due to low export demand and prices are not expected to go higher anytime soon. So, options seem to be sell into today’s market, or hold it until next year and see if, and hope for, value improvement. The Black Sea region continues its strong export pace to China and Europe and will keep those regions well stocked throughout the rest of 2023. Canadian prices on flax are still not low enough to be competitive into the offshore markets. The lack of new crop bids available also concurs with the lack of demand. For those with yellow flax in the bins, call our office – while limited, there are options.

The oat report comes without much change in nearby or forward markets, and after StatsCan’s recent release suggesting carryover stocks up 136%, we don’t expect to see change for a while. Although it sounds like 2023 seeded acres will be down this year, carryover production from 2022 will likely keep stocks more than comfortable next year. Purchase demand remains lackluster, but there are some bids popping up around $3.50/bu for both milling and feed qualities. These opportunities do not appear deep and come with a bit of buyer convincing, so if you’re looking to make a sale, it may be beneficial to move sooner than later. For those who have decided to dig in their heels, we suggest keeping a keen eye on this market and being ready to make moves if/when small one-off opportunities pop up. A final thought: many producers are sitting with oats in grain bags and even though the values may not be what was expected, you may be ahead saving the time and effort moving product from bag to bin as this market doesn’t show any sign of a major positive price swing any time soon. New crop values remain virtually unchanged without much for posted pricing unless pushing into the mid 2024; call your merchant for details.

The pea market has been quiet this week with both buyers and sellers not overly active. Current spot markets would show some trade at $12 – $12.25/bu picked up on farm for #2 yellows, $13 to $13.25/bu picked up on farm for #2 green peas, and $16- $17.50/bu picked up on farm for #2 maple peas with buyers being particular on variety. New crop prices on peas are a little tough to find these days and value ranges are wide. For example, new crop yellow pea bids are quoted at $10.50/bu in some areas and $12/bu in others with an act of God. New crop green and maple markets have not fully formed yet, but we have had some targets at $12/bu picked up with act of God trade on the greens and $13- $14/bu trade on maples thus far. Pea acres are expected to slip again this year as issues of marketing, agronomics, carryover, and grower apathy all add to the pile of issues.

Spot canaryseed maintained a steady pace throughout the month of January, trading at $0.36/lb to $0.38/lb on farm. As the first week of February wraps up, we are seeing similar values with bids at $0.37/lb delivered prompt to various plants in Saskatchewan and $0.35/lb FOB farm for Feb/Mar movement. New crop bids continue to appear, with more buyers entering the market. We are seeing $0.35/lb delivered to various plants in Saskatchewan and growers can factor in approx. $0.01/lb for FOB movement. Most new crop contracts include an Act of God on 10bu/acre. We see new crop canary values at $0.35/lb with an Act of God as one of the stronger marketing options on the table right now. Looking at Canadian markets, Tuesday’s StatsCan report showed supplies at 95,000 tonnes as of Dec 31 – much lower than previous years. Exports continue to hold strong, with Mexico being the largest buyer and purchasing at record pace. Despite reports on low supplies and strong exports, canary bids have inched lower by a few cents since December, meaning supplies could be more comfortable than suggested. If canaryseed looks to be in this year’s seeding plan, we strongly recommend reaching out to one of your merchants to lock in some acres before values slip.

Chickpea market values are relatively unchanged from last week, but the availability of sellers seems more readily available. Discussion around Canadian production is still pushing for a big year regarding acres with similar assumptions globally. It is expected that we will see increased acres in Turkey, Russia, and Argentina, which will put obvious pressure on North American supply values. The next point of market direction is the looming Indian crop, which is speculated to have strong production and if true, India will be aggressive on their selling points to ensure movement. India is one of the hardest places to get information out of so this should be taken with a grain of salt. Gulf food in Dubai will take place on Feb 20^th which will shed some light on Indian offers in turn setting the bar for North American values. Good quality #2 Kabuli chickpeas are valued at $0.50/lb FOB farm for 60-day movement with new crop bids at showing quite a spread from $0.40-$0.45/lb with an AOG and freight sensitivity. Feed markets, as always, are on the hunt with values quoted around $0.30/lb FOB farm on a wide range of down grading factors. Desi markets are still popping up from time to time with similar values to Kabulis and worth a conversation if in the bin.

Barley prices did not see much change from last week. Bids for old crop feed barley sit between $7.50-7.75/bu FOB farm in Saskatchewan (SE corner included), with potential of $8.00/bu triggering the farther West you move. New crop pricing is an attractive option today, sitting around $6.50/bu, which is starting to grab some attention. Delivered bids on malt barley in Alberta range from $8.60-8.70/bu depending on movement, whereas Saskatchewan and Manitoba see delivered malt prices at $8.30-8.40/bu and $8.75-9.30/bu respectively. Act of God and DDC contracts are available on malt barley, with one buyer bidding $6.85 FOB farm for new crop Copeland with a 23bu/acre AOG. An important note on global markets – representatives from China and Australia met on February 6^th to discuss removing sanctions and tariffs on numerous Australian commodities, barley included. Experts believe relationships are improving with China’s Minister of Commerce, Wang Wentao, saying he was, “looking forward to professional, candid and practical exchanges of views.” With the potential for Australia’s barley to again become a source for Chinese imports, pressure could be back on Canadian barley – hence our view on signing new crop barley at $6.50 being a strong move today.

We continue to see a fairly big pullback in mustard prices over the past few days. Both old and new crop are under pressure, and we urge growers to talk to their merchant about sales sooner than later as prices can change very quickly in this environment. Unlike only a few short weeks ago, grower targets above market value have not been very successful and the prices indicated today are just that – indications. Spot values are quoted around $1.16/lb for yellow, $1.14/lb for brown, and $1.20/lb for cutlass oriental, with other varieties of oriental sitting around that $1.10/lb mark. New crop contracts are sitting at $0.70/lb for yellow, $0.65/lb for brown, and $0.70/lb for oriental. Growers sitting on the fence about selling new crop are encouraged to get something locked up now before values fall further. Call us for movement options as we have both quick and deferred shipping windows available. Seed is still available, but we have had some varieties sell out again this week, so we suggest if you have not secured your seed to give us a call; all sales include delivery to your yard.

Wheat has seen a friendly and welcomed bump from markets’ close yesterday. StatsCan numbers show a decrease of wheat stocks by just over 1-2MMT in AB/Saskatchewan from 2020, skipping 2021 as stocks will all have seen an increase from that year’s drought. USDA numbers have also come out, and on the global supply side of the USDA report, there was an increase of 2.5MMT production mainly coming from the Aussies with harvest coming to a close, and Russia. A big question mark still looms with US increase in planted acres, but with poor whether conditions what comes of it? Looking locally, wheat values into central Sask range around $11.50/bu delivered in on a #1 CWRS 13.5 protein during prime seeding months with a slip in price for June/July shipment. Soft white is catching some attention as well with $11.55-$11.75/bu delivered in quoted for March and April respectively.

While there’s been some ups and downs over the past week in the canola market, March futures are essentially unchanged from our last report. Last Wednesday, we recorded a $825/MT future at time of writing, and as of this moment, we sit at $826/MT. Expectations of a large Brazilian soy crop still looms heavily on our canola market and may be a good reason to sell some more canola to put your farm in what you consider to be a comfortable position. Export markets don’t seem to support prices in today’s range as we continue to rely on domestic crush to keep prices high. November futures also remain sideways from last week with bids working back to $17.50-$17.75/bu delivered in the fall, still a strong starting point on a small amount of expected production.

Harvest rain delays in Brazil and dry conditions in Argentina continue to be soybean market influencers. USDA took domestic soybean stocks higher, but reduced global stocks based reduced Argentinian production estimates. Local market is in the range of $17.00-$17.50/bu FOB farm. Despite production concerns in key global bean producing countries, local spot bids are yet to respond in any measurable way. 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 for export quality #2 faba bids are 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.

Lentil markets seem to have stabilized this week with not much change in pricing. Old crop large greens are still trading between $0.48 and $0.50/lb FOB farm depending on location and movement time frame. New crop large greens are trading between $0.42 and $0.43/lb FOB farm with an act of God. Small greens stay their course as well, still trading in the $0.47-$0.49 range, with new crop around $0.38-$0.40/lb. French greens are trading as high as $1.05/lb for old crop and new crop is filling fast at $0.60/lb with an AOG. Red lentil demand and values remain lackluster, but growers can likely lock in some product around $0.30-$0.31/lb FOB on old crop and $0.28-$0.29/lb on new crop. December stocks figures came out yesterday showing that lentil supply is roughly 400,000MT below the five-year average currently sitting at 1,439 MMT. Normally we ship between 1.0-1.4 MMT through the months of Dec -July and if this holds true, July ending stocks should be somewhere between 200,000 MT to 500,000 MT. this means supply maybe tighter than normal, but more product available from Australia will likely keep Canada from reaching those historical shipping numbers (1-1.4 MMT). It is assumed that these numbers will likely not have much effect as the market had a good idea of the Canadian stocks already.

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.

Pea markets push through the first month of 2023 without much swing up or down. Old crop yellow peas are still trading around $12.00/bu FOB farm for the most part, with sporadic bids popping up closer $12.50/bu from time to time. Green peas remain virtually unchanged as well, sitting around $13.00 – $13.50/bu FOB farm for #2 quality. Interest remains for higher bleached product, so give us a call for accurate bids in your area. Maple peas are currently boasting quite a spread in value with indications from $17.00 – $18.50/bu delivered plant all depending on area, timeframe of delivery, and variety. Switching over to new crop, we had luck trading yellow peas in Southeast SK at the $12.00/bu range with an act of God last week, but as we expected, those acres did not take long to fill. For now, the program is full, but we are working to try and secure more acres. Central and western Sask show values closer to $10.00/bu FOB w/ AOG which hasn’t sparked any seller interest. Green peas are currently indicated at a $12.00/bu, but again, seller uptake has been slow. Growers with a sales target in mind looking to secure new or old crop contracts are encouraged to use our offer system!

Canary prices are down from where they were a week ago with old crop at 37 cents/lb delivered and new crop quoted at 35 cents/lb delivered. Canary has had routine export business and prices are coming to a balance. Unless canary acres are lost to other crop options available in 2023, supplies could get heavy. If you are growing canary, then getting the first 10bu/acre on the books at these values pencils out well. Looking at the broader picture: millet prices in the US were stronger a couple months back, but have settled since settled and Argentine exports are expected to be modest for the rest of the year, which sets the stage for a potentially softer tone in canary markets.

