Grain News

Chickpeas seem to be on the back burner of buyers’ minds this week and a general topic of non-discussion as of late. That said, posted bids remain strong and current values are still at, “sell,” levels, with old crop pricing floating anywhere in that $0.50 – $0.52/lb FOB farm range for #2 or better quality. Purchase demand is soft, however, so anything over and above these numbers seems to be unattainable at this point. New crop contracts can still be secured around $0.48/lb FOB farm including an act of God; a decent starting point for the 2023/24 season. New crop markets are similar to old crop wherein bids quoted don’t appear to be deep, so we suspect once buyers purchase some tonnage, the price could pull back again. Producers waiting for higher values can post firm targets for our buyers to see in case of market rallies or small, “one-off,” short coverings.

Canadian mustard has been exported at a healthy pace, which is expected to continue into the 2023/24 season. The unknown that could hinder our export pace is U.S. production, which, if large enough, could decrease and limit the amount of product Canada ships south across the border. European processors are still building up their inventories and the war in Ukraine has had little effect on mustard seed supply of Russian origin. While Canadian mustard prices have declined somewhat drastically over the past few months, this will ultimately help us keep market share and remain competitive on the global stage. While most mustard bids are really just indications at this point, there is still some purchase interest for old and new crop of most types. To capture the best value, it’s important to talk to your Rayglen merchant as prices fluctuate daily on; call us for up-to-date information and pricing in your yard.

A very slow situation continues to plague the flax market with bids only appearing occasionally, usually for small tonnages. Prices continue to range from $14.00- $15.00/bu picked up for the summer months, but trade remains slow. Seeded acres were expected to be down quite a bit this year and we do not see any evidence throughout seeding that would point to the contrary. Again, Canadian prices need to be aligned more competitively with overseas markets, so it will prove difficult to increase exports in the near term. Russia continues to be the dominant supplier of flax headed to China, as there are rumours out there of them stockpiling for future needs. When does this market start to pick up? Acres are down in both Canada and the US, and it will take time, but perhaps there is hope for better markets in a few months.

Soybean futures continued downward from yesterday. These losses are being driven by a sense of weakening global demand. US planting pace is progressing quickly with an estimated 83% of soybean acres having been planted. Local bids are still holding up quite well at $17.00-$17.50/bu FOB farm, location dependent. Dry bean bids are stubbornly unchanged. From a larger perspective, the market remains well supported, just generally inactive. Feed quality fabas continue to be supported by pet food values. Local bids on export quality #2 faba bids sit in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm, location dependent.

Canaryseed planted acres are expected to increase about 6% year over year to 310,000, which is in line with longer term historical planted acres. Old crop volumes are thinning out with less inventory being brought forward from the farm gate, but we do see the odd load trading. New crop canary acres continue to trickle in and hit the books this week as bids move up slightly compared to last week. Old crop bids are in the 38¢/lb FOB farm range and new crop shows good opportunity at 36¢/lb FOB farm with an act of God. Growers looking for a touch more can try out a firm target to try and squeeze a little extra value out of this crop.

The pea market is split; yellows remain soft, while greens seem to be holding and gaining even more buyer attention. The yellow market has gone cold in most areas with buyers seemingly reluctant to purchase as they don’t want to be caught with a long position in a market that is showing little interest. Russian peas have also hit the Chinese ports, which is not helping our domestic market. At this time, reduced acres and reduced supply are not enough to help yellows rebound. One glimmer of hope may be a specialty program in SE Sask and MB which is showing values at $11/bu FOB – call for more details on this program if you’re in those areas. Buyers have shown more interest in number #2 green peas this week with product trading as high as 14.50/bu FOB farm on firm offer (average value is closer to $14/bu). Buyers are not looking for big lots of peas, but they all seem to need 3-4 loads, so now may be the time to make additional sales. New crop green peas are priced at $13.00/bu delivered to various locations throughout the province and will likely include an AOG. Maple peas have been lightly traded for the past couple of weeks, but when buyers are looking, they do seem to be willing to pay, so keep a close eye on this market and these potential opportunities.

Wheat markets are not happy at the moment. Heavy world supply and a lack of weather threats around the world are all pushing the market down. For the market to see some recovery, we will likely need to see more weather concerns in North America and if US wheat and corn crops are successful, this will add to more pressure on the wheat market. At this point, the market looks like it will continue to trend down with small rallies on reported weather news. It is a long time before the North American crop hits the bins, so anything can happen, but don’t expect to see any big rebounds for the short term. Current #1 HRS milling wheat is quoting in the range of $9.60/bu delivered plant. Moving to feed markets, wheat is now trading at $9.55 FOB farm in certain locations. With both markets being this close, it may be time to take advantage of feed markets where you can get the most bang for your buck.

