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Rayglen Market Comments – November 30, 2022

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.


Rayglen Market Comments – November 23, 2022

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.


Rayglen Market Comments – November 16, 2022

The chickpea market remains supported by strong export programs and a rise in Mexican and Indian pricing. Current Canadian bids are still quoted around 55 cents/lb FOB farm basis #2 spec with max 10% 7mms. If you have a higher percent of 7mms in your product, just let your merchant know as we will still be able to find a home with reasonable discounts. For our neighbours south of the border, US bids have been indicated at 38 cents/lb USD picked up on farm for large kabuli chickpeas. With export demand looking to remain strong, this will draw down our already lower supply, which should keep prices supported for this marketing year.

Spot mustard markets continue to hold their strength in value, which is now spilling over into some fantastic new crop programs as well. We all know that supplies are tight again this year, which is keeping prices supported, and the push for new crop acres has started. 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 attractive and we’re still able to contract for movement before year’s end if needed. If you have a target price in mind, just let your merchant know as firm offers continue to grab attention. New crop pricing has started out strong with bids indicated at $0.90/lb for yellow varieties, $0.90 – $1.00/lb on oriental, and $0.85/lb on brown, all 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.

Flax markets remain much the same as previous days/weeks. Buyers aren’t aggressively buying, and sellers aren’t selling, which is presumably the reason these markets are in a holding pattern. There are still posted bids floating around in that $20.00 – $21.00/bu FOB farm range, but this does not appear to be a deep bid at all. The assumption is that if sales start to hit the books, these values will likely slip further. The US and China continue to buy cheaper product from other countries, and now reports suggest further Covid restrictions in China have forced many facilities at port to close up shop for the time being. The fact of the matter is most flax buyers remain comfortable with what they’ve already purchased and are somewhat willing to roll the dice on what the market is going to do down the line. Firm sales targets above posted bids haven’t been overly successful in recent weeks, but that option still exists for those willing to play the waiting game in hopes of stronger values.

Lentil markets are mostly sideways with demand seeming to slow compared to only a couple weeks ago. Bids on #2 large green lentils still hover around 52 cents/lb FOB for December/January shipping, while small green lentils show values around 50 cents/lb FOB. The red lentil market seems to be all over the map, but on the high end, 35 cents/lb delivered is still attainable in select locations with relatively quick movement. The market doesn’t seem to have a firm grasp on where red lentils are headed, but a recent influx of Australian production is hitting the market, causing some purchasers to pull bids entirely. So far, we haven’t heard of any fallouts regarding quality from Australia, but with all the discussion around untimely rain, this may still come. Today, it looks like any potential for red lentils to see an uptick in prices will depend on Indian purchases later in 2023. The green lentil market could see a slight rally in the new year as North American supplies are tighter than normal with Morocco, Colombia, and the UAE being the biggest importers.

Green and maple peas are gaining strength as yellows lose a little momentum this week. Although it’s not a widespread phenomenon, green peas have traded north of $14.00/bu FOB farm in a couple locations where the freight made sense. Growers are encouraged to post their firm targets up as these opportunities aren’t widely advertised. Buyers are starting to show interest in higher bleached and sample grade green peas for the feed market as well. Bids hover around $12-$12.50/bu FOB farm pending spec, which is a great opportunity to clear out any off-spec product sitting on farm. Maple peas have also seen an increase in price this week, with product grown from the Acer variety trading as high as $18.50/bu delivered plant. Other varieties are seeing strong values as well, up to $16.25/bu delivered. Yellow peas remain subdued compared to other pea markets, with very little aggressiveness seen on the buy side. That’s not to say that values aren’t attractive, as we still have options to move tonnage at $12.50- $13.00 FOB farm this week.

The oat market seems to be a bit more sporadic this week as some buyers sit on the sidelines, while others jump back into the ring for another round of purchasing. Those on the sidelines are content with current bookings and are generally uninterested in procuring more, unless values are low enough and shipment windows are wide enough. Those that are looking for product bring a welcomed change with bids at $5.00-$5.50/bu FOB farm on the east side of Saskatchewan… movement is still well into the new year. Sales remain slow as many producers want to see bids closer to last year’s highs and a quicker shipping option, but some growers have taken advantage of the opportunity in fear of missing a short rally. New crop bids are now out and quoted around $5.50/bu delivered plant for glyphosate free product. If this of interest, let us know and we can get you a FOB farm bid if that’s your preference. Feed oats continue to be searched for and values sit in that $4.00/bu or better range for another week.

The barley market is in a bit of a flux this week as corn makes its ascent into feedlot alley from the US. Additional unit trains are hitting Lethbridge which is taking the burn off the buying side of barley and buyers are starting to squelch bids a bit. Decent values are still out there to be had with bids in the north and southeast corners of Sask ranging around that $7.50/bu mark with stronger values quoted as you move closer to southern AB. Look to see top bids in SW Sask around that $8.50/bu and a little softer in NW Sask, around that $8 dollar range; all picked up on farm for Dec-Mar shipping. Looking for a little quicker movement? Talk to your Rayglen agent about putting up an offer. Sliding to the malt side, buyers are still sitting on the sidelines not looking to engage too much. If feed bids start to pull back, you may see the maltsters come to the table with a bit more of an appetite.

The canaryseed market remains unchanged for another week, a common theme seen for quite some time now. Buyers and sellers remain at a standoff, both sides content to sit and wait for the other to flinch first. A few loads have been booked here and there, but we are far from overwhelming amounts hitting the pipeline. Buying interest at historically attractive levels continues with bids quoted around 40-41c/lb picked up on the farm. Shipping windows remain reasonable, still quoted as Dec-Jan, which offers growers a good option for cash flow early in the new year. It is perhaps time to talk to your merchant about new crop values as well. Although we don’t have any firm bids, other commodities are starting to show bids for 2023/24 production, and we think it may be time to start throwing in 10bu/ac targets with an act of God.

Quiet markets for faba beans lately as buyers are not really looking and sellers don’t seem to be coming out of the woodwork with product. Bids remain around $13 to $13.50/bu on farm for #2 quality, whilst the feed prices still seem to be showing close to $10/bu depending on your location. Soybean futures have been mostly running sideways of late, not venturing too far out from $14.50 USD on the January for the month of November thus far, posted at $14.28 USD at time of writing. Markets got a bit of a kick up early in the week due to the missile strike in Poland, but the pop up seems to have backed off as cooler heads prevail. A weaker USD hurts the soybean values up here as well this week. Local soybean bids are showing somewhere around $18-$18.50/bu CAD today, maybe a touch better in the right areas as a picked up on farm price.

The wheat market continues to be sensitive to the events of the Ukrainian/Russian conflict. Wheat markets have dropped as details become clearer regarding the unintended and errant missile strike in Poland. It has now been confirmed the missile that left two of Poland’s citizens dead was unintentional – and likely came from a Ukrainian anti-missile defense system response to a Russian barrage. Committed bulls still focus not only on the Black Sea, but also dry conditions in Argentina, wet harvest in Australia, and poor winter wheat crop condition scores in the US Midwest. Local milling market values run near $11.75-$12.00/bu delivered, while feed values trail valued in a range of $9.25-$10.00/bu FOB farm, freight dependent.

Much like all grain commodities, canola is giving back the gains seen yesterday driven by tense Black Sea news. Local demand for canola remains strong and global edible oil prices are contributing to robust crush margins. Local crushers are reflecting that in their bid structure. Local bids are location dependent and range from $19.00-$19.50/bu FOB farm based on a Jan futures value of $882/MT and change at time of writing.

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.