Flax markets are anything but stable at this point, with the available buyer pool and bids being hit and miss day to day. With slow export pace this year, the upcoming StatsCan report is likely going to show a large number of stocks still left to be moved. The majority of flax shipments from Canada are destined for the US, with China still predominantly purchasing from the Black Sea region. Both China and Europe are set to have enough flax supplies coming from Kazakhstan for the rest of 2022/23 and this doesn’t include flax inventories from Russia. Canadian flax prices are still a premium compared to these overseas markets, so we may see Canadian values move lower yet, with the assumed based case scenario that the market will remain stale to flat.

The recent uptrend in soybean futures is based on continued heat stress concerns in Argentina and hopeful Chinese demand following their New Year. USDA is set to release soy crush stats today and if crush volumes are reported lighter than expected, it could be a wet blanket for soy futures. Local market is in the range of $17.00-$17.50/bu FOB farm. Overall North American dry bean production is up year over year with exceptions existing in specific classes of dry beans. Exports have lagged and inventories are thus a bit heavier. Production concerns in key dry bean producing countries may provide an opportunity to export and thus reduce current inventory. New crop dry bean contracts are available with price points ranging from 46¢/lb on larger more common classes to 70¢/lb on specific specialty classes. Aussie new crop faba exports lag last year’s pace, but is in line with historical pace. 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.

Spot barley trading was strong this past week, with the majority of contracts traded to the feed market. Prices have stayed relatively stable, but we did see some downward pressure as corn trains continue to show up in feedlot alley. We are being quoted $7.50-7.75/bu FOB farm on old crop feed barley for April-June shipping, but are consistently seeing values closer to the $8.00/bu mark. For those with the ability to deliver to feedlot alley, bids are quoted at $9.36/bu for March, and $9.47/bu April-June delivered feedlot. New crop bids from feed buyers are in the $6.25-6.50/bu range for deferred delivery contracts. These new crop bids cover a large area in Sask, including the SE corner, so reach out if you are looking for information on new crop planning. Looking at malt, we see Alberta bids in the $8.60/bu del Feb-Mar range, adding $0.10 if you push out to April-May. Sask malt bids sit lower at $8.30-8.40/bu, but have FOB movement options between Feb-May, while Manitoba bids vary on variety but sit at $8.75 for Synergy and 9.30/bu for Copeland. New crop malt contracts are starting to be released, with AOG production contracts and DDC’s available. Lastly, a note to keep in mind – the Canadian Malting Barley Technical Centre provides a recommended list for malting varieties for the 2023-24 season. The list provides an indication for selection and marketing potential, so don’t hesitate to call your merchant to discuss what varieties would be best for planting this year.

Slippery slope with chickpeas this week. India is gearing up for a chickpea harvest and their market values have seen a bit of a climb up from a valley. Sentiment is that it will not be another peak but more of a plateau, and will not have a trickle-down effect to global markets. Argentina has been growing their exports (7-8mm) over the last 2 years, but they are still falling short compared to an average crop year with typical production. A world food tender that was awarded some time back has been halted and Canadian chickpeas are sitting on farm waiting for movement. Seems this has put a pause on domestic purchasing and buyers are standoffish for booking new crop outside of freight circles close to facilities. What felt like a good start for the chickpea market 2 weeks ago has turned into another slumber. Old crop values for #2 Large Kabuli are quoted at $0.53-0.54/lb FOB farm and new crop with an AOG is $0.45/lb FOB farm. That being said, the bid sheet is not updated by the hour, so depending on the day, we have experienced a “no bid” situation. Now more than ever, offers come into play if selling chickpeas is your objective.

Lentil markets continue to soften this week with reds holding up a bit better than green lentils. It is predicted that reds will remain soft heading into spring as there are cheaper options available from other world markets. Green lentils are taking the biggest hit with values slipping due to lack of demand and likely the spread in value compared to reds being perceived as too large. Perception is that green lentil supply is tighter than the reds, therefore, the market may gain some strength when buyers need to fill their next sales. StatsCan will be releasing the December 31 stock estimates and it will be interesting to see if or how the markets react. On new crop, buyers are slowly starting to get some coverage on green and specialty lentils, while reds remain largely untraded. New crop pricing for green lentils is very attractive at 40-42 cents on large greens, 40 cents on small greens, and 60 cents on French greens.  These are great starting points at historical highs for small and French green lentils. Large green new crop values were slightly higher last year, but those numbers didn’t come out until there were drought issues in some parts of the province. With numbers at these levels, and still a 14-16 cent positive spread between large greens and reds, we suspect that some red lentil acres will be switched into large greens.

Overall, wheat markets have been weaker the past couple weeks with wheat and durum both taking a hit. The big news this week is mostly related to durum as a few big recent tenders have shown the durum market to be more of a buyer’s market at this point, suggesting the world stocks may be a bit larger than previously thought. Wheat prices (#1 CWRS) are still showing bids in the mid-$11/bu range ($11.40 to $11.70/bu depending on timeline) for a few areas of the province and fall pricing about a buck less delivered to the elevator. Feed prices of late hover around the $10/bu mark, plus or minus, depending on farm locations and the freight costs associated with the area.

Canola bleeds red this morning, down to under $825/MT for March at time of writing. Definitely up from the previous week when we were sitting sub $800/MT as speculators were adding on their net short position from the previous week. With a large soy crop on the loom in Brazil, could the next month be the high range trade zone for penciling in the last bit of canola on the farm? With a very large soy crop looking to hit the market, what props canola up? There is still a swing in pricing, west vs east Sask with bid spreads favouring the west by around a $1/bu more. New crop bids continue to hold their own with $17.50-$17.75/bu showing for early fall delivery.

New and old crop mustards are feeling some downward pressure this week. We are seeing some slippage in spot pricing for the first time in a long while. These values move quickly, so it is important to contact us for up-to-date bids as pricing can swing a couple of cents very quickly. Spot values today are quoted around $1.18/lb for yellow, $1.17/lb for brown, and $1.20/lb for oriental. New crop contracts are sitting at $0.76/lb for yellow, $0.68/lb for brown, and $0.74/lb for oriental. We still think acres will be up considerably compared to last year, so it will boil down to mother nature as to where pricing goes over the longer term. Call us for new crop movement options as quick and deferred shipping windows are available. We have been seeing some varieties of mustard seed sell out this week, so we suggest you call sooner than later if you have not secured your seed; all sales include delivery to your yard.

Nothing new has come out of the oats market this week as the large supply and aggressive selling from earlier in the crop year continues to limit marketing options today. As we stated last week, there could be some openings a bit later in the year once the buyers have a better understanding of what has been delivered, but for now they are content to sit on the sidelines and bring in what they’ve bought. FOB farm feed bids that we have been able to find are just under the $4/bu mark. New crop bids are also weakening and can be found around $4/bu with movement into spring of 2024. Be sure to let your merchant know what you have in the bin so we can move quick when bids pop up.

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 canaryseed market remains without much change this week, but many wonder if it is only a matter of time before we see adjustments. Old crop is trading around $0.37/lb FOB farm depending on area and timeframe of delivery, but demand does not appear to be deep at these values. We suspect once they get a bit more tonnage locked up values may soften further. Now onto the new crop side of things, there are still some $0.35/lb FOB farm act of God contracts available today and buyers are willing to lock in the first 10 – 15 bushels an acre on this program. This opportunity seems like a win this week and we suggest getting something on the books. Not only will you be locking in a great new crop value, but you’ll also get some early movement, early cash flow, and a sense of relief knowing you have the AOG should things go south during the growing season. The same thought rings true for new crop – once buyers lock in some acres and tonnage, we think a drop in price is inevitable.

Old and new crop mustard bookings continue to hold a steady pace throughout January. Spot trading has been historically strong, with values quoted at $1.27/lb for yellow, $1.23/lb for brown, and $1.20/lb for oriental this week. New crop contracts also continue to see strong pricing, with $0.80/lb for yellow, $0.70/lb for brown and $0.78/lb for oriental being bid. Despite historically strong prices, as farmers continue to commit new crop acres and sell old crop product, buyers have not shied away from pulling back their bids on a weekly, if not daily, basis. With some estimates as high as 600,000 acres for 2023 seeded area, even a slight increase to 575,000 acres and a normal yield could build the supplies to the highest they’ve been since 2004/05. With Canada’s average mustard usage at roughly 130,000 tonnes, the expected acres and normal yield could push these supplies to over 260,000 tonnes. The combination of high acreage and old crop carryover could result in heavy mustard supplies in Canada, so we encourage growers to take advantage of the strong pricing while it is still available. We have seen recent success on firm offers for old crop, so keep in mind this is an option for product that’s still in the bins. Lastly, a reminder that new crop contracts include an Act of God on 10bu/acre, and we have available seed with treatment options on all mustard types.

Wheat prices are down again this week with indications around $11.25/bu delivered on a #1 HRS, with CPS red just under $11.00/bu. US wheat exports are down 7% according to the USDA. Domestic supplies are tight; however, this is off set by a larger crop in Russia that has deeper discounts to the world market. Other record-breaking wheat crops include Brazil and Australia which has reduced US wheat sales into some overseas markets. Feed wheat prices are mostly sideways valued in the $10.00/bu picked up range depending on area and movement. Like all the other markets this week, durum prices are also sliding, whether justified or not. Call our office for the latest price out of your area.

Flax prices continue to search for the floor with values peeling back some more this week. Buyer bids sit around $17.50/bu delivered in central Sask for movement over the next couple months. With a good chunk still on farm, producers may be looking at putting a birthday candle on this harvested crop. Many producers are putting pen to paper figuring out this upcoming years’ acreage rotation and flax is not coming out smelling like a rose. Tough to pencil in a crop that’s projected at a loss at current pricing, and as such, the expectation is for acres to be down. Overseas Russia and Kazak crops continue to feed China, making Canadian product predominantly a domestic commodity. Back in 2014, the Black Sea accounted for 500,000MT in the market; this past year production nearly reached 2.5MMT. That’s a huge number and it doesn’t bode well for Canadian flax.

The canola market has pushed down through the $800/MT floor this week and now, at time of writing, trades around $795/MT on most trading months out through July. The futures market has basically zero carry from the March through to the July, so the only advantage to hold today through to the summer would be if the basis levels from your buyer make it worth your while. In that line of thinking, we do see a few buyers that have sharpened basis levels leading into the summer, but those mostly show a $5 to $15/MT advantage. So, it’s not a big gain, but maybe worth considering. The Chinese buying seems to be back up and rolling and stocks are not terribly deep, but the futures markets will, in large, lean on what the soybean market dictates. Thusly, we rely on world news on soybean supply and demand to provide external pressure, be it positive or negative.