Lentils continue to be one of the heavier traded items this week with buyers showing both new and old crop interest. Opportunities on all types are seen, but large greens seem to have stolen the spotlight as old crop bids jump to $0.60/lb FOB farm for most areas. New crop bids followed suit and bumped up a few pennies to trade at $0.52/lb FOB farm with AOG. There are multiple opportunities for medium greens (richleas) today as well, with buyers in need of prompt movement and willing to pay $0.37/lb FOB farm in the common richlea growing areas. For freight advantageous areas, there may be opportunity for higher bids as we have seen $0.40/lb FOB farm trade (please note all richlea pricing is in $USD). Small greens stay competitive, trading at $0.52/lb FOB farm old crop with new crop not far behind at $0.47/lb FOB farm in SK. Reds continue to hold strong, but they seem to have the largest discrepancy on new crop price between buyers. New crop red values can trade between $0.30-$0.34/lb FOB farm in SK, while the gap in old crop is narrower at $0.32-$0.34/lb FOB farm. With such strong new crop pricing across all types, we see this as a great opportunity to lock in a portion of your bushels with Act of God and help remove some of the risk for this year’s growing season. Turning to world markets, many are focused on the weather and waiting to see how El Nino develops for major lentil producing countries. So far, some key lentil growing areas in Sask have received some timely rains and the forecast looks promising for the near future. For lentil crops in India and Australia, the El Nino development could bring warm and dry conditions, reducing the crop potential of these pulse producing players.

This week, oat markets continue down the same path they’ve been on for days, weeks, and months. The amount of oats being sold into the conventional milling market is next to nil. After reading all the reports, talking to buyers, and reviewing this year’s estimated tonnage carry-overs, one should not expect this tone to change anytime soon. We do continue to see some demand for feed oats, but bids remain unchanged with indications still sitting around $3.50/bu FOB farm for relatively quick movement, which, at this point, screams “sell.” With the anticipated large carry-over and 2023/24 new crop off to a great start, and poised to hit bins relatively soon, cleaning out the cupboards, giving yourself some cash flow, and freeing up bin space is a power play move. On the organic side of things, we still have some demand for new crop around $6.50 – $7.00/bu, but when buyers cover some tonnage at these values, we expect them to pull back.

The barley market has been holding onto similar pricing levels these past few weeks with bids continuing to show value between $7.25/bu and $8/bu depending on area. The feed barley market is pretty reliant on the direction of corn markets, which have been stronger through the first part of this week, and after a rough day yesterday, have gained a bit of ground back this morning (Wednesday). With rain looking to be hitting some of the driest areas that produce a good chunk of the feed barley, the new crop market could start to get a bit unstable, so now might be the time to make a move if you’ve been on the fence. Feed prices for the fall can still hit north of $6/bu at the moment, but things can change on a dime, so keep that on the front burner.

Canola is taking a bit of a beating again with futures in the red this morning. Canadian supplies are a little on the tighter side, but plenty of world supply is balancing this out. With the soy market dipping down, canola slides along with it as it often does. Old crop pricing sits at $649.50/MT at time of writing with Nov futures at $624/MT. What a drop we’ve seen since the beginning of Jan when prices peeked at $874.50/MT. Do we see $12/bu canola in this next bit? Where is the bottom? All answers we anxiously wait on, so stay tuned and keep a close eye on this market.

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

Flax pricing, like weeks past, continues to be determined by short term buyer need, with exciting sales opportunities few and far between. Prices range anywhere from $14.00- $15.00/bu picked up for the summer months, but the latter is tough to come by. Seeded acres are expected to be at least 17% lower year over year, but due to a large carry-out, supplies could increase by 10% compared to the current crop year. Unless Canadian prices can be aligned more competitive with overseas markets, it could prove difficult to increase exports. Russia continues to be the dominant supplier of flax headed to China, shipping close to 10,000 tonnes according to analysts, while Canada shipped less than 4000 tonnes. U.S. flax bids have softened, which means sales to our neighbours to the south are put on hold. There is a chance that those sales could pick back up for 2023/24 due to the smaller US flax crop being planted.

Not much change to mustard markets this week with growers reporting good planting pace and generally favourable conditions. Once again, the highlight this week is spot yellow mustard, which likely still trades in the mid 80 cent/lb range FOB farm as buyers fill some short-term gaps. This is remarkable if you still have some product in the bin, and we urge growers to consider making final sales; you have not missed the train yet, and we cannot see this price getting stronger once these needs are met. Spot brown might trade above $0.70/lb, while oriental could trade at similar levels, depending on variety. It remains critical to talk to your merchant about firm offers on spot mustard to ensure you capture the best opportunities as buyers still might be willing to step up to get some brown and oriental also. New crop bids with an AOG on 10bpa and FOB farm are still trading. Bids change daily it seems, so call us for bids tailored to your farm. Yellow might have some tonnage available around $0.67/lb (still a very strong value), while brown and oriental sit in the low $0.50’s range. These contracts would all be for Sept – July 2024 movement, with possible options for quicker shipping at a discounted value.