Rayglen Market Comments – November 9, 2022

The flax market had another quiet week, with some bids even softening a bit more. Right now, most of our Canadian flax is destined for US markets, while shipments to China remain subdued due to that market being dominated by Russian & Kazakh supply. Their prices are much cheaper in comparison to ours according to reports, and China is willing to take the discount in value vs quality for the time being. The only thing that seems to be keeping the market above $20 right now is growers’ reluctancy to sell at current values. Today, brown flax is priced at $20 – 21/bu FOB farm pending location and freight costs. There has been very little yellow flax interest lately, but a few trades have been put on the books with values ranging from $25 – 30/bu FOB farm depending on location, movement, and variety. It looks like we will have to wait and see if the new year will shake any new business out of the flax market.

Buyers continue to show interest in lentils, but values seem to have softened off a bit compared to previous weeks. We suspect that purchasers have now bought enough product from the market to put themselves in a comfortable position, but that doesn’t mean posted prices aren’t attractive. Red lentils are currently trading in the $0.33 – $0.34/lb FOB farm range with a bit of interest in higher priced product posted on firm target. Moving over to the green lentil world, posted bids on large greens are trading in that $0.52 – $0.53/lb FOB farm range, while small greens are now bid around $0.50/lb FOB farm. It’s much of the same scenario as red lentils; firm targets continue to grab buyer attention. Bids are still coming in at profitable levels and growers should consider hedging their bets. Getting a certain percent locked up and moved is a smart play right now, giving some cash flow back to the farm. There may be an uptick to these prices with uncertainty over the Australian crop, however, this is still an unknown. If buyers get stuck on the wrong side of a long position, the drop off could be fast and hard.

Pea bids are mostly sideways this week with green peas hovering around $14.00/bu FOB farm and yellows unchanged, still quoted at $12.50-$13.00/bu picked up. Pea values in India have lowered as the Rabi season approaches, so we could see some of this reflect in Canadian bids near term. The focus over the past couple of weeks has centred around green and maple peas on the buy side. With green peas showing a tighter supply number, we have seen a boost in bids and an increase in destinations. For those with maple peas in the bin, call us for pricing options as that market has had a strong rally over the last several weeks. Bids remain variety dependent, but all types are being looked at. The yellow pea market relies more on China, which has had little demand as of late. Australia’s pea stocks are very tight with the majority of supply used domestically, so this could offer some support as we move into the new year.

Mustard continues to show strength in the market for another week. Values on all types of mustard (brown, oriental, and yellow) sit over $1.00/lb FOB farm and show no signs of weakness. It is highly recommended that growers call our office as prices fluctuate, and we have seen offers trigger well above the posted bids; up to $1.25/lb in some cases. New crop pricing is strong with steady trades over the last couple of weeks as sellers lock in the first 5-10bu/acre. Call our office and we can help you pencil in values that show a great return per acre. We continue to book certified mustard seed with delivery to your yard as seeding plans are being made. With yellow, brown, and oriental mustard in the top three categories for your best returns, signing some acres at these once again historic values only makes sense. Reports suggest mustard supplies in the US and Canada are comfortable, however importers are rebuilding supplies after the drought year in 2021/22. There is a risk to ignoring these high values if exports drop back to more normal levels.

Buyers continue to show interest in all types of chickpeas with #2 large Kabulis still catching bids at $0.55/lb FOB farm for Dec-Jan movement. As a reminder, these bids are basis max 10% 7mm sizing; anything over that 10% mark will be subject to a discount, so knowing what you are working with ahead of time will save you a potential headache down the line. If you are looking for quicker shipping options, a few opportunities have popped up, but values will come at a slight discount. Buyers have also been on the hunt for feed chickpeas with bids hovering around $0.35/lb picked up on the farm. If your product falls in between #2 and feed, an offer is a great way to show the buyers that you’re a seller. Transitioning to our readers south of the border, values sit right around 38c/lb USD picked up. Freight and currency are volatile right now, so keep an eye on this market.

The canaryseed market is flatline again this past week. Buying interest is present, but bids have stayed steady ranging from 40-41c/lb picked up on the farm with the latter for Dec-Jan movement. Final crop reports have shaved another 15,000MT off Canadian production according to Sask Ag. The StatsCan numbers are a little more generous in the yield which means the actual yield number is still questionable. Typically, the canaryseed market follows a relatively predictable trade pattern, but this year, with no reported exports out of Thunder Bay, and slower than usual spring movement, that could be disrupted. It could be a slow-moving target as opposed to peaks and valleys we are used to if fall movement doesn’t increase.

Milling oats see another quiet week with a few outliers looking for supply, but only slightly increasing values. For the large part, bids are sitting around $4.00-$4.50/bu delivered with small opportunities at $5 in the SE of Sask. Again, no one is jumping up to sell their bushels at these levels. Feed oat bids also maintain tone around that $3.75 to $4.00/bu FOB farm for Dec-Jan movement. Some growers are contemplating a sale as feed with no quality risk deductions, especially considering the lack of milling demand and the narrow spread in value. The best practice today is to put targets out to the market to test the waters at levels deemed tradable. Call your broker for more info.

Revisions in today’s WASDE report and recent export sales have soybean futures up from opening values. Local bids are location dependent and range from $17.25-$17.75/bu FOB farm. Dry bean prices are beginning to firm up as the market passes through a period of somewhat typical seasonally normal price pressure. Dry bean harvest reports out of Nebraska state later than normal harvest and yields being under longer term averages. Aussie La Niña rains still loom large over harvest quality setbacks; the impact on the faba production region is still unknown. 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 $9.50-10.00/bu FOB farm location dependent.

Wheat prices maintain similar to slightly lower levels this week with buyers showing delivered plant bids on #1 CWRS, 13.5 pro, at high $11’s per bushel in the nearby and low $12’s per bushel into the spring and summer months. Firm offers a little over market show some effectiveness in the fast-paced ups and downs of this wheat market as it moves largely sideways in no where near a straight line (i.e., up, then down, back up again, then down, repeat). Feed wheat prices remain strong at $10.50 to $11.50/bu in the yard with the freight cost factor being the biggest reason for the wide range out there. Quick movement on feed wheat is very hard to come by as buyers are having real struggles getting access to trucks. Durum prices are showing a $13.50 to $14/bu range this week on #1 quality depending on movement timeline and area.

Barley markets remain flat in pricing despite relatively widespread assumptions of an upcoming price correction. Bids still range between $7.25 to $9.00/bu FOB farm depending on freight costs and movement timeline. Barley prices, net to the farmer, are comparable to last year, but it’s the gross price that has the feed lots looking at other sources. Why? Those options may have cheaper freight costs. Barley sales this year so far are 3X over last year. This is likely the reason why we are seeing most bids pushed out to the new year for delivery. If you’re looking for a slightly better price than being offered, having a firm target gives you the best opportunity. This gives the buyer an opportunity to push the end user and find the best freight out of your area.

Canola markets are showing strength today after seeing a couple days of weakness. At the time of writing, we see January futures up nearly $12/MT with March not far off posting $10/MT gains. Canola has been reported as undervalued by some in the industry and is gaining strength back after a correction in veg oil markets. A rally in soyoil is also likely helping canola find its firmer tone today. Looking a little closer to home, some local canola purchasers are starting to fill up nearby shipping windows, now only looking for product into the new year. This seems to be isolated for now, but may be a sign of what’s to come across other purchasers. Basis levels remain relatively unchanged and bids hover around $20.50/bu, give or take pending shipping window and location, delivered to plant.

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.


Rayglen Market Comments – November 2, 2022

The oat market continues mostly sideways and quiet on pricing this week. Bids still work back to between $4.00 to $4.50/bu delivered plant around Sask, but buyers are not aggressively searching as they have much of their needs covered for the nearby. Some opportunities do exist for late 2023 shipping, but unfortunately those delivery windows don’t warrant a carry in value. We have one small glimmer of hope in the SE corner of Sask with a buyer looking for some coverage on heavy oats, showing some aggressive bids up to $4.70/bu picked up on farm for winter movement. If you have some heavy product in that area you’re looking to move, please give us a call, email, text, WhatsApp, fax, or carrier pigeon. We have middling interest in feed oats near $4.00/bu picked up on farm in the right areas and less in the wrong ones. So, the discount from milling to feed is a short fall, if one at all, for those with borderline product that don’t want to face dockage and discounts in the milling market.