Chickpea markets have been on a slide to start this week. Many buyers seem to be dropping their bid by 1-2 cents/lb after every purchase they make, confirming our, “fill and kill,” comments from last week. Current bids reflect 55 cents/lb FOB farm for #2 chickpeas with max 10% 7 mm sizing. This is a shallow market and likely continues to fall once a few loads get bought, so if you’re in need of moving a few chickpeas, now may be the time to pull the trigger. On the new crop side of things, contracts are still available for movement in the fall. Prices are around 45-46 cents/lb FOB farm for #2 chickpeas with an AOG on 10 bu/acre. Again, this is a volatile market, so be sure to touch base with your merchant to get current prices in your area.

Very little news in the oats market again this week, which has been the trend for a while. Many buyers have filled up their programs for this crop year, although there could be some small purchasing later in the year to fill in some holes. This will be small amounts and unlikely to move markets in any significant way. Indications for old crop continue to be around that $4/bushel mark for milling quality, but actual bids have been tough to come across. The market will have to chew through a significant supply before we see any price improvements. New crop oat bids are falling as well as producers are signing up to ensure movement. Bids are down to $4-$4.50/bu delivered for movement out into spring of 2024.

A bit of flurry over the last week as reports coming out of Australia indicate that their lentil crop is large and ready for export. Turkey has been reporting trades equivalent to $0.28/lb FOB farm in Canada on reds which is adding pressure to spot values. Bids have slipped across the board with #2 reds trading around $0.30-0.31/lb FOB farm depending on area and time of movement. Expect opportunistic trading to happen in the nearby with a slight pop to value, otherwise bids will remain subdued. New crop reds have also been on topic, but we’re not finding buyers and/or sellers actually willing to trigger anything. Old crop large green lentils have slipped a little trading around $0.50/lb FOB farm for a #2. Export markets have gone radio silent on purchasing, and domestic markets are gun-shy to take long positions with such a definitive spread between reds and greens that most believe should tighten up. Old crop small green lentils are still in demand around $0.50/lb FOB farm, but not as heavily as weeks past. Seems the boots are starting to fill, and interest is starting to fade. Both large and small green new crop bids are active at around $0.40/lb FOB farm with an AOG and Sept-December movement. If reds and greens need a smaller spread to entice trade, we could see these values shift down. If green lentils are in the rotation, it might not be a bad idea to lock in some acres.

Soybean futures started today’s trading session down due to rain in Argentina, subdued Chinese demand, and an expected big Brazilian crop. That said, a mid-session turnaround was staged predicated on an unknown purchase reported by the USDA. Local market is in the range of $16.75-$17.25/bu FOB farm. Overall, North American dry bean production is up year over year with exceptions existing in specific classes of dry beans. Exports have lagged and inventories are thus a bit heavier. Production concerns in key dry bean producing countries may provide an opportunity to export and thus reduce current inventory. New crop dry bean contracts are available with price points ranging from 46¢/lb on larger more common classes to 70¢/lb on specific specialty classes. Aussie new crop faba exports have lagged last year’s pace, but is in line with historical pace. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.00-$13.50/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

Barley prices remain stable compared to other markets, but are starting to feel some downside pressure as well. There is still some movement options left for February-March shipping, but most buyers would rather see April through June. Trades this week have been as high as $8.00/bu for Swift Current area with freight playing a bigger role as you move east. New crop bids in southeast Sask are quoted as high as $6.75/bu for Sept-Oct movement on a deferred delivery contract. Malt prices seem to be in the $8.50/bu to $9.00/bu delivered range if you can find some willing to buy. Maltsters seem to have most of their supply needs meet, which in turn will keep prices from moving up. That seems to be influencing companies from releasing new crop pricing. If there is extra carry over, malting companies may continue to hold off on releasing new crop contracts as they don’t feel the need to encourage acres; hence the reason that we don’t have a lot of new crop pricing yet. That said, we do have one indication at $7.50/bu delivered plant with an AOG or $8.00/bu delivered plant on a deferred delivery contract (no act of God). If you wish to pursue a sale into this program, give your merchant a call.

Pea markets are sitting fairly flat this week. Green peas remain around $13.50/bushel FOB farm in most locations for max 3% bleach, but we are getting solid bids for peas with higher bleach percentages. Those with higher bleach product, please call with specs so we can accurately quote values. Yellow peas are trading around $12/bu FOB farm for the most part, but there may be small opportunities to trade values closer to $12.50 FOB in the right location and with some longer delivery windows. We have seen some strong new crop yellow pea programs in SE Sask/Manitoba this week as well, with bids at $12.00-12.50/bu FOB, dependent on movement period, including a 15bu/acre Act of God. Acres are limited, so if you have interest, call now. New crop green bids are quiet still, which is not uncommon for this time of year. Spot prices on maple peas sit between $17.00-19.00/bu delivered, location and variety dependent; FOB farm options are available, call with location. New crop maple programs remain few and far between and we suggest growers use firm targets to try and get contracts secured. Feed peas seem to have bids in the $11.50/bu FOB range today.

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.

Milling wheat values have fallen back with buyer bids in central Sask hovering around $11.40/bu delivered on #1 red spring. Across the southern half of the province, bids are a bit more perky with indications around $11.65/bu and maybe a hair more depending on movement timeline. It’s not all doom and gloom for Canadian wheat though as we may see an uptick once Russia slows their exports, and the EU runs into a smaller exportable surplus around typical Canadian seeding time. On top of these factors, we continue to monitor US red winter wheat weather concerns, which could swing markets. Acres are up, but how many acres are impacted is yet to be seen. So, fingers crossed this all correlates to a bump in local bids. Looking ahead, Canadian new crop red spring acres are set to increase, and new crop bids are garnering interest. Feed wheat bids sit around $10/bu FOB farm, give or take today depending on location.

Chickpea markets keep a firm tone over the last 2 weeks with some buyers unsure why and how we got here. Buyers that have bumped their bids have been very firm on their values; where an offer in other commodities can often prompt a bit of a higher price, the same cannot be said in chickpeas today. Markets have been trading #2 large Kabulis around $0.59-$0.60/lb FOB farm for Feb-April type shipping. Sentiment feels very, “fill and kill,” as the interest is not widespread. New crop values are also something to consider with some buyers at $0.46-$0.48/lb FOB farm with an AOG. Crop rotation and disease have most believing acres will go up in the coming year, so pricing early might be something to consider. If you have bins with product in them, it can’t hurt to get a germ/disease test to see if selling for seed is an option.

Looking at today’s pea markets, yellows are trading at $12.50-13.00/bu delivered plant while greens sit around $13.50 FOB with some strong location dependent bids at $15.00/bu delivered in Sask and $14.00/bu FOB in Alberta for max 3% bleach. We have seen some strong new crop yellow pea programs in SE Sask/Manitoba this week with bids at $12.00-12.50/bu FOB, dependent on movement period with a 15bu/acre Act of God. New crop green bids are quiet, but we do see some limited interest in blocky types – please contact your merchant for details. Spot prices on maple peas sit between $17.00-19.00/bu delivered, location and variety dependent; FOB farm options are available, so call with location. New crop maple programs remain few and far between and we suggest growers use firm targets to try and capture a sale at this point. Lastly, feed peas see bids in the $11.50/bu FOB range today. Looking at both Canadian and world markets, we expect domestic pea acreage to rise to 3.5 million acres, as poor growing conditions limited pea planting in 2022. The planting of India’s rabi crop is ongoing with favourable moisture conditions so far – January will be a critical window for crop development. Finally, China has begun to reopen, and soymeal prices have risen, which creates an opportunity for Chinese feeders to purchase Canadian peas as long as values remain at a discount to soymeal and corn.

Spot market mustard pricing remains very strong, but new crop bids continue to see slippage this week. Buyers indicate they are getting full on new crop bookings, and this is translating into price pressure. Current new crop values are as follows: Yellow is sitting in the $0.80/lb range, brown is down in the $0.70/lb range, and oriental is quoted around $0.83/lb. These new crop prices are subject to change quickly, so please check with us sooner than later. All new crop contracts still carry a 10bu/ac act of God and are quoted as FOB farm. Spot values on all types of mustard sit between $1.20-$1.30/lb FOB farm this week for February to March movement. Growers may see a bit higher value if willing to push movement out and ship March/ April timeline. It is still very important you discuss firm offers with your merchant on product in the bin as we continue to have success with this marketing tool. Selling some mustard into these historically high markets seems to be a solid strategy. Planting seed on all types is still available, including delivery to your farm and treatment options. Sell outs will start occurring, so please let us know if you are looking.

Weak exports of Canadian flax warrant a price decline this week to $17.50/bu range picked up for a Feb/March timeframe. It was no surprise that during flax meetings at the Crop Production show last week, acres were estimated to decrease in 2023. Lower prices and competition from other commodities have growers looking in other directions and even with the decline in acres, there is still expected to be some carry-over. The US has been the dominant buyer of flax over the last year as our values into China and Europe remain uncompetitive. The flax market has no indications that prices will strengthen, so those with flax in the bins, consider pricing some out before we values slip further. New crop bids are not available yet, but we think growers should start throwing out their targets. Russia and Kazakhstan haven’t reported what their acres will look like for 2023 but suspect Canadian prices will once again have some competition.

Barley markets move into early 2023 without much change to value or demand that we saw ending 2022. Old crop feed barley remains a topic of discussion and growers are still catching that $7.50 – $8.00/bu FOB farm range throughout Saskatchewan. The further west and closer to feedlot alley you are, the higher the values will be. Delivery windows are still generally attractive, with some buyers starting to push March/April timeframes for a small carry in value. New crop feed contracts remain slow to hit our desk, but buyers seem to be indicating values in the $6.00 – $6.50/bu FOB farm range with earlier movement. We encourage getting a certain percentage on the books with these numbers – not only will this start cash flow, but also clear out some bin space. On the malt side of things, old crop purchasing continues lackluster at best. Maltsters are still poking around to buy some product, but not willing to reach out of their comfort zone to get it. New crop malt bids remain quiet as well, but we have seen some interest from the odd purchaser, please talk to your merchant for details.

