• AG BROKERS WITH AN EDGE
Submit Your Grain Offer

Grain News

Rayglen Market Comments – January 25, 2023

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

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

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

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

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

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

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

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

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

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

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

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


Rayglen Market Comments – January 18, 2023

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

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

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

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

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

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

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

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

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

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

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

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


Rayglen Market Comments – January 4, 2023

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

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

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

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

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

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

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

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

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

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

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

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


Rayglen Market Comments – December 21, 2022

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

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

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

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

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

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

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

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

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

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

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

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


Rayglen Market Comments – December 14, 2022

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

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

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

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

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

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

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

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

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

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

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

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


Rayglen Market Comments – December 7, 2022

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

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

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

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

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

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

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

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

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

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

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

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


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.


Next Page »