 

The pea market saw very little change week over week, with green peas holding onto their premium to yellows. At the time of writing, we still have offers trading at $14.00/bu FOB farm in most areas on #2 spec green peas. There has been some talk of bleaching issues rising this year, so we encourage growers to get their product checked before marketing. On that note, we do have pricing on sample grade quality, we just need to know the percentage of bleach to get a firm bid on your farm. Ballpark numbers have bids around $11.50 – 12.50/bu FOB farm for sample grade greens. Yellow peas remain at $12.50 – 13.00/bu FOB farm this week with no change in demand. Maple peas stayed strong at $14.00-15.00/bu FOB, depending on the variety. Calls have begun on seed inquires, we will have a supply of certified seed in a few varieties, so, if you are looking to update your seed or get into a new variety speak with your merchant.

 

Barley markets push their way along without much change from previous weeks. Buyers are still purchasing feed barley anywhere from $7.50/bu up to $9.00/bu FOB farm the closer you get to feedlot alley. Although there has been speculation that these values are likely set to soften due to train units being delivered into Lethbridge and feed being sourced from other commodities, we have yet to see these theories ring true. Despite strong feed values, logistics continue to be a hurdle with most bids quoted for new year shipping. This makes sense as many producers took advantage of high-priced markets earlier for cash flow and bin space, which still needs to move by the end of the year. Pile on record high freight rates and a general lack of truck availability and we can see why shipping is being pushed out. Maltsters remain rather skittish this week and we suspect all their buying is currently hand to mouth based on sample approval before purchasing. The feed world is making malt purchases slightly tricky as current values are likely not sustainable in the malt world, forcing buyers to avoid long positions. There is still a market out there however, so, if you have had your malt graded, we highly suggest calling in with your specs and let us do the leg work for you. We have said it before, but it really is worth saying again: these values into the feed market are something you should be selling a percent of your stock into!

 

The wheat world remains a tough market to read with futures jumping around daily, but there are some values being offered for $12.50/bu range delivered to various locations on #1/#2, 13.5% protein product. However, given the daily fluctuations, quoted values do not seem afraid to drop by $0.50/bu from the morning to the afternoon. Due to this instability throughout the market, we highly suggest placing a firm target out there so your product doesn’t get missed in a quick market blip. Generally, delivery windows are starting to get pushed out into the new year, Jan – Feb type shipping, but we still see the odd opportunity for some quicker movement. We suspect news from overseas of Russia pulling out of a grain deal with the Ukraine to export wheat is playing a roll into the daily futures swings that we are seeing. On the feed side of things, indicated values aren’t far off milling bids with product trading at the $11.50 to $12.00/bu FOB farm range depending on timeframe on location. This may be an avenue to consider for those with borderline specs or those who just want to avoid added hassle at the end of the day with dockage and/or potential discounts. Switching over to durum; buyers aren’t showing very aggressive demand, but one can likely still target that $13.50/bu picked up range for a #2 or better grade. This avenue is also one worth considering getting something locked in. Many buyers out there are starting to speculate on getting new crop purchases in the books for 2023 as well, so if this interest you give us a call to get some firm numbers your way!

 

Sask Ag reports chickpea quality for 2022 as slightly better than average with majority of the crop grading above #2 on 125,000MT of a total 135,000MT of production. While markets have slowly creeped up over the last several weeks, this week we saw more of a jump. Buyers are looking to purchase #2 Kabuli’s FOB farm at $0.55/lb for Dec-Jan movement. This has been a trigger point for growers and contracts are being written. There seems to be room for some volume so if you are thinking of hitting this target, give us a call. Sample and feed chickpeas are still a desired commodity valued at up to $0.35/lb FOB farm depending on downgrading factors. No news yet on new crop bids in Canada, but India has increased their Minimum Support Payment by 2% to encourage more chickpea acres in the coming Rabi planting season. To early to speculate numbers for new crop domestically, but we are always welcome to the conversation and setting potential targets.

 

The canary seed market continues to slide sideways again for another week. Buyer bids maintain around 40-41c/lb picked up on the farm with the latter for Dec/Jan movement. With no change in market value in a while, trading has quieted down on this commodity significantly. Both buyers and sellers remain content to standoff waiting for the first to flinch. When the market bounces, one way or the other, maybe we see an uptick in product moving. Until then, everyone seems to be content to sit on their hands.

 

Flax exports have been on the slower side so far for the 2022/2023 crop year. The CGC data shows that a majority of the shipments have gone to the US, while some containers have headed to other destinations that aren’t in the data. Canadian flax has been preferred for US destinations, but that is changing. Even with the extra freight costs, the US has been importing flax from Kazakhstan, Russia and Turkey. Canadian premium flax pricing is just not competitive enough anymore. This is a big threat for our export potential and on top of it all, flax from the Black Sea region just keeps getting cheaper for China to purchase.

 

The same continues for mustard this week; steady pricing and demand from buyers continues to be the story. Bookings for new crop mustard acres and seed have begun now at a steady pace. As these trades happen, we again urge you to please talk to your merchant about new crop as targets may be placed. Spot price on all varieties sit over the $1.00/lb mark FOB farm again this week. Yellow mustard is still quoted the highest, around $1.15/lb and targets trading higher. Brown and oriental not far behind in the race, both quoted at $1/lb range or greater. We deliver mustard seed to your yard! Please talk to us as we have all varieties of seed available, treated or untreated.

 

Lentil market pricing eases this week. Red lentils are now trading predominately at 33-34c/lb FOB farm with the odd offer being triggered at 35-35.5c/lb FOB in the right freight areas, while large green lentils hold tight trading between 52-53c/lb FOB with demand seeming to slow a touch. Due to a bit of a pullback, trades have slowed this week and earlier booked contracts are now showing up at the plant. Shipping is a head of last year and if this continues, ending stocks may end up lower than expected.  Sask Ag is estimating that this year’s quality is mostly a #2 or better, with very little in the x3 or number 3 category. If you have some lower quality lentils in the bin, give us a call as interest in this type of quality seems to be increasing at very agreeable values. With limited quantities available, it may give the farmer a leg up on pricing.  Red lentils likely remain close to where they are for the short-term until combines hit the field in Australia. Large greens remain a bit more optimistic as supply seems to be tighter and farmer selling remains slower than the reds.

 

Soybean futures initially fell in response to Russia’s sudden reversal on the Black Sea Grain Initiative. However, these setbacks were offset and overruled by higher global edible oil prices. Local bids are location dependent and range from $17.50-$18.00/bu FOB farm. Dry bean prices are beginning to firm up as the market passes through a period of somewhat typical seasonally normal price pressure. Dry bean harvest reports out of Nebraska state later than normal harvest and yields being under longer term averages. Aussie La Niña rains still loom over harvest quality setbacks, the impact on the faba production region is still unknown. Local bids on export quality #2 fabas have been in the range of $13.00-$13.50/bu FOB farm and feed quality values are near $9.50-10.00/bu FOB farm, location dependent.

 

Local demand for canola remains strong. Global edible oil prices are contributing to robust crush margins and thus local crushers are reflecting that in their bid structure. Today, January futures, at time of writing, are quoted at $894.80/MT, up $10.60/MT on the day. After factoring basis levels, local delivered plant bids range from $20.00-$20.75/bu pending location and timeframe of delivery. FOB bids are attainable for those who would prefer product picked up at the farm gate. Please call our office to discuss these options and/or put in a firm target.

 

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.