Peas roll into the end of May without much market change to report. Old crop yellows peas are still sitting around $10.50- $11.00/bu FOB farm, but demand remains lack luster. The new crop side of things remains unchanged as well with growers able to pencil in $9.50 – $10.00/bu FOB farm including an act of God. Old crop green peas had looked like they were going to take a bit of a run this past week or two, but since seemed to have flatlined around $13.00-$13.50/bu FOB farm for a #2 or better quality; offers closer to $14.00/bu may still get some interest and growers are encouraged to try this marketing strategy. New crop values come in around a dollar less at $12.00-$12.50/bu FOB with an act of God. There seems to be a bit of renewed buyer interest in old crop maple peas, so if you have product on the farm, we highly suggest calling in and let us get to work for you. Although buyers do not seem to have deep bids at the moment on, we continue to see light daily spot trade. With the lack of anticipation for any type of pea to go on a run, growers should strongly consider getting more on the books before new crop and old crop values converge. With rain in the forecast, we hope to get a good kick start to the 2023/24 growing season and fill those bins.

Chickpea acres are underway with planting progression, but already we can see delays, which could mean a change to the number of acres that go in to meet insurance deadlines. Globally, Argentinian exports have been down, and Turkey has been steadily importing for domestic use. This can be translated as tight supply. Mexico has also chimed in with their harvest reporting 5-year average yields, but with reduced acres, their production is expected to be the smallest in the last decade. If these global players are looking to North America for supply, it is an easy translation for values to maintain strong tone into the next production supply. Current crop interest has all but disappeared as quickly as it arrived. Buyers are getting, “no bid,” from the end user and growers are hoping for another tender to perk up the markets. New crop values are still coming in around $0.46/lb FOB farm with an AOG, but it is not rich enough for producers to trigger yet. Every day is a new marketing day with chickpeas, as players work hand to mouth with no one willing to take any risk on a speculative position.

Canola futures are up marginally, at the time of writing this morning, after taking some rough losses last week. Currently, July is sitting at $703/MT down from $730/MT around this time last Wednesday. Canola losses, as expected, line up pretty close to the losses in soybean markets, with the veg oil market as a whole taking some stumbles. Spot bids on canola today maintain a wide range with some locations showing $15.50/bu range delivered, while other locations are still flirting with levels closer to $16.50/bu delivered in. This goes to show it pays to look around for options if you need to make a sale this time of year. The large differences can be traced back to variances in basis levels and who needs product more than the next guy. Overall, seeding pace is a little behind normal, but it is also a strange year as areas in the north that are usually behind most of the southern areas have been able to set the pace due to decent conditions and a late snow in the south.

With lentil seeding about 50% complete, the market seems to have shifted its main focus on locking up new crop acres. New and old crop small red lentil pricing has nearly converged with bids sitting between 32-34 and 34-35 cents/lb, respectively. Reds seem to have hit the normal spring/summer slowdown as overseas trade calms, and with the pricing gap narrowing, this market should remain stable for the near future. Large green lentils continue to show outstanding values with old crop trading at 55-56 cents FOB, while new crop trades at 50 cents/lb for #2 or better spec, AOG included. Keep an eye on LGL’s as yearend supply will be tight, and India also showing some concern regarding both old and new crop pigeon pea supply. These factors paired with rumors of recent large green tenders hopefully mean that this market will be relatively stable as well. Small greens hold steady this week with old crop trading in that 48-49 cent range and new crop at 45 cents with an act of God. Buyers are also trying to get some more coverage on old and new crop medium green lentils (Richleas). As most of the these are grown in the U.S.A., pricing is being reported in US dollars. Old crop is trading at 36-37 cents and new crop at 32-33 cents/lb FOB farm with an AOG. Firm targets are encouraged on green lentils this week.

Oats maintain the same storyline week in and week out. Many oat buyers remain out of the conventional market as their needs are covered. The feed buyers who have interest are buying around the $3.50/bu FOB farm mark in SK, with MB opportunities opening up and seeing indications at $4.00/bu delivered. There are opportunities to sell organic oats, with $6.00/bu delivered bids in the east central part of SK available for June through August. New crop organic oats can be contracted today between $6.50-7.00/bu depending on delivery time frame. With record high carryout, some buyers believe we won’t see a bump in fall pricing, and we may be waiting until early 2024 to see any gains. If anticipating any price changes before then, we’ll have to turn to see what the weather will bring and how this year’s crop begins to take shape.

Wheat prices are on a bit of a rollercoaster lately. Prices retreated last week after the Black Sea grain deal was extended, then rallied again after Ukraine accused Russia of keeping one of the Ukrainian ports out of the deal. Despite the up and down, buyers are at the table with interest in different varieties. This week’s wheat prices are hovering around $9.70/bu for CWRS, $10.50/bu for CPSR and $9.80/bu for CWRW