Red lentil markets have softened over the last week with prices dropping to as low as 31 cents/lb delivered. There are a few buyers still purchasing small chunks at 33 cents delivered, but those opportunities are few and far between and we suggest growers take advantage while they can. Reds are feeling all kinds of outside pressure: Australian crop is now hitting the market, the Indian crop looks to be in good condition, and values are starting to soften overseas. These factors together make for a nearly perfect storm of price correction domestically and according to one buyer, reds destined for Pakistan already equate to low 30’s in the Canadian pocket. We believe prices will likely remain soft or drop further as we progress into the year and growers should make some sales now if they are under sold. There are a few new crop bids available at this time, but those that are out indicate values around 26-28 cents/lb with an act of God. We are not sure these numbers get much traction when initially looked at, but once you start comparing them to other crop options, they still pencil out at a decent return. Green lentils seem to be telling a different story as prices remain strong for all three varieties. Old crop prices remain in the 50-cent range or higher for both small greens and large greens, while medium greens hover in the 47-48 cent range. French green lentils still trade as high as $1.05/lb and beluga lentils as high 65 cents/lb. New crop green lentils are trading at 40 cents for both small and large varieties with an Act of God, which is getting some attention from growers.

Oat markets remain quiet for another week, which doesn’t come as a much of a surprise anymore. When searching for bid’s we continue to look under every rock and in every nook and cranny as this market is virtually full, and buyers are content to sit on their hands. When you are able to find a bidder, values seem to be quoted around $4.00/bu range for milling quality – not much different than feed.  The oat market is sitting a huge supply and it is going take some time work through it so, until then, prices will remain soft. There were some new crop programs posed last week with options to sign $4.50-$5.00/bu delivered plant in Eastern SK. The next few months are likely going to be tough slugging for oats, but if you need to find a home, let us know and we’ll track down some options.

Improved weather forecasts for Argentina have weighed on the market. Couple that with a larger Brazilian soybean crop, and headwinds have begun to push the market back down after a solid surge for the past week. Local market is in the range of $17.00-$17.50/bu FOB farm. Canadian dry bean production is in line with historical trendline levels; the reduction in planted acres was offset by better yields. South American dry bean markets are offering a glimmer of price appreciation. The Aussie faba growing zones have encountered more than normal annual precipitation. This, in turn, has led to a 30% reduction in forecasted volume and potential quality concerns. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.00-$13.50/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

Producer canola deliveries eased up over the last week, but with that said, deliveries to date are 11% above last year’s at this point. It is forecasted that exports will remain strong into China, Mexico, and Japan. Australia is reporting logistics problems due to the large volumes harvested. ABARES is reporting that the Aussie canola crop is at 7.3 million MT, 4% above last year’s record crop. These Aussie logistics issues will likely drive canola importers back to Canada to satisfy some of their needs. Local bids are in the range of $18.00-$18.50 bu picked up.

The canary market has not seen much action in the past few weeks as spot purchases are very hand to mouth, and sellers are lack luster at pushing tonnage up right now. Current prices are 38-39 cents a pound on sound quality product for picked up on farm bids, with the range depending on where your product is located. There has been some interest in new crop acres, and we’ve been locking in at 35-36 cents/lb picked up on farm depending on area. This new crop contract has an act of God clause covering quality and quantity for the first 10 bushels/acre, so it’s a decent option versus deferred delivery contracts that might leave you holding the bag if the worst case happens, and you get wiped out by hail, or something else last minute.

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

Canola markets remain to be somewhat stagnant from what we have been seeing in the past couple of weeks here. Seems like they take a little bit of an uptick one day, but lose steam the next day to follow. Futures currently float around that $869/MT price with each day bringing a bit of change to that number, but constantly returning. Delivered to plant prices right now range in that $19.00 – $19.50/bu price, but it does not seem to want to break through and hit the $20.00/bu price again. New crop values are still kicking around however and locking in something at that $18.00/bu price seems like a make sense move right now. Not only will you get some quicker harvest movement, but at the end of the day, selling new crop at those values just makes sense. Although we are not saying to sell the farm, locking in a certain percent of what you target for this year’s yield is a power play move. If you have something firm in mind, we highly suggest calling in to place a target, and possibly catch on this ever-changing market.

Pea markets remain to be somewhat quiet, yet still boasting some good values to sell into. Yellow peas are showing an indication of trades happening anywhere from that $12.50 – $13.00/bu FOB farm, depending on movement and area. Green peas seem to have backed off a little bit from the $14.00/bu price and the going rate seems to be $13.50/bu FOB farm for a #2 or better. However, if $14.00/bu is your sell price, we highly recommend tossing this on an offer. Although we are not seeing any real indications for new crop peas on all varieties, buyers are looking. There has been some trading happening on yellow peas at $11.50/bu FOB farm carrying an AOG. Given the price trading on old crop, this value is a great starting point. The same rings true however for old crop green peas, and if you have a sell price in mind, placing something on target is highly suggested whether it be yellow, green or maple peas.

Flax buyers remain cautious as Russia continues to dominate exports, and the prices between the Black Sea region and Canadian prices are still too far apart to be competitive. Indications for flax pricing this week sits around $19.00/bu delivered. With no new crop pricing available yet, analysts expect flax acres in 2023 to significantly drop. Chinese imports were sitting high in November which indicates their smaller domestic crop, but again, the supply was coming from Russia. If the pricing gap can narrow in the coming months between Canadian and Russian/Kazakhstan supplies, this could open up more opportunities for movement. If you have flax in the bin, taking a serious look at our competition and logistic issues should result in considering selling some into the market.

Not much change in lentils to start the new year. Reds remain stable at 33-34 cents/lb fob farm. Large greens still trading in that 48-50 cent FOB range. Small green lentils 49-51 cents/lb, new crop as high 40 cents/lb.  Early predications are that lentils will see a decrease in acres due to disease issues, weed control and rotations. Our thoughts are red lentils will see the biggest reduction in acres, whereas there may be less change in the large and small green lentils. This may be a good thing as early reports are suggesting an increase in lentil acres in India and Turkey. Reds are also seeing pressure from Australia. The lentil market has been hard to understand since the fall; information suggests prices should have softened, yet they have remained mostly flat. Some buyers seem very interested in buying, while others have sat on the sidelines. Varying yields throughout the province has made making marketing decisions tough. Information that is being reported is still suggesting that there is more downside risk than upside reward.

The canaryseed market didn’t see much change over the holiday season. We are still seeing buyer bids at $0.38/lb with delivered and FOB options, for January movement. For later movement, $0.39/lb FOB for Feb./Mar. and $0.39/lb delivered for Feb./Apr. options are available. New crop bids still sit at $0.36/lb delivered for Sept./Oct. movement. This new crop bid includes an Act of God clause on 10bu/acre and drops $0.01 for FOB movement. We are seeing some growers push slightly higher and submit offers at $0.40/lb old crop, so remember that option exists. Despite prices coming down from their high last year, prices are still considered to be historically solid, and we are seeing both old and new crop trades at these prices. We encourage our growers to inquire about new crop pricing. With an AOG at $0.36/lb delivered, we believe this is a strong starting point to get something on the books.

The oats market was quiet throughout the month of December. Entering the new year, we are yet to see multiple buyer bids. What we have seen so far, is $4.75/bu delivered Apr./July to Manitoba. There was late – December buyer interest in Alberta for feed oats, so if you are looking to move any, give your merchant a call and we can track down a price. In December, the feed prices hung around $4.00/bu and therefore stayed competitive with milling bids. With some milling buyers not looking to source oats at the end of December, we will have to wait and see what their bids are in the coming weeks.

Wheat continues to bounce up and down as it has fallen a bit here to start the new year off. Bids on #1 , 13.5 protein hard red spring wheat are bouncing around $11.70-$11.80/bu delivered in SE Sask over the next three months. The Canadian export market remains strong, and wheat deliveries have surpassed the five-year average. Keep an eye though on the US crop as harsh conditions continue to plague Kansas winter wheat, as well as China may be in the hunt to purchase. But there is always competition to blunt that blade, so to speak, from going too high as some of the other heavy hitters had a good crop. Feed wheat bids are ranging around $10-10.50/bu picked up on the farm in Sask with more strength the further west into Alberta that you move. Flipping over to durum, bids are hovering around $13.70/bu delivered in #2 or better SE Sask with new crop sitting at $12/bu.

Statistics are a flurry with chickpea acres increasing by up to 39% in the coming year. That seems a little rich for my guess, but we can all agree, the acres will be up over last year. Despite the bearish news, values have picked up again this week and new crop is now on the table as a tradeable option. Old crop #2 Kabuli’s trading at $0.55-$0.56/lb FOB farm Feb-March and new crop have a starting point of $0.475/lb FOB farm Sept-Dec with an AOG. Huge! This is a tradable value and anyone who grows chickpeas should really consider pricing this out for a portion of their crop. Indian exports have started to slow their pace as they are chewing through their supplies. This could be the result of the current uptick in value, or some believe it is a way to encourage more acres to go in next year. Either way, chickpeas are back, and buyers are ready to see what you have to sell!

Barley markets are stable for another week. Feeders are stating they have good coverage for January, and later on it looks like there is demand which could equate to upside. Currently you can get $5-10/MT more if you can hold out for later movement. That being said, if the supply out there is large and sellers all start coming to the table, it could have a negative effect on where the values go. Oct-Dec is starting to get interest for the market, but mostly from the sellers’ side. Not a lot of trades happening as the freight is the biggest factor, according to buyers not willing to put too much risk on the table at today’s levels. Corn is also weighing on the new crop interest as there is rumour of a huge crop brewing. Old crop feed barley is at $7.50-8/bu FOB farm SK location, sensitive with values improving as you head west towards Lethbridge, AB. New crop feed values near Regina, SK are around $6-6.50/bu and again, getting better as we move towards Alberta. Malt barley markets are muted still with buying interest very quiet and sellers not willing to take today’s values.

Soybean markets are paying attention to Argentinian production potential. Despite some recent rains, the longer-term Argentinian forecast is for drier weather. Uncertainty is still the best way to describe what import volumes China may represent. Brazilian soybean crop remains on pace to be a bin-buster. Local market is in the range of  $16.75-$17.25/bu fob farm. Canadian dry bean production is in line with historical trendline levels; the reduction in planted acres was offset by better yields. South American dry bean markets are offering a glimmer of price appreciation. The Aussie faba growing zones have encountered more than normal annual precipitation. This in turn has led to a 30% reduction in forecasted volume and also potential quality concerns. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.00-$13.50/bu fob farm and feed quality values are near $10.00-$10.50/bu fob farm location dependent.