Rayglen Market Comments – October 26, 2022

Buyer interest seems to have shifted from yellow peas to green and maples this week. Green peas have firmed up and are now showing a price premium to yellows; something we haven’t seen in quite some time. A few deals were struck at $14.00/bu picked up basis #2 quality, max 3% bleach, with firm targets being the main catalyst to facilitating these trades. Maple peas have also taken a price jump, which started late last week, continuing into this week. Certain varieties of maples have been trading at $15.00/bu picked up in most locations, while even some of the less sought-after varieties are now seeing bids around $14.00/bu FOB. Renewed maple pea interest seems to be coming from China, which doesn’t come as much of a surprise as they are historically the main importer. Although yellow peas are taking a bit of a back seat this week, they remain priced at strong levels, with bids at $12.50 – 13.00/bu picked up. If you have a target price in mind, let your merchant know. Also, a friendly reminder to stay in touch if you’re needing seed this year, as we will have a few varieties available.

Feed barley prices remain aggressive today, but they carry a pushed-out delivery window into the new year. This week we have confirmation of two-unit trains of corn hitting feed lot alley and speculation of another slated to come soon. Buyers suspect this will eventually make an impact on feed barley values, but as of today we are not seeing that take affect. This adds further clout to the assumption that at some point end users will look for other, cheaper commodities to substitute for barley. Luckily, we’ve avoided any price drops thus far and growers may want to consider marketing even a portion of their production. There are still some pockets of earlier shipment being offered, however, the biggest setback remains the availability of trucks. Today, we are seeing a wide range in feed barely values due to logistical issues, with bids anywhere from $7.50 up to $9.00/bu FOB farm, all depending on timeframe of delivery and location. As is often the case, the closer to Lethbridge you are, the better the value should be. Maltsters remain relatively quiet this week, but we suspect this is due to higher feed values, and not wanting to overpay on their end just to keep up.

The canaryseed market remains ho hum, with buyer bids ranging from 40-41c/lb picked up on the farm with the later for Dec-Jan movement. Price support continues to hold for this commodity as carry out stocks are tight. Due to low carry, exports are expected to be tapered this year. It’s estimated that this year’s production increased 28,000MT over last year due to improved yields, which was greatly needed. This market continues to be a “cook while the pan’s hot” situation when the price spikes come. We’ll just have to wait and see if/when those opportunities present themselves and if markets follow the traditional patterns that have been interrupted for the past couple of years.

Chickpea growers hold posture as bids and buyers remain monotone for another week. While bids remain above average, other crops such as cereals and peas are being shipped in lieu of chickpeas in the hopes that news out of Australia will boost the Kabuli market again. Bids FOB farm for #2 Kabuli are around $0.50-0.52/lb depending on location and sizing. That being said, there are commercial sales happening (buyer to buyer trade) at $0.51/lb FOB farm. A bit of an inverse there which has a person thinking…. Chickpeas have several homes, which can mean different bid structures and value. Know what is in your bin! Get sizing and grades done and be ready to sell when the time comes.

Flax prices are unchanged for another week with bids in the $21.00/bu-$22.00/bu range picked up on farm. Despite record flax prices in 2022, seeded acres were relatively unchanged from 2021 and carryover for 2023 is expected to be close to an average level. Due to rivalry between other crops, some analysts are forecasting a decline in 2023 seeded flax acres, which might not come as much of a surprise considering the lack of acres seeded after record pricing in 2021. Competition overseas from the Black Sea region remains the front runner in keeping Canadian flax prices at bay today, while it looks like the possibility of lower supplies in 2023/24 could be the unknown that will drive up Canadian flax bids.

The canola market has seen mostly positive moves in the futures this past week, but a couple “off” days kept bids more or less sideways. January futures are up to $875.70/MT at the time of writing, which has bids flirting with $20/bu delivered to plant. We have growers that have been posting firm offers at $20/bu FOB farm and a few buyers showing some interest, but one of the hiccups is freight costs, which next to no one wants to own right now. If you have not sold anything, then consider any sale where you are into the $20/bu range as a good one and rewarding the market for honoring your patience makes sense. Every year we come across issues of bins heating with canola so keep that in mind if you have product in storage. Basis levels for fall 2023 are showing a negative $20-$30/MT range among some buyers, which is not a terrible rate to look at for offloading some risk. Obviously, there is a lot of time between then and now so drastic changes can occur, especially if we have learned anything over the last couple of years.

Lentil markets have settled down a bit this week, but values remain strong. Large green lentil bids have plateaued to 53 cents/lb FOB farm or a touch higher pending freight cost, while small green lentils remain at 51/52 cents FOB farm with continued demand. Red lentils have slipped a little this week, now trading between 33-34 FOB farm, down a penny or two from last weeks short covering spree. It looks as though buyers have covered their needs for now, but Australia is still a wild card in this market and will likely provide a strong sense of direction as to what happens in the next round of pricing. Buyers are still looking for French green lentils with grower targets trading over a dollar per pound this week. Interestingly, after some adjustments to input values, when looking at our crop planner for the 2023/24 season, large greens rank No. 4 and reds rank No. 7 in the return-on-investment category. These values were derived from average costs on a 3500ac farm and based on a 40 cent/lb large green and a 30 cent/lb red. For more info, please contact your merchant.

Mustard markets continue a blazing trail of good prices this week. Demand remains strong and consistent, and we’ve even seen new crop pricing roll out in some cases. We urge you to please talk to your merchant about new crop as targets may be placed. Spot price on all varieties sit over the $1.00/lb mark FOB farm again this week. Yellow mustard is still quoted the highest, around $1.15/lb, with brown and oriental not far behind. Again, in this market, firm targets remain a very popular choice for growers to sell their mustard and have proven successful in securing trades on all types. Mustard seed sales have also begun; we have all varieties of seed available, treated or untreated with free delivery to the farm!

The milling oat market continues to struggle this week if we’re being blunt. Bids are virtually unchanged, sitting around $4.00-$4.50/bu delivered give or take, in Saskatchewan, for pushed out delivery. Some opportunities exist to ship product into Manitoba closer to the $5.00-$5.25/bu range, but freight is likely to eat into those values. Regardless, if you’re near the eastern SK border, it may be worth a call to see what kind of value works FOB your farm. The story has not changed: large average yield numbers across the prairies have buyers subdued and uninterested in purchasing over valued oats in an already over supplied market. This could change, but for now the situation remains. Feed oats, however, seem to be sought after quite consistently and are quoted around that $3.75 to $4.00/bu FOB farm mark in anticipation of filling feedlots with a cheaper supply of product than barley again this week. As you can see, these feed oat bids are on par with milling in many cases so be sure to talk to your merchant if you have oats that need to move. An offer online might be the way to go to drag as much as we can out of this market.

The wheat market is holding its own as bids sit around $12/bu delivered, in central Sask, on a 13.5 protein CWRS with pushed out movement. StatsCan estimates wheat is up 3.65MT/ha versus last year; a nice increase, but still tight on carry in stocks. If you’re looking to pull a bit more out of the market, give your Rayglen merchant a call to put in an offer. Buyer appetite is seen for feed wheat and at strong values, but it seems product is just not finding its way into the market as this year’s quality isn’t much of an issue. Growers with slightly off spec wheat and in some cases even good quality wheat, may find more enticing values headed into the feed wheat market – something to keep an eye out for when marketing. Flipping to durum, buyers have been buying old crop around $13.50-$13.75/bu delivered in with bids pushing the first quarter of the new year. As well, we have seen some 2023 new crop moving in SE Sask, so if you are looking to market next years’ crop, let us know.

Soybean futures have enjoyed a couple of “up-days” being driven by a softened USD, higher energy prices, and global demand for edible oils. Local bids are location dependent and range from $17.00-$17.50/bu FOB farm. Dry bean prices are beginning to firm up as the market passes through a period of somewhat typical seasonally normal price pressure. Dry bean harvest reports out of Nebraska state later than normal harvest, and yields being under longer term averages. Aussie La Niña rains still loom over harvest quality setbacks, yet the impact on the faba production region is still unknown. 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 $9.50-10.00/bu FOB farm, location dependent.

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


Rayglen Market Comments – October 19, 2022

The weaker Canadian dollar, along with a decrease in soybean production continues to help canola pricing today. At the time of writing, the board sits at $865.40/MT, which puts us just shy of $20.00/bu in some cases after factoring local basis levels. Buyers remain aggressive in buying and are starting to lock in some 2023 tonnage as well. If you are looking for a bit stronger selling price, we would highly suggest calling in and placing a firm offer. Firm offers and targets continue to grab buyer attention and also make sure your product isn’t missed with the ever-changing canola values. You may not want to sell the whole farm out of canola right now, but generally speaking, locking in some tonnage at these prices is a smart move today.

Bids have seen a bit of an uptick in the pea market last week and seem to have held into this week. Yellow peas are trading at $12.50 – 13.00/bu picked up in most cases, while green peas are priced around 12.50/bu picked up, for max 3% bleach. Maple peas ticked up as well, now quoted around $14.00 – 14.50/bu FOB, depending on variety and freight costs. Offers continue to strike buyer interest over these past two weeks, so if you have a target in mind, let your merchant know. Green pea supplies will be tighter in both Canada and the US this year, so there may be more upside potential in this market. Pertaining to yellow peas, Chinese demand may be limited as their fractionation market seems to be mostly covered and their feed market will rely heavily on the direction of the soymeal market.

No big changes in canaryseed markets of late as bids continue to be quoted around 40 to 41 cents picked up on farm. Buyers and sellers continue to show little interest to push things either way so, the market remains at a standstill. All parties seem content to, for the most part, wait and see what the future brings. Supply looks reasonably tight this year, but there is some debate as to just how tight, with StatsCan leaving some questions unanswered (2022 yield?) that the analysts out there have not provided a lot of answers to. Once we have clarification on how much canary was actually produced this year, we should have a clearer picture of market direction. If you need to move canaryseed, current price options are decent, and movement shouldn’t be too dragged out. If you’re not in a hurry to sell, then there isn’t too much downside risk, and holding out to see how things unfold isn’t the worst plan today.

Canadian flax supplies are reporting a 37% increase over 2021 production, but so far there hasn’t been much volume exported in the 2022 crop year. Knowing these facts, we must come to the conclusion this is due to lack of demand rather than lack of supply. Weekly averages of shipments are far behind compared to last year and at this time of the year, more flax should be in the pipeline. Flax prices are sideways with indications of $20.00/bu FOB farm hitting our desk with shipment before the new year, and a slight carry in value for shipment after the new year; around $22.00/bu FOB. The Black Sea flax prices continue to slide, making them a cheaper option, and Canadian flax even less competitive on the world stage. The spread between European and Canadian values have discouraged any new trade recently and we believe patience will be key for those looking at making higher valued sales.

Chickpea activity is steady for another week with both growers and commercial markets buying and selling. Values for #2 Kabuli chickpeas have traded between $0.50-0.52/lb FOB farm with the latter offered for holding product into the Dec-Jan timeline. In addition, global markets are still active and seeing values equivalent to $0.505/lb FOB farm trading to Pakistan from US origins. These stocks are likely to have been bought well before today’s values or are an attempt to decrease high stock at any decent value. It should be noted that offers are still rolling in from both growers and commercial sellers and those seem to be the contracts that trigger. Still a lot of mixed reviews for 2022 production and this has resulted in kicking tires. Sellers that have a price in mind are able to sell at levels deemed tradable for both parties. Sample/feed quality is still valued at $0.28-$0.30/lb and there is always a home for it! Have seed to sell? Need to buy some for next year? Call the office to talk options.

Soybean futures lost ground due to a stronger USD, low inland water levels on key waterways, and decent harvesting conditions. Local bids are location dependent and range from $16.75-$17.25/bu FOB farm. Dry bean prices are beginning to firm up as the market passes through a period of somewhat typical seasonally normal price pressure. US yields have been reported as fairly strong, however the overall smaller planted acres will result in production levels that should be supportive for prices. Aussie faba production may be challenged by recent rains in Australia. Jury is still out as to the potential impact on faba production region. 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 $9.50-10.00/bu FOB farm location dependent.

Lentil trades are a little quieter to start the week compared to last, but values are still strong. Laird prices seem to have stabilized at 52-53 cents/lb FOB farm for #2 quality, while red lentils continue to see bids around 35-36 cents FOB depending on movement timeline. Purchasers continue the hunt for French green lentils this week, with suspected trade values at or near $1.00/lb. Please give us a call if you have any French greens on farm. Generally speaking, recent spikes seen in lentil values has been attributed to many factors. In large green markets, concerns over the Indian pigeon pea crop, lack of farmer selling, and a weaker Canadian dollar support values, while red lentil strength is mainly due to weather concerns in Australia and the possibility of poorer quality product; supply does not seem to be of concern.

Feed barley markets remain strong for another week despite some rumors of corn shipments making their way into feedlot alley. Shipping seems to be the biggest issue lately, as truck availability and rates pose hurdles to moving product. Therefore, movement is starting to get pushed out to the new year as most buyers have either filled or are unable to make short-term commitments. Prices vary considerably due to freight costs and freight lanes, and we see spreads of $1.00 a bushel or more from eastern Sask to western Sask. The major concern for barley going forward is substitution and whether or not buyers can find other commodities that are cheaper to fill their needs. With a good supply of oats and rye on farm, these may become a more viable options as the year progresses, but only time will tell.

Mustard markets continue showing strong options this week and although it seems we say the same thing every week, demand and prices remain strong. All varieties sit over the $1.00/lb mark FOB farm with yellow quoted the highest around the $1.15. In this market, firm targets remain a very popular choice for growers to sell their mustard. It is never too early start thinking about next planting season either and with that said, we have locked up our seed supply for the year. We have all varieties of seed, treated or untreated with free delivery to the farm. New crop mustard has just started to trade this week as well. We suggest growers keep in touch regarding 2023/2024 production contracts over the next few weeks. Again, a firm offer on this may be the way to go.

Wheat markets remain relatively unchanged compared to recent weeks. Indications for #1 milling quality is right around $11.50/bu FOB farm, but bids do not appear to be deep. In the same token, we are seeing feed wheat trade around that same value, if not a bit higher as you move west across the prairies. Growers may want to consider pursuing this market and making no dockage and/or worry of discount sales rather than a milling sale. Onto the durum side of things; there appears to be more life in recent days and much of that strength can be attributed to the weaker Canadian dollar. Posted pricing sits around the $14.00/bu delivered mark with the possibility of hitting that value FOB farm if you can hold out until the new year for some Jan – Feb delivery. Buyers are also starting to show interest in 2023 – 2024 durum in the same ballpark as spot pricing. If you have durum in the 2023 seeding plans, locking in some tonnage at these values just makes sense right now! Maybe don’t sell the farm, but 5 – 10% of what your low average expectancy is would be a great number to start.

The oat world remains a topic of (non) discussion this week. Milling spec bids are flat for the most part, topping out around $4.00/bu give or take pending freight. That said, some milling buyers have started to drop values further, with one indication coming in sub $3/bu. Will others follow suit? As we have quoted in previous weeks, given the average yield across the prairies, buyers are not jumping at the bit to purchase oats into an already over supplied market… for the time being anyways. Feed oats, however, seem to be sought after quite consistently and are quoted around that $4.00/bu FOB farm mark (virtually on par with milling in many cases) in anticipation of filling feedlots with a cheaper supply of product than barley. There are rumblings of corn starting to hit the feed lots as well, so current feed oats values may not last as long as one hopes. Although next planting season seems to be an eternity away, trying to lock in some 2023 – 2024 tonnage may not be a bad idea. Although we don’t have any firm values at this point, please let us know if you have a sell price in mind.