Mustard prices open the new year very strong. We are not seeing much change at this point yet as buyers get back from the holidays. New crop values remain fairly strong , but we are seeing hesitation from buyers now as acres come in. Spot prices remain firm. Spot values on all types of mustard sit between $1.18-$1.25/lb FOB farm this week for January- February movement. It is very important you show your merchant an offer here on spot bids as something you may not think will trade, just might. Growers keep feeding the market into these high prices and we still think that is a solid strategy for moving mustard. Despite new crop bids pulling back from the highs seen so far this year, contracts are still very strong with yellow sitting in the $0.85/lb range, brown at $0.78 to $0.80/lb, and oriental in the $0.85/lb range also. These new crop prices are subject to change quickly, so please check with us sooner than later. All new crop contracts still carry a 10bu/ac Act of God and are quoted as FOB farm. Planting seed on all types is still available, which includes delivery to your farm and comes with treatment options. Sell outs may start occurring, so please let us know if you are looking.

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.

“It’s beginning to look a lot like sell this” – feed barley that is, and although the delivery windows on old crop are pushed into the new year, you can still pencil in anywhere from $7.50 – $8.50/bu FOB farm on your spread sheet pending location and freight costs. Speculation of corn shipments hitting feed lot alley have rung true and there may still be more to come, so we suspect at some point of time this will weigh in on demand for old crop barley supplies. On the new crop side of things, recent indications shown values around $6.00 – $6.50/bu FOB farm in Sask. Although the malt side of things remains somewhat quiet, if you have any firm targets in mind on binned product or future production, we highly suggest calling in and letting us get to work trying to track down a bidder.

This week we saw little change in the pea market. Yellow peas remain at $12.50/bu FOB, with a few locations able to secure $13.00/bu FOB for a January – March movement on firm target. Green peas had a few trades at $14.00/bu FOB this week, but a handful of buyers pulled back to $13.50/bu this week and we wonder if there is more of this mentality to come. Maple peas remain strong with values ranging from $16.00 – 18.00/bu FOB, with the latter being variety dependent. We expect more new crop bids to come in the new year, however, we did have an $11.50/bu FOB trade on new crop yellow peas this week. Looking at the overseas market, again there is little change with Chinese purchases still on the quiet side. We will have supplies of certified pea seed available in a few different varieties if you need seed or are looking to get into a new variety; please speak with your merchant on this aspect.

Canola markets are posting modest gains to start Wednesday morning ahead of the holiday season. A few contributing factors play a role in the $1.50/MT uptick seen at time of writing, according to reports. First and likely foremost, a stronger soy complex is providing spillover support. Second, other markets such as rapeseed and palm oil are posting gains, which is aiding canola markets. Third, we see crude and veg oil pricing on the rise and finally, crush margins continue to increase. Current futures values sit at $860.50/MT and $856.60/MT for January and March months, respectively. These put delivered to plant bids around the $19.25-$19.90/bu range pending delivery month, location, and local basis level. New crop values are indicated in the $18.00/bu ballpark for Sep/Oct delivery into a few locations around Sask. Those with firm sales targets are encouraged call in and post an offer today.

Chickpeas saw a bit of a bump last week that has carried into this week. While a few bushels did shake loose, buyer appetite is still there for more. Initial stats for next year’s seeding intentions are floating around and one of the biggest outliers is chickpeas with a potential increase in acres to 320,000. This is 39% above last year’s acres and will most certainly have a weighing effect on the market. Global market tonnes are steady week after week with small fluctuations. We did see some #2 Desi’s trade last week at $0.35/lb FOB farm and there are buyers specifically interest in purchasing predominantly 7mm chickpeas if that is something in your size profiles. Old crop bids for #2 or better max 10% 7mm are still $0.55-0.56/lb FOB Farm for Jan-Feb. If that doesn’t hit the mark, but it’s “this close” to your sell price, give us a call to set some targets. With the number of potential acres going in next year, seed availability may become an issue. Call us for seed inventories and lock that up now, if you can, and free your worry for spring.

The lentil market remains stable for another week. Reds continue to trade in a range of 33-34 cents/lb FOB farm for Jan-Mar movement, with the odd buyer still looking for some product on a shorter delivery window. Large green lentil pricing is still sitting at 51 cents/lb delivered for Jan-Mar movement with the odd target triggering higher. Small greens still show some buyers willing to pay high 40’s to low 50’s cent/lb range delivered plant as well. Medium green lentils are indicated in the 35-37 cent range USD FOB farm. French green lentils are trading at $1.00/lb or maybe slightly higher on firm offer; at this price, buyers are limited, so growers may want to get something locked in and honestly…what a strong price! Some new crop pricing has been released, reds are in the 30-cent range, while large greens are quoted around 40 cents. It will be interesting to see if the 10-cent spread between reds and greens will encourage large green growers to increase their acres. Will growers look at switching from other varieties? If you’re looking to switch into large greens and are needing seed, give us a call.

Maybe a Christmas miracle can help out the oat market… Has anyone tried oat milk in place of eggnog in their drinks of Christmas Spirits? Just an idea. Current bids show prices at $4.75 to $5/bu as delivered to plant prices into Manitoba. Obviously, freight costs need to come off those listed values and once that is factored in, prices are not nearly as shiny. The feed market prices are pretty competitive with milling bids these days as many areas can sell into feed at values at and around $4.00/bu picked up on farm. Feed pricing like that does not show much incentive for milling, but the milling buyers are not that concerned at this point, as most have what they need secured and are in no rush to move the needle. As you can put 2 and 2 together, the oat market is facing a simple supply versus demand problem, as old as time, too much supply makes demand dry up. Until the balance is restored, it likely will be much of the same.

The flax market remains quiet with 2022 coming to a close. Canadian prices remain too high to be competitive on the world stage, which continues to affect our exports overseas. For the first time in recent years, there is expected to be some old crop carry-over into 2023/24. If there are some price changes and/or an increase in domestic use for flax, then there could be some optimism for flax markets, but thus far things remain stagnant. Until then, the Black Sea region’s production will remain the key variable on global pricing. Moving flax is not impossible, but the window of movement is not immediate. Prices have been hit and miss around $19.00/bu for movement well into the new year.

The canaryseed market is beginning to see softer bids as we head into the holiday season. Throughout December, we saw most of the spot trading around the $0.40/lb mark, but now, as the month winds down, we are seeing bids for old crop at $0.38/lb delivered, December movement. This week we saw our first new crop bid at $0.36/lb delivered for Sept/Oct movement. This new crop bid includes an Act of God clause on 10bu/acre, and both old and new crop bids will see price drops of $0.01/lb for FOB farm movement. With the end of 2022 quickly approaching, we can look at a few statistics from the year and look ahead to 2023. The 2022 canary crop produced an average yield of 24.2 bu/acre, which is lower than the 5-year average of 25.3 bu/acre. With a strong export program in August, the remaining months of 2022 didn’t need huge export totals to meet the expected export forecast for the year. These lower export numbers could be one of the reasons why prices have stayed constant since harvest. Looking into 2023, the expected canaryseed acres are very similar to that of 2022 – with a 3% increase to 300,000 acres. With continuous questions regarding quantity of supplies and unreported production, we will have to wait to see what the new year brings for pricing.

Wheat continues to bob up and down like a buoy this last while. Buyer bids are sitting anywhere from $11.45/bu delivered in to central Sask with $12/bu delivered in SE Sask for a #1, 13.5% protein red spring. The world wheat news is a little all over the place with Argentina’s drought conditions. As well, the US is dealing with some tough winter conditions in their major wheat producing areas, which could have an impact on winterkill for this upcoming year. At the same time, Aussie crop is the opposite as it’s abundant and looking to fill Asian coffers for the time being. Though a slight asterisk here as quality (lower milling due to moisture) may be a concern, so Canadian or Black Sea wheat may be of value for milling quality moving forward. This might be a bit more wait and see for down the road if/what any kind of impact there will be. Interest on feed wheat is soft as it’s not a dominate player in feed rations right now. Buyer bids are ranging around $10-10.50/bu FOB. The durum market has seen little change in pricing with $13.50/bu bids on old crop #1 CWAD with new crop values kicking around at $12/bu.

The soybean market has rebounded a bit from last week’s losses. Supportive factors are the ongoing drought concerns in Argentina. Headwinds are coming from lower than forecasted Chinese imports. Local market is in the range of $16.75-$17.25/bu FOB farm. Canadian dry bean production is in line with historical trendline levels; the reduction in planted acres was offset by better yields. South American dry bean markets are offering a glimmer of price appreciation. The Aussie faba growing zones have encountered more than normal annual precipitation. This in turn has led to a 30% reduction in forecasted volume and also potential quality concerns. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.00-$13.50/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm, location dependent.

Mustard values remain strong this week as December gets close to wrapping up. New crop values stayed steady after a slight pullback last week, and spot remained firm to slightly higher. Spot values on all types of mustard sit between $1.18-$1.25/lb FOB farm this week for January- February movement. Growers keep feeding a bit of product into these spot prices and we’d have to agree with this strategy. These are strong prices, and downside potential is much higher than the upside based on what we’re seeing/hearing. Despite new crop bids pulling back from the highs seen so far this year, contracts are still very strong with yellow sitting at $0.85-$0.86 lb, brown at $0.80/lb, and oriental as high as $0.86/lb. These new crop prices are subject to change quickly, so please check with us sooner than later. All new crop contracts still carry a 10bu/ac Act of God and are quoted as FOB farm. Acres seem to be way up this year, so talk to your merchant about new crop as soon as possible.  Planting seed on all types is still available, which includes delivery to your farm and comes with treatment options.

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 feed barley market remains quiet this week with bids pulling back slightly, especially now that corn has made its ascent into feedlot alley. Some feedlots have also started incorporating oats into their rations due to the softer price and overabundance of supply. Delivered Lethbridge values are still relatively strong though, with indications around $9.25/bu. After tacking on freight for FOB farm options, it sure puts a pinch on value as bids across Sask range from $7.25-$8.00/bu FOB with the latter still tradable on occasion in SW Sask; it’s all about farm location. There have been some new crop production contract numbers being tossed around at $6 -$6.50/bu FOB farm for feed should that pique your interest, and this may not be a bad play to lock up a portion of expected production. Moving to malt, renewed interest is seen for old crop Copeland and Metcalfe, more so east SK, with bids around $8.50 to maybe $9/bu FOB depending on freight.

Mustard values are still much like your favorite Dijon – spicy! Although we saw a bit of a pull back last week, old crop values seem to have made a bit of a comeback this week with stronger bids once again being quoted. Values on all types of spot mustard sit between $1.18-$1.25/lb FOB farm this week, but delivery windows are being pushed out to Jan – Feb timeline in many cases. These are great historical figures to get some product moved into, and we think growers should strongly consider making sales! Despite new crop bids pulling back from the highs seen so far this year, contracts are still very attractive as well with yellow coming in at $0.85/lb, brown at $0.80/lb and oriental posting $0.86/lb. Contracts still carry a 10bu/ac Act of God and are quoted as FOB farm. If you are sitting on the fence, we would highly recommend taking the leap as lots of new and existing growers have pulled their chairs up to the table for a bite of the pie. Planting seed on all types is still available, which includes delivery to your farm and comes with treating options if needed. Based on current market direction, our general suggestion is to get something on the books and keep yourself from thinking “shoulda, woulda, coulda.”