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.


Rayglen Market Comments – October 12, 2022

All types of mustard saw an increase in price this week, ultimately putting all varieties over the $1.00/lb mark FOB farm; yellow being valued the highest, followed by oriental and brown respectively. Buyers continue to hold their cards close to the chest when giving out bids, and more times than not, their price sheet may be less than what they are actually willing to pay. Firm targets, a common theme throughout this week’s comments, seem to be the best approach to getting mustard sold at top end values. It is never too early start thinking about next planting season either and with that said, we have locked up our seed supply for the year. Give your merchant a call to discuss pricing on all types of mustard seed including free delivery to the farm, they will be happy to provide you with all the details. New crop mustard has started in light trade this week as well. We suggest growers keep in touch regarding 2023/2024 production contracts over the next few weeks.

The flax market has not shown much gumption as of late, being content to ride along sideways with bids hovering in the low twenties. StatsCan says flax yields came in at 24.5bu/ac, which if true, puts flax supply at a reasonably comfortable level for the year ahead based on average exports. This brings us to the big question: will we export to places like China and Europe who are both major export destinations for our flax, or will those markets continue to be filled with cheaper product from the Black Sea region, which unfortunately is likely to be the case. Today’s outlook would not project for any major jump in prices with the US as the primary destination for Canadian flax sales. The system does not look like it will be very active, and prices are likely to slide sideways and maybe slip some depending on how anxious we are as sellers. Bids are currently maintaining $22/bu picked up on farm in very light trade.

Canadian chickpeas had another record month of exports as the market maintains tone. Talk of wet conditions in Australia are laced with speculation on location and just how much it will affect the levels of production on specialty crops such as chickpeas. The export numbers out of Australia have been down for the previous year and the carry is expected to be higher than typical. This would keep buyer interest in Aussie supply over North American for a period of time. The Indian rabi crop seeding has started, and it is expected that acres will be down for the coming year as other commodities have a better return. This will ring true for Desi’s more than Kabulis, but it can affect the market on a whole. Current crop bids for a #2 Kabuli are at $0.50/lb FOB farm Oct-Dec with sample/Feed values at $0.35-0.40/lb depending on the downgrading factors. No talk of new crop values, but buyers are always interested in hearing where the grower wants to be for the coming year. Might be worth a conversation with your broker!

The lentil market has creeped up a bit again late last week/early this week. Most of these price increases have been currency related, but also growers’ reluctance to sell. Large green lentils have had offers trigger at 52-53 cents/lb picked up on farm while small green lentils have traded at 52 cents/lb on a #1 FOB farm. Early this week, we had a couple small red lentils offers hit at 33.5 cents/lb and suspect these types of targets are still worth throwing out. Most of the lentil shipping windows have been quoted as October – November recently, so product is moving relatively quick. Unlike the green lentil market, increases in red lentil bids have been subdued comparatively. Red markets will have Australian competition in the coming months as harvest progresses, so that may keep a roof on how high the market can move. Offers seem to be driving this market, so if you have a target price in mind, let your merchant know.

Marketing oats remains virtually unchanged from previous weeks, with assumptions being that lots of buyers are still crunching this year’s production numbers. All in all, it appears that the average yield for oats was higher than expected, which is going to have an affect on the overall price. Prices continue to hover around $4.00 delivered in Sask and up to $5.00/bu delivered in MB with a pushed-out delivery window. Most buyers seem to be bought up for the months of January – March, but anything before that and after is still catching some attention. There is still some hand to mouth trading going on so we highly suggest posting a firm offer if you have a sell price in mind should any pockets open up. The same can ring true for feed oats as buyers are looking to source heavy product for that market as well. If you have some oat stock on farm, getting some of this sold is not a bad idea right now as it doesn’t look like value are going to pop any time soon. Put some cash into your pocket and open a little bin space.

Feed barley markets continue to boast some strong values, but recent reports across the industry suggest buyers are struggling to keep up with the freight side of things. This means most posted bids carry a wider delivery window or are being pushing into the new year as buyers don’t want to promise a shipping timeline they cannot achieve. Indication for feed remains anywhere from $7.50 – $8.50/bu FOB farm all depending on location of the grain and time frame of delivery. It can not be stressed enough that these historically huge values are a sell signal for at least a portion of your product. Maltsters continue to be poking around for the odd lot, but overall aggressiveness remains subdued. Firm bids seem virtually nil, and all interest is derived from offers. Recent interest has been shown for late 2023 shipping, but this hasn’t grabbed much producer attention. If you have a sell price in mind for either feed or malt, we highly suggest placing a target as they continue to catch interest.

The pea market traded generally sideways this week with growers continuing to find success through firm offers, which seems to be a common theme across most commodities these days. Green peas remain bid around the $12.50/bu picked up level, throughout this week, based on max 3% bleach. If you have higher bleach product, please give us a call as there are homes for it. Yellow pea targets have been triggering between $12.50 – 13.00/bu picked up with movement before the new year and buyers seems fairly aggressive for more at these levels. Maple peas showed some much-needed strength this week, with trades hitting the books at $14.00-14.50/bu FOB farm depending on variety and location. There is some speculation out there that perhaps the Saskatchewan pea acres are down more than previously thought. StatsCan has acres down around 12% compared to last year, but it could be even lower due to the planting delays this past spring. There are some thoughts that the number is closer to a 15% to 20% decline. Let’s see what happens, but this year could certainly be interesting for peas. In any case, these values are strong; remember when yellow peas were stuck at $6 dollars not long ago?

A weaker Canadian dollar helped offer some support to canola pricing over the last week and futures are up again this morning at time or writing. There have been some positive signals in the canola market as of late, as basis levels improved across most purchasers. The palm oil market has also helped sharpen the canola futures and this recent rally could warrant more sales on the books. Looking ahead to 2023, concerns of soil moisture in Western Canada and South American weather potentially affecting soybean production, puts 2023 futures at an attractive level as well. New crop bids are available for Sep 2023 with an indicated basis level of $30/MT under. Call our office for options on both new and old crop picked up in your yard.

Wheat prices are mostly unchanged this week with feed wheat bids creeping up near #1 values in some cases. Indications for both markets are $11.50-$12.00/bu FOB farm with shipping before the new year. Spring wheat futures are adjusting to a rebound in production after the 2021 drought, and the strength in the US dollar is also a limiting factor. However, markets in general are usually forward thinking and traders might shift their focus to 2023 in terms of moisture conditions in the US. Durum bids have gained a little strength with the best prices seen further out into 2023, quoted around $13.75/bu. The weak Canadian dollar could take some credit for this as well, so putting some sales on the books could be a smart play in case of a currency correction.

The canaryseed market remains unbothered for another week, sitting comfortably in its current trading range. Buyer bids hover at $0.40 – $0.41 picked up on the farm with the later for pushed out Jan 2023 shipping. The market remains ho hum, but there is some question around where this market is headed with less acres planted, but far better yields. On farm stocks are on the softer side, whether reported or not, with the assumption not much would have or should have made it through last years highs in the 50’s. Does this market come back to life and warrant an increase in price? Some may say these are already strong prices and does it need to shoot higher, but only time will tell. For now, this market is stagnant and comfortable.

Soybean futures popped up after the release of today’s WASDE report. Inland waterway bottlenecks and US harvest pressure remain as the market headwinds. Local bids are location dependent and range from $17.00-$17.50/bu FOB farm. Dry beans are expected to have adequate, but not burdensome volumes harvested north and south of the border. Stateside, local bids are experiencing harvest pressure, but north of the line the weak CAD has cushioned the pressure on local bids. As earlier stated, Canadian faba production will be on the lower end of the spectrum due to fewer planted acres. This has been somewhat supportive for 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 $9.50-10.00/bu FOB farm, location dependent. Competitive pressures from the larger Aussie faba crop are expected to contain domestic Canadian bids.

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


Rayglen Market Comments – October 5, 2022

Soybean futures are experiencing pressure due to cooling global trade forecasts, a stronger USD, inland waterway bottlenecks, and US harvest pressure. Local bids are location dependent and range from $16.75-$17.25/bu FOB farm. Dry beans are expected to have adequate, but not burdensome volumes harvested north and south of the border. Stateside, local bids are experiencing harvest pressure, but north of the line, the weak CAD has cushioned the pressure on local bids. As earlier stated, Canadian faba production will be on the lower end of the spectrum due to fewer planted acres. This has been somewhat supportive for 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 $9.50-10.00/bu FOB farm, location dependent. Competitive pressures from the larger Aussie faba crop are expected to contain domestic Canadian bids.

Barley trades continue to capture some great values, but nearby shipping windows are starting to fill up and movement is being pushed out. This doesn’t come as much of a shock given the historically strong values that are being posted for feed, which growers are taking advantage of daily. Today, bids across Saskatchewan sit anywhere from $7.00 – $8.00/bu FOB farm depending on freight and time frame of delivery; as is often the case, the further west the better. Alberta growers will likely see some higher values, possibly nearing $9/bu FOB farm in the south. Although the shipping windows are getting tighter and desired buyer delivery is now pushing into Jan – Mar, a positive carry in value should offset storage costs. If you have a “sell now price” in mind, firm offers continue to grab buyer attention. Malt bids are still periodically found, but buyers do not seem overly aggressive in pursuing any big lots at the moment, and for the most part, feed values remain just as competitive.

The pea market saw a bit of an uptick in pricing this week as our Canadian dollar continues to soften. Yellow pea targets are now triggering between $12.50 – 13.00/bu picked up with movement before the new year and some decent tonnage is being booked. Trying an offer at these levels is strongly recommended to see if freight works out in your area. Green peas had trades around $12.50/bu picked up throughout the week, based on max 3% bleach. We do have bids for higher bleach, we just need to know the percentage. Maple peas finally stepped off the $13 mark with trades at $13.50 – $14.50/bu, depending on variety. Offers have been getting quite a bit of buyer interest, so this is always an option if you have a target price in mind. As per reports, China started moving some peas into their fractionation market, which has increased their import needs; however, the feed market remains quiet. If their soymeal price increases, we may see trades into the feed market become more favourable.

The wheat market had a little push in pricing this past week with #1/#2 milling wheat now trading around $12.00/bu picked up based on 14.5% protein. We do have pricing available for lower protein wheat as well if you’re sitting on that type of product. The feed market also saw a bump in value with bids hovering around $10.50 – 11.00/bu picked up. Possibly the most interesting news this week has been rumors of $13.00/bu delivered milling durum for pushed out shipment. If you have a firm target in mind for any wheat or durum, let your merchant know as these are a great way to get top end bids in a rising market.

Flax pricing has taken a backseat this week due to limited demand. Russian and Kazakh flax going into China is priced well below Canadian flax values and this limits our export opportunities. With Russian flax pressuring the market, selling some flax before the new year deems difficult. If the US can find it’s footing on flax values, there could be increased opportunity for flax to move south. As of now, the flax market in Canada is still unstable and we could see pricing trend towards 2021 pre-drought conditions. If you are looking to move some flax, despite few little openings for prompt movement, call us to chat options.

Another sedentary week for chickpeas as harvest wraps up and growers assess what came off the field. Turkey and Russia have been exporting at levels lower than North America and will continue to do so throughout the 4th quarter. The situation in Pakistan has created an unstable financial market which leaves sellers uncertain about moving volumes to that destination, leaving more in the open market for now. As world supply diminishes, buyers will look to North America for supply. Price movement is expected to be less of a “spike” and more so “waves” of price increases. Markets are still paying $0.50/lb FOB farm for #2 Kabuli’s with Oct-Dec movement and off grade/sample quality values are at $0.30-0.35/lb. Rumors of $0.30/lb new crop #2 large Kabuli bids are around, but still too early to put a pin in it. Chickpeas have many homes with several grade requirements so best practice is to send your sample off for sizing and grading to understand what you have to market before you sell. Due diligence can save you time and frustration.

In lentils this week: “Green is the color, pulses are the game, buyers came together and paying is their aim. So, sell your lentils for realized gains, while using Rayglen as your trusted trading name.” – now that we’ve got that out of the way… Large green and small green lentils took a big jump in price this week with a 3-4 cent bump in the LGL market and a 5-cent gain in the SGL market. Currency is one of the reasons for the price increase as the Canadian dollar falls, and this means some trades are finally hitting the books for buyers. Red lentils remain stable at 32-32.5 cents/lb FOB in many locations this week with not an overwhelming amount of trade taking place. For now, it seems bids will remain relatively stable, but we must remember Australia is still selling their product into the market cheaper. Buyers continue to look for specialty/ niche market lentils such as French greens and belugas, which are quoted around 75 cents and 53 cents respectively. Keep in mind these are advertised values and we’ve seen firm offers trade higher. As currency will most likely continue to rise and fall, values overall may continue to be a little volatile. If you are still waiting to make your first sale, this is a good starting point.

Oat buyers have been making more calls on availability of product this week and we are even seeing some better bids. Feed values have been bid and trading at $4/bu FOB farm in far Eastern Sk and #2 CW oats have had trades around $4.50-4.75/bu FOB Farm. There was a tweet making it rounds of gluten free oats valued at $8/bu, but has not been confirmed with buyers. Thank you, Twitter. There is still good demand for feed oats into Southern Alberta with corn not being a great replacement, so current tone is expected to maintain. Production this year has been reported as relatively good thus far with dry and frost-free production. A little of talk around fusarium, but nothing major to disrupt the market.

Canaryseed has been pretty quiet as of late with bids continuing sideways around 40 cents picked up on farm, plus or minus a cent depending on area. Weakness in the Loonie and stronger pricing in white millet should lend to canary values showing some perk, but thus far this week things have not wavered much. Supply may be tighter down the road than suggested earlier by StatsCan as some uncertainty has risen around seeded acres. This uncertainty revolves around a substantial gap from insured acres from crop insurance reports, so we have some intrigue as to what is actually out there. Not that canaryseed is unfamiliar with major questions about supply, as canary seems to sit fine in a bin for 10 plus years, then magically show up in the market. Marketwise today, values are good enough to warrant sales, but show some promise of upside if the cards get dealt the right way.

Mustard markets are solid for another week as prices hold strong while the pipeline is slowly filled back up. Harvest, in most areas, is getting very close to completion now and we should soon have a good outlook on this year’s stocks. It is assumed based on increased acres and current demand trends that this year’s values wont quite reach last year’s highs, but only time will tell as we progress. When quoting prices this week, we want to stress that it’s important to talk to your merchant about an offer. This remains the most effective way to market your mustard these days, as quoted value vs what someone is willing to pay does fluctuate. Brown mustard sits at the $1.00/lb range for Oct/Nov movement, yellow continues to trend as high as 1.15/lb for January/February shipping, and oriental is still sought after being indicated at the $1.00/lb range as well for October/November movement; our guess being targets may trade higher. We have seed available again and it’s already selling at a brisk pace – please contact your merchant for details.

The canola market has seen quite a hike in price since last week. At the time of writing, we are seeing the board running at $872.40/MT equating to some pretty nice values that break $20/bu delivered in. The softness in the Canadian dollar is helping as is a projected softer tone to bushel reports from this year’s crop. Final numbers are not in and won’t be for some time yet, but speculation is that ending numbers falling just shy of 19MMT is a possibility. Market decreases in soybean and soyoil have helped keep canola at bay, but on a whole, the market remains volatile.