The flax market appears to be dead in the water…pun intended. Overseas shipments to China and Europe have been virtually non-existent, and exports to the US market have slowed as well. The story remains much the same regarding overseas markets in that we continue to see cheaper competition from Russia and Kazakhstan. On top of this, reports continue to suggest Chinese purchasing has all but stalled out due to Covid shutdowns, which is liable to affect Canadian markets further. Current flax bids are around $17.50 – $18.00/bu picked up on brown varieties, while yellow flax is indicated at $22.00/bu picked up. Farmers have been hesitant to sign up any tonnage at these prices and buyers aren’t willing to stick their neck out further to secure product with no export demand, so, for now trade remains painfully slow. New crop flax prices haven’t come out yet, but if growers have targets in mind, we encourage you to throw out firm offers.

The canola market has had a nice revival the last couple of weeks after seeing a week straight of red in late November. January futures sitting at $874/MT at time of writing have trigged some trades this week which pencil back to $19.25- $19.50/bu FOB farm and $20/bu delivered to elevator in the next few months. Price strength comes from a few factors such as lower production numbers, strong soybean support and a high volume of sales to China, which all helped to spur markets along recently. With this uptick in value, we do see many market analysts suggesting an increase on sales of both current and next summer’s crop as the marketing outlook for soybeans is daunting. Taking market risk off the table, albeit shifting it to production risk in the new crop cases, is a prudent option to many. Fall values nearing $19/bu delivered to various facilities make some good sense today.

Pea demand has softened just a touch this week with yellow peas now trading between $12.00 to $12.50/bu, becoming increasingly harder to find anything above those values. Green and maple peas have weathered the storm a bit better, with bids virtually unchanged around $14/bu and $16.50-$18/bu, respectively.  Earlier this month when StatsCan came out and pegged this year’s production lower than expected, sellers were hoping that this would cause a slight rally in price. Unfortunately, the news had little to no affect on markets bringing us to the current situation. Market slow down is likely due to the normal Christmas season lull and buyers being covered for the short term. Exports right now are about 300,000 tonnes behind the five-year average for the first quarter. Price will likely stay mostly sideways going forward as the supply and demand seem to be as close to equilibrium as possible in an open market. Slow and steady sales may be the marketing strategy to use when dealing with peas.

Western Canada’s lentil values have not seen a lot of change in the past few weeks. Farmers can still find bids on small reds in the $0.33-0.34/lb range, but these opportunities are starting to become less common as we begin to see bids in the $0.28-0.30/lb range. Common today, these red bids are freight sensitive, and you could find yourself on the higher end of this range if you hold the ability to deliver. Moving to large greens, there are numerous options available in the $0.50/lb range in both SK and AB (again, area dependent and premiums placed on delivered product). Medium greens are seeing prices around the USD $0.34-$0.35/lb FOB mark, while small greens are seeing quotes at $0.48-0.50/lb FOB for New Year movement, area dependent. With FOB farm options available for all green lentils, touch base with your merchant to lock in these prices for Jan/Feb movement. To provide some insight into the export market, the trend of lentil exports peaking in September and slowing in October stayed true. For reds, India, Turkey, and Pakistan were the largest exporters, while the largest share of greens found their way into India, Columbia, and the UAE.

The oat market is seeing little activity right now, unchanged from recent weeks past. Looking at it from an on-farm supply standpoint, oat deliveries are lagging. In 2022, 18.9% of deliverable supplies have been moved, compared to 26% this time last year. Even with historically strong prices, the lagging deliveries are impacting revenue, down $226 million from 2021. Currently, we are seeing bids between $4.75-5.00/bu for #1 and #2 product, delivered to MB plant, with price dependent on location. The latest trades we’ve seen on feed are around the $4.00/bu mark, but values can fluctuate up to 50 cents/bu a day depending on buyer needs and farm location.

Canaryseed markets are seeing signs of weakness this week as demand and bids begin to pull back amongst many purchasers. There is a little debate ongoing in the canary world as to where this market is headed for early 2023, mainly based on the struggle of estimating how much product is on farm as we near year end. In discussion with our buyers, reports suggest they’ve been able to purchase some decent tonnage over the last couple of weeks, which leads us to believe supply is available and this market may not “take off” as some hoped. No new crop values have emerged yet as we enter the middle of December, but growers are starting to talk about price potential. We suggest growers use firm targets to show the market what you’re looking for and to get a better handle on what purchasers are thinking as well. We are seeing some spot loads hit the market every week and the latest trades have bids holding at $0.39-0.40/lb FOB farm for new year shipping, though these bids seem to be blip opportunities, so growers are encouraged to keep a close eye on markets. Always be sure to call us about seed also, we may have some available close to you.

Soybean Chicago futures have had some swings as of late. Today, the market has found support based on export sales news from this morning. From a global production standpoint, it is a South American story. Brazil seems positioned to harvest a bin-buster and contrary to that, Argentina is struggling with drought. Local market is indicated around the range of $16.75-$17.25/bu FOB farm, although firm targets may trigger higher. Canadian dry bean production is lower than the previous year, but in line with longer term averages. This is mainly due to fewer acres having been planted. Notably, there are some small indications of price buoyancy in South American markets. Canadian faba production is typically small (15%-20%) relative to Australia. Aussie Faba crop production is forecast to be approx. 30% lower than last year with quality specs still unclear. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.00-$13.50/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

Western Canadian wheat quality is strongly shifted towards better grades due to decent harvest conditions. Any feed quality was primarily due to light test weight as a result of drier conditions in some parts of Saskatchewan. Milling wheat markets have not recovered from the early November futures slide. A modest recovery has been staged since early December, but its longevity and strength remain in question. Milling wheat bids are in the range of $11.50/bu delivered and feed wheat ranges from $9.50-$10.50/bu FOB farm, location dependent for the most part. Small opportunities for values north of $11/bu are seen in NW Sask, so please call your merchant for details.

Well, here is the peak we were talking about in chickpeas last week as buyers find renewed interest in purchasing. With a couple cents jump in value, growers are willing to open the bins to let a few bushels go. The depth of this interest seems shallow, so don’t let indecision get in the way of opportunity. Old crop #2 large Kabuli’s are trading around $0.55/lb FOB farm max 10% 7mm with Jan-Feb movement. There are higher bids out there with minimum specs of 9mm (up to 50%), so if that fits your sizing spectrum, give us a call for premium values. We also have buyers looking for all 7mm! If that fits your grade spec, again, give a call. Still little to no talk on new crop values, but we are hoping that come January, the Crop Production Show will provide some clarity there. If you want to get something on the books now, bring a target and let’s test the market. Buyers are still actively on the hunt for less than #2 quality and paying decent values as well. Call for more information or if you are looking for seed for next year.

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

Lentil markets maintain pace this week; however, bids do not seem to be deep at current levels. Small reds are still catching the odd bid at $0.35/lb delivered, which equates to $0.34/lb FOB farm in most areas, and this seems to be buying tonnage. These opportunities seem to be slowly dwindling away, so we suggest growers make a sale if they’re sitting on the fence. Moving on to large green lentils, the number ranges anywhere from $0.50 – $0.52/lb FOB farm for #2 quality with light demand and trade taking place. Over the past week, small greens have traded at similar levels as large greens as buyers look to cover off their needs. We highly suggest growers who are sitting on product to put out a firm target to try and catch this early Xmas gift. With StatsCan’s recent report, it will be interesting to see how the market attempts to find itself after showing lower carry over and reduced production numbers from September’s estimates. Australian production still sits in the forefront of everyone’s mind as well with reports indicating quality might not be the greatest. That said, it is not unusual to see some importing countries purchase low quality product at a discount, which in turn could reflect on Canadian values. Although new crop contracts for all types of lentils remain stagnant, call to discuss/ place your firm offer to grab buyer attention.

Feed barley markets continue to speculate about a drop in value as unit trains of corn hit feedlot alley, but so far, bids remain intact. Recent talks of a rail strike that may have affected US corn cargoes seem to be hashed out, so any reprieve from an influx of corn is likely quashed for the time being. Although pricing has come off a touch from the highs seen so far this marketing year, remember that current levels are historically great, if not amazing. Feed barley continues to trade anywhere from $7.50 – $8.50/bu FOB farm depending on area, and we’d bet if we had seen these numbers 3 to 4 years ago most producers would have sold every bushel. There is always a chance for market improvement, but what is the upside? $0.25/bu? More concerning is the downside; should the market reset and find itself, it could easily drop by dollars over night rather than cents over time. Given current interest rates, growers may find that extra $0.25/bu they were looking for is made up by reduced payments. Moving to new crop feed barley, trade remains light, but values are indicated around $6.00/bu FOB farm for fall shipping with potential for better numbers as you move west.

The pea market has softened slightly as we head into the holiday season. Yellow peas show most bids posted around $12.50/bu FOB, with limited options available at $13.00/bu pending freight costs. Green peas prices hold their premium for another week, still quoted around $13.50 – 14.00/bu FOB, based on max 3% bleach. We have seen a higher volume of bleached green peas this year and we do have marketing options, but buyers will need to know the exact bleach percentage to price it out. Please get your peas tested or send us a sample so we can accurately price your product! Maple peas are still leading the pea market in value, but it has pulled back slightly to around $15.50 – 1$7.00/bu picked up depending on variety. There seems to be some farmer reluctancy to sell at current levels and buyers have yet to push bids higher, so we are at a bit of a standoff. New crop bids aren’t available and/or aren’t being quoted yet, but stay in touch with your merchant regarding planting intentions for 23/24 so they can keep you up-to-date.

Chickpea markets remain unchanged week after week. We are seeing peaks and valleys whenever there is the hint of a food tender, but other than that, it has been quiet. When talking to buyers about their success selling overseas, the response is, “the levels trading on the farm are slightly above what we can sell overseas.” At these values, it seems no one is willing to take a long position. Rather, preference is to hold tight and buy hand to mouth. With the Indian crop looming (Mar-April), there is the potential for another round of buying out of Canada before they get their crop off, which could equate to a bump in price, but we suspect it is not going to get beyond today’s level by much. Feed markets also maintain tone at $0.30-0.35/lb FOB farm and buyers are always looking.