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.


Rayglen Market Comments – September 28, 2022

Chickpea harvest is well under way and reportedly 83% complete. Statistics on yield remains in the air, but undoubtedly there is more production coming off this year (157K MTS) compared to last (76K MTS). Globally, Argentina, typically a smaller caliber producer, will harvest their chickpea crop in Nov-Dec and initial reports suggest drought has affected yields and sizing, reducing their production. Mexico, typically a larger caliber producer, has seen a gradual increase in value on their production indicating potential supply chain concern. Bids to Canadian growers have also been gradually creeping up over the last several weeks with spot pricing at $0.48-$0.50/lb depending on location, FOB farm. Sample and feed chickpeas come in around $0.30/lb FOB farm depending on the down grading factor. It feels like there are some concerns in the market regarding supply availability as well quality, which still loom over North American production. The next StatsCan report is due out in December to shed more light on the situation.

The world of bean trading seems to be rather slow as of late, but rightfully so as the market continues to try and find itself. All around expected tonnage is set to be lower than previous years, making the hand to mouth trade lighter than normal. Sellers are hesitant to let go what they have given anticipation of an expected price run, but current indications for soybeans still range between $17.00 – $17.50/bu FOB farm. Faba bean bids sit around $13.50/bu FOB farm, which is a strong value to get something pushed into. The feed side of the market seems to be wavering near $9.50/bu FOB farm, another great value to get product sold into. The coming weeks should give us some more outlook as to what the pricing is going to do in the bean world, but quoted prices to date are still great values to get some cash flow and movement.

Flax markets have been quiet of late as most buyers remain hand to mouth on purchases, and sellers seem to be in no hurry to increase sales. Production numbers on flax are better than last year, but still a fair bit lower than the 5-year average. StatsCan is projecting 460,000MT for the year at this juncture, though there is still plenty of time for those numbers to be adjusted. The outlook on exports still projects US to be our #1 destination, although it is likely some tonnage will be heading towards the EU. Sales into China will be limited as they continue to buy cheaper Russian flax. Canadian flax harvest seems to be clicking along and edging closer to 50% done at this glimpse with the wetter and later areas yet to come off. Quality on flax so far has been decent with no red flags thrown up from buyers or end users at this time.  Currently we are seeing bids at $22/bu picked up on farm, but as mentioned buyers are not aggressive so we may need to look under some rocks to find the right deal.

This year’s barley crop is pegged around 9.4MMT, which should provide a little bit of comfort for carry in stocks that are close to the 10-year average. Expectation is for carry out stocks to sit around 0.55MMT, keeping the margins tight. Strong corn pricing lends support to this crop and as such, we continue to see solid feed barley bids hovering in that $7 – $8/bu range with the latter closer to Alberta. Gone are the days of prompt movement as buyers are pushing into Nov-Dec or Jan-Mar on bids. That being said, if you have a specific price and movement that you’re looking for call your Rayglen merchant to post up a target. Malt bids have been fairly quiet this last bit so posting an offer out is a great way to snag some interest. Make sure you know your specs as this will go a long way for marketing it.

Pea markets have seen a little more demand this week, which is likely attributed to a combination of lack of farmer selling and a lower Canadian dollar. Yellow peas are in the $11.50-$12.00/bu picked up range, while green peas are indicated at $12.00-$12.50/bu picked up. If you have maple peas in the bin, there are some opportunities to get those moving as well, albeit values remain stagnant. The pea market is expected to stay fairly stable near term and likely throughout the year, but we may see small fluctuations. There are still some unknowns that could change this market including Chinese import needs, which could require more product from Canada if Russian peas are of lower quality. However, current prices are still too high for the feed industry, meaning it could lead to peas having to be more aggressively priced into the feed channels. Some analysts expect green peas to have a premium over yellow peas as demand remains steady along with a smaller increase in production.

With an improved canola supply this year, the canola futures market has returned to a more typical carrying charge situation. That said, prices for nearby delivery are still very strong and a good option for addressing any fall cash needs on the farm. Our lower Canadian dollar is stimulating local bids, but the CAD did begin to show an increase today. Local bids are in the range of $18.25-$18.50/bu for Oct/Nov shipping location dependent. Growers are still encouraged to throw out desired sales targets on our firm offer system as FOB farm if these values are outside your delivery zone.

Lentil markets have been pretty exciting over these last couple days. First, we had large greens pull up to 46-47c/lb picked up on the farm, followed by a spike in small green lentils as bids ratcheted up to around that 44-45c/lb picked up mark. Finally, shifting gears over to the reds, buyer appetite picked up as well early in the week with product triggering between 32-32.5c/lb FOB in a few different locations. At time of writing, reds have quelled a bit, with bids more susceptible to freight costs. Though we’ll throw in an asterisk as there has been a little action in the SE corner of Sask still at 32.5c/lb FOB. These are strong bids as Aussie crop exports in July were at record pace to date. Piling on to that, Aussie harvest will start to take place in Nov/Dec and will be hitting the market. The soft CDN dollar has helped prop up bids with buyers trading against the USD. Greens continue to hold value as yields are softer, there is less in storage and the Indian tur crop looks to be under a bit of pressure.

Oat markets are a bit “hit and miss” this week with the major players seeming to have good coverage until the new year. That said, recently there have been a few other buyers stepping into this market and making purchases for Oct/Nov movement. This week bids are as high as 4.50/bu FOB Farm for #2CW oats in the best freight areas, while feed oats are trading at roughly a dollar discount to those values in most locations with stipulations on test weight; feed purchasers are still looking for heavy product. Agriculture Canada’s latest report suggests that the oat supply will be approximately 4.98 million tonnes up from the August estimate of 4.82 million tonnes. The market may also see another increase once the final numbers are made available, which will further affect this market. Today’s prices are down considerably from last years highs, but still above historical prices.

Mustard markets remain strong this week and some varieties are even seeing a bit of an uptick in value. Brown mustard this week has trade as high as $1.01/lb for Oct/Nov movement, up 4 pennies from the highest trades last week. Yellow mustard has traded as high as 1.15/lb for movement out to February. Oriental is still sought after and is indicated at $1.00/lb for November movement with our guess being targets will trade higher. Last weeks’ Saskatchewan Crop Report pegged the mustard harvest to be about 88% complete, with the southeast having the most crop left to harvest. This years’ harvest is about 11% behind last year with reports suggesting that the provincial yield average is estimated at 1102 lbs/acre compared to 431 lbs/acre the year prior. There is still product to hit the bin, especially in SE Sask, so we will have to wait and see how that affects final yield estimates.

Wheat futures rallied overnight based on Russia’s partial military mobilization and the fear it will slow harvest progress and Black Sea exports. Couple that with a weak Canadian dollar and wheat bids are strong with local milling wheat values in the range of $11.60/bu FOB farm par Saskatoon region. Grading patterns across the Prairies are strongly tilted to the top two grades due to favourable harvest conditions thus far. That said, feed wheat volumes will be less abundant this crop year and current local feed wheat bids are in the range of $9.50-$10/bu FOB farm.

The canaryseed market did not really react to the StatsCan report last week. Prices remained fairly solid at that 40 cent/lb level and maybe a touch higher for deferred shipping. Buyers so far do not seem concerned about inventory as the numbers come in even less than last year. The production estimate of 157k tonnes, was below last years’ mark by a few tonnes. Yields certainly do get better as harvest comes off on the east side of the province, which may see numbers one way or another in the coming weeks. It’s important to talk with your merchant and perhaps try and offer at 41 cents/lb if these values don’t quite do it. For now, it seems the market has found its equilibrium and is comfortable in its trading range.

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.


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