Soybean markets have shown some strength this week with nearby futures pushing up about 20 cents, despite reports of the long-term production from South America pushing world soybean supply to all-time highs. Short term weather forecasts in South America are holding things up for the time being, which provides support to this theory. At this point, it looks like things need to continue to really go wrong down south for soybean markets to continue to show support, but they could turn quickly once some positive crop news starts to come out. Talk of rebuilding Chinese hog numbers added to positive news for soybeans as well. Bids here are showing around $17.20/bu range currently, but location, freight rates, and movement timelines all factor in so call the office for a number tailored to your bin. Faba beans show feed interest at $10.25-$10.50/bu range at the yard and some buyers are looking for grower targets on #2 quality at $13 to $13.50/bu picked up on farm.

Canaryseed markets are unchanged for another week. That being said, export levels according to StatsCan are slightly below last year’s average, which was reported then as a “strong pace,” so something is moving! It is incredibly hard to estimate what is on the farm today as StatsCan has not put any focus on canary ending stocks for the last several years. Buyers are indicating that they are buying every week, so despite challenges with growing conditions last year, it seems as though growers are letting go of stock, be it carryover or production from last year. Bids are still holding at $0.38-0.40/lb FOB farm and as of yet, there is no buzz around new crop values.

Spot mustard markets are a mixed bag this week as some buyers choose to soften bids, while others sharpen their pencils. The assumption here is that those who are showing weaker values, likely have covered off some of their short term needs with recently shipped production contracts and overage purchases. Alternatively, those who look to prop bids up, likely need to see some more coverage for nearby. Old crop bids are now indicated around $1.15-$1.18/lb for yellow mustard, $1.16-$1.21/lb for brown, and $1.16-$1.22/lb for oriental varieties, though firm targets may provide some better values. FOB farm shipping is now certainly pushed out until January, but there are rare cases for prompt shipping available if growers can self-haul. New crop bookings have been heavy, especially for this time of the year, which is the main cause for the price slippage that began last week. Bids have pulled back to $0.88/lb for yellow mustard, and around $0.80/lb for brown and oriental. All new crop contracts come with a full act of God on the first 10bu/ac, and we encourage you to speak with your merchant on movement options and firm pricing opportunities. We still have a good selection of certified mustard seed with treatment options and free delivery to farm. We have not sold out yet, but we have to keep an eye on this if you are looking. We do not require the full payment until prior to delivery in the spring!

The common theme for flax markets staying quiet continues to hold true. With higher Canadian prices and a strong flax crop in Kazakhstan, Canadian flax continues to stay less competitive in China and the EU. Looking closer as to why, the Canadian price/tonne being offered in China is US$180/tonne higher than Russia’s, and US$260 higher than Kazakhstan’s. As a result, most of the Canadian flax shipments are staying between Canada and the US – this also being low. Due to the minimal interest, forecasts show that Canadian flax stocks for 22/23 could be the highest they have been in five years. Locally, there are still buyer bids available, hovering around the $20.00/bu delivered mark (southeast Sask) for milling quality and $18.00/bu FOB for #1 quality (all areas). Buyer bids on yellow flax sit slightly higher at $22.00/bu FOB in southeast Sask. With the StatsCan report not showing any surprises for flax, we don’t expect to see much change in the market for now.

Looking at last week’s StatsCan numbers, to no one’s surprise, oats had a big year. Acres harvested were the largest in the last five years at 3,464,500, approximately 500,000 more than 2021, and 600,000 more than 2020. Increased acres and good growing conditions in most of the oat region, pushed production levels to their highest in 5 years. Yield was approximately 1,400,000MT more than 5-yr average reported by StatsCan and this is the reason it is getting harder to find bids today. The milling market, for the most part, seems to have a lot of the orders filled for the year, which is reflected in late season shipping windows. The feed market is still looking for product, but as most growers are sitting on good quality oats, they are not willing to sell at a discounted price. Milling oat trades have been as high as $4.50 and a low as $4.00/bu recently, all depending on movement and freight costs, while feed prices have been as low as $3.50/bu. Bids seem to change daily, and we have seen differences of up to 50 cents between buyers on the same day.  With tonnes (tons) of grain available this market surprisingly still has some relatively strong bids available; the hardest part is staying on top of who has the best price on any given day.

Wheat pricing remains a bit passive this last little bit, etching slightly up and then down week after week. Canadian crop production, according to the StatsCan release late last week, shows minimal change from 2020 as no one wants to think about 2021. That being said, with world politics, weather issues this past year in the EU and the US, has wheat inventory on the tighter side. Current wheat bids are fluctuating between $11.40-$11.67/bu delivered in depending on shipment period. On feed, buyers range from $10-10.50/bu FOB depending on farm location and movement time frame, which is looking more like first quarter of 2023 now. We do have one purchaser looking for feed wheat in NW Sask (no soft white) with indicated values around $11.00-11.50/bu – a huge bid for those in the draw zone. Durum bids are slacking off a bit on spot, hanging around $13/bu delivered in. If you’re looking for some new crop pricing, give your Rayglen merchant a call as there are some attractive bids especially in SE Sask.

Canola futures are seeing a much-welcomed jump in value today with both January and March posting $15.50/MT and $14.20/MT gains respectively, at time of writing. Currently, January futures now sit at $865/MT with March trailing only slightly at $853/MT. Spillover support is seen from advances in soy markets, but offsetting pressure keeping canola from taking a bigger run is seen from losses in rapeseed and palm oil markets. Looking further down the line, reports suggest Australian canola production will surpass 7MMT, which will ramp up their exports, consequently reducing Canadian shipments. Interestingly, Canadian year to date shipments to China are on record pace, up a reported 107%. Today, spot canola bids hover around $19.10-$19.85/bu delivered plant pending location and local basis levels. New crop bids sit in the ballpark of $18.40/bu for Sep/Oct shipping, subject to the same factors.

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 pea market holds flat for another week, a typical theme this time of year with Christmas right around the corner. Buyer interest on yellow peas has diminished in recent weeks as a pretty heavy stream of product was booked previously, and now fills a good chunk of the pipeline. Today, bids range around $12-$12.50/bu picked up on the farm with movement quoted as Dec – Feb. Buyers continue to show more interest in green peas, which hold their premium to yellows, with pricing sitting around $13.50-$14.00/bu picked up, the higher end trading sporadically on firm target. High bleach, feed and sample grade greens are attracting interest again this week with bids sitting in the $12/bu FOB range, give or take 50 cents/bu pending spec. Maple peas continue their reign as market leaders with product trading fairly consistently at $15 to $18/bu pending variety and farm location. Producers have had success putting out firm offers so call your merchant today.

Canaryseed remains unchanged from previous weeks with top end bids coming in at $0.41/lb FOB farm for new year shipping. Quicker movement options may be available with slight discounts, but generally, posted bids do not seem to be deep at any level, so those windows may fill up should growers start selling a little more consistently. We seem to be caught up in a game of push and shove; buyers not anxious to purchase and producers not searching to sell. With StatsCan set to be released on Friday this week, it will be interesting to see how canary stats pencil out. Although many growers seem to be sitting on bushels and expecting a rally to come along, word from the buy side is that they don’t anticipate this. The million-dollar question is: who will be right? The ones holding onto stock for a rally, or the buyers hesitant to purchase, expecting the price to drop further. All in all, current markets and posted bids are a great value to get some canaryseed sold into if you’re sitting on the fence.

Feed barley trades have thinned out recently due to US corn being railed up to Canadian feed lots. Despite this, pricing is still historically high with FOB farm bids ranging between $7.50 –$8.40/bu FOB pending location. Growers in Alberta may see slightly stronger bids due to freight advantages and are encouraged to show targets. New crop feed barley contracts have popped up this week with bids indicated around $6.00 – $6.50/bu FOB farm; potential for stronger values as you head into Alberta. These are once again historically strong numbers and growers should consider getting a few bushels locked in. Similarly, to years past, new crop feed contracts do not contain an act of God. Malt barley prices have been quiet again this week, remaining a topic of little discussion. What does need to be discussed are changes to preferred varieties in the coming years. This is something growers need to be aware of as Metcalfe, Copeland, and Synergy are losing buyer interest. It has already been stated that demand for these varieties could be lacking next year, and it is recommended to get into some newer varieties like Connect or Frazer. We will have a limited supply of both Connect and Frazer, so speak with your merchant regarding seed costs and delivery options sooner than later.

Lentil markets seem to be fairly stable from last week, with no major changes. We have seen green and red lentil trades hitting the books at a steady pace this week as growers get product sold into dwindling high-priced markets, and before the inevitable Xmas slow down. Red lentil bids at 35 cents/lb delivered are becoming difficult to find now, but a few options are still available for Dec-Jan movement. Large greens are still trading in the 50-52 cent/lb range depending on grade, location, and movement date, but the higher end of that scale is getting tough to secure as well. Small greens lentils have caught a bid of 52 cents/lb FOB for very limited tonnage this week, so if you’re sitting on product, we suggest making a sale – next best values are quoted around 48-49 cents FOB at this time. Markets still seem to be patiently waiting for more information regarding Australian production numbers and grades. Be sure to start talking to us about new crop options on lentils. We don’t have firm production programs right at this time, but we believe growers should start showing targets as it’s getting to be that time of the year.

Spot mustard markets continue to be very strong, and trading is taking place. Old crop bids are indicated at $1.20/lb for yellow, $1.20/lb for oriental, and $1.15/lb for brown varieties. Shipping windows remain fairly close in, and if lucky, growers may even get some quick December shipping. If you have a target price in mind, just let your merchant know as firm offers continue to grab attention. Production contracts have seen a big slow down this week when it comes to pricing and some buyers have decided to pull bids all together. New crop bookings have been heavy, which is the main cause for the price slippage. Bids have pulled back to $0.88/lb for yellow mustard and around $0.80/lb for brown and oriental. All new crop contracts come with a full act of God on the first 10bu/ac, and we encourage you to speak with your merchant on movement options and firm pricing opportunities. We continue to offer a good selection of certified mustard seed with treatment options and free delivery to farm. Supplies aren’t tight quite yet, but that could soon be on the horizon if sales continue at the current pace.

The oat market is in need of resuscitation in growers’ minds, but unfortunately it doesn’t appear that will be happening anytime soon. Buyer bids hover around $5/bu, maybe a tad more, delivered to plant for March onward movement. With oats sitting at the buyers’ fingertips due to large production numbers, the excitement to purchase is low as most purchasers have their fair share already booked and are content to sit on current stocks. There is some interest in organic oats, though demand is not deep. If you happen to be sitting on some, give your merchant a call sooner than later. On the feed side, values hover around $4/bu picked up on the farm, unchanged from the past few weeks.

Chickpea markets spend another week coasting along with little activity. Buyer bids have been slipping a touch, but growers that do want to sell have been having success using firm targets. Trades are happening at $0.55/lb for a #2 large Kabuli max 10% 7mm, FOB farm with Dec/Jan shipping for those willing to show product firm. Sample and feed values are still sitting around $0.30-$0.35/lb depending on the downgrading factor. There has been some discussion around new crop prices, but buyers and sellers alike are not willing to show their hand quite yet when it comes to value. The general feel is that there will be a lot of chickpea acres going in this year, so if seed is something on your holiday wish list, best to not wait until it’s too late. Better yet, if you have supply, get it germ tested and let’s talk about marketing.

Wheat markets lost some ground early this week with a small rebound today. The markets have dipped to a price level that we have not seen since early September. The latest reports on the U.S. winter wheat crop condition are up slightly since the initial report at the end October; this is the second straight report showing an improvement. However, crop conditions are still below historical levels. The central plains are in the most need of moisture, while Michigan’s soft red crop is in good shape. Meanwhile here in Canada local values have slipped back with CPSR trading in the $11.30-$11.60/bu delivered range and CWRS trading at $11.10-$11.46 delivered for a number 1, 13.5% protein. Feed grains are trading in the $10.00/bu range to slightly higher depending on movement and location.

Soybean futures are up due to easing Chinese COVID restrictions, dry weather forecasted in Argentina and Brazil slowing export pace. Local bids are location dependent and in the range of $17.00/bu FOB farm. Dry bean prices are drifting sideways as export demand remains lack luster. Export quality fabas are showing strong bids as Aussie quality concerns get hashed out. Feed quality fabas are being supported by pet food values. Local bids on export quality #2 faba sit in the range of $13.00-$13.50/bu FOB farm, and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

The flax market has been softening over the past couple weeks with buyers having issues with selling overseas, and they are well supplied for the time being. Currently, we have buyers telling us that Europe sales are next to nil and product has not been heading east either (China). While local supply is not overwhelming this year, the slow movement early on creates a bigger pile for later. One of the main reasons prices will still be supported is grower reluctance to sell at lower values, which keeps sales slow and markets from getting overrun with product. Currently, we see bids at $17-$18/bu, but not much for trades as growers mostly aim for something that starts with a 2.

Canola markets show signs of life today with both January and March futures up roughly $10/MT at the time of writing. Support has spilled over from gains in the soy complex, European rapeseed, and Malaysian palm oil markets, which are also showing improvements on the day. Discussion of possible production cuts in crude oil supported veg oil markets as well, which in turn provided additional support for canola. Today, local cash bids sit between $19.00-$19.65/bu delivered plant, pending location and basis levels. Currently, January futures are posted at $845/MT and change, with March showing a marginal discount of approximately $2/MT.

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

Barley markets continue to post some exceptionally great values despite additional unit trains of corn hitting feed lot alley. We are still seeing a widespread in bids depending on area, but markets are strong, and product continues to trade anywhere from $7.25 up to $8.25/bu FOB farm; better bids are seen the closer you get to feed lot alley. Delivery windows are posted as Dec – March for the most part due to continued hurdles on the freight side of things, but the odd opportunity is available for quicker shipment at a discounted value. Although we do not have any firm pricing for new crop feed barley, indications are anywhere between $100 – $120/MT less then spot price today. These are some great values to consider for the 2023 growing season. The malt side remains generally inactive, but if you’re considering seeding malt this coming year, we highly suggest to review this document provided by CMBTC, which gives some insight as to what varieties maltsters will be looking for:  https://cmbtc.com/wp-content/uploads/2022/11/CMBTC-2023-24-Malting-Barley-Recommended-List.pdf. We all know too well that new varieties come along and push the old boys out, and it seems some of the trusted and true leaders, such as Metcalfe and Copeland, are ending their reign as kings of the market. The purposed successors show great potential boasting yields close to, if not on par with feed varieties. All growers may want to consider switching things up, whether planting feed or malt, as this can opens another avenue for sales, especially considering recent feed barley pricing. Call to discuss seed purchases!

The oat market remains flatlined again this week with the majority of buyers still content with what they have on the books so far. There is the odd posted bid for delivery into eastern Saskatchewan and Manitoba available for growers looking to make a sale with values ranging anywhere from $4.50 up to $5.50/bu for springtime delivery. If you have a target value in mind and your specs are good, tossing out a firm offer today makes sense as we continue to see sporadic, “one off,” purchases. Indications on new crop have started to come out as well, and bids range around $5.50/bu delivered for glyphosate free #2CW oats. If this year continues on like the past few years, we suggest getting something locked in at these prices as buyers now seem to be able to buy enough product on production contracts to hold them over for extended periods of time.

The pea market trends sideways again this week for yellows and greens, however, maple peas remain strong and show quite the premium to other classes. Current maple pea bids on maples range from $15.00 – 18.00/bu FOB, depending on variety, and producers should give their merchant a call to discuss movement options and varieties preferences. Yellow pea bids remain at $12.50 – 13.00/bu, while green peas continue to boast a premium over yellows at $13.50 – 14.00/bu picked up on farm. Opportunities on higher bleach green peas and feed peas are present, ranging from $12.00 – 13.00/bu depending on downgrading specs. Looking overseas, India’s pea planting is currently down due to prices dropping, however, it is still uncertain if this will encourage a reduction in the pea tariffs or not. China’s demand is also slow going, which is why we are seeing some lack luster Canadian bids at the moment.

Canaryseed prices are sideways for another week with 41 cents/lb picked up on farm still being the top end. Reports coming out of Argentina suggest their planted canary crop is up 4% compared to last year, however, yield estimates are not available yet. Usually there is a bump in fall shipments to Europe, but inventories in Thunder Bay are not reflecting that this year. The flow of canaryseed shipments is steady and if there is going to be a spring rally, indications have yet to be seen. If StatsCan numbers are correct, supplies will be tight, and this could offer support throughout the year. We do have an offer system, so call your Rayglen merchant if you have a target in mind.

Flax pricing is down compared to last week with bids indicated at $18-$19/bu picked up on farm for shipping in the new year. If exports remain quiet, Canadian flax supplies could get heavy, and this is turning into a concern. Thus far, most of the 2022 harvest has made its way into the US. So far, there are no signals showing any urgency for our flax to head overseas. Flax supplies heading to China from Kazakhstan have been aggressive as they’re able to purchase much cheaper than current Canadian values, which takes away that avenue for our product. Imports by the EU have been steady to quiet with supplies coming from the Black Sea region. If Canadian flax remains uncompetitive, ending stocks will weigh on the market over a longer period of time.

Stability is the theme for another week in chickpea markets. Globally, initial details of the Indian Rabi planting indicate chickpea acres could be reduced from the previous year and seeding is slightly ahead of last year’s pace. Values in India have maintained a strong tone to support that speculation. Australia is reporting lower export numbers (mostly Desi’s) compared to their production, which is not typical. If accurate, this could translate to higher carry over and put pressure on Asia to find supply. Current Canadian bids are still quoted around $0.55/lb FOB farm basis #2 spec with max 10% 7mms. There are markets for higher percentages of small sizes at a slight reduction in value. Feed and sample values are still coming in at $0.30-$0.35/lb depending on the down grading factors. Planting chickpeas in the coming year and need seed? Call us for details on good quality seed delivered to your yard.

Spot mustard markets continue to hold strong and steady, but the new crop market has us a bit concerned to be honest. We have been booking new crop acres at a steady pace, and now worry is creeping in that prices may slip a bit. Old crop bids are indicated at $1.20/lb for yellow, $1.20/lb for oriental, and $1.15/lb for brown. Shipping windows remain fairly close in, and we’re still able to contract for movement before year’s end if needed, but we are running out of time there too. If you have a target price in mind, just let your merchant know as firm offers continue to grab attention. New crop pricing remains at $0.90/lb for yellow, while brown has started to slip a bit and sits around $0.84/lb. Oriental has taken a bit of a step back as growers make sales, now quoted at $0.90/lb on a case-by-case basis. All new crop contracts come with a full act of God on the first 10bu/ac. Speak with your merchant on movement options and firm pricing opportunities. We also have a good selection of certified mustard seed with treatment options and free delivery to farm available.

The wheat market is still a little scattered as it’s seeing political pressure and expectations of an uptick in supply. Couple that with the UN and Russia brokering a deal which allows Ukrainian product to continue flowing from the Black Sea region for another four months, and this should allow for stocks to bulk up a bit around the world, possibly giving the market a bit of a breather. Bids on a #1, 13.5% pro. red spring continue to hover around $11.80/bu delivered in, give or take depending on movement. Feed values continue to hold strength with bids ranging around $10.50-$11/bu depending on freight. Durum bids continue to hover around $13.75/bu delivered in, but buyers are open to seeing offers so give our Rayglen merchant a call.

Lentil markets continue to hold steady for the most part this week, especially when compared to other markets, which seem to be softening. A few buyers are stilling purchasing reds at 35 cents/lb delivered for Dec-Jan movement, while large greens are still trading in the 50-52 cent/lb range depending on grade, location, and movement date. Small greens lentils show values closer to 48-49 cents/lb today, but a few offers have traded higher. Markets seem to be patiently waiting for more information regarding Australian production numbers and grades. Compared to other markets this week, one has to wonder if lentils will be next to lose value or if they will remain on their own little protected island.

Soybean prices are getting a boost due to the potential multi-year effect of La Niña on Southern Brazilian and Argentinian production. This is tempered by an increase in Chinese COVID cases, and its impact on Chinese purchasing demand. Local bids are location dependent and range from $16.75-$17.25/bu FOB farm. Dry bean prices are drifting sideways as export demand remains lack luster. Export quality fabas are showing strong bids as Aussie quality concerns get hashed out. Feed quality fabas are being supported by pet food values. Local bids on export quality #2 faba are in the range of $13.00-$13.50/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

Canola markets continue their downward trajectory despite gains across the soy complex at the time of writing. It is reported that losses in crude oil provided spillover weakness in canola futures, which have now hit their lowest value in about 2 months. Reports suggest that speculators continue to sit comfortably on the sell side of the market, which doesn’t bolster confidence in either. Today, January futures show losses just under $5/MT while March futures show losses just over $5/MT, putting values at roughly $830/MT and $824/MT respectively. These numbers have delivered plant bids penciling out to around $19-$19.50/bu delivered depending on local basis levels and location. New crop canola contracts are being offered now at very attractive levels – call your merchant for details.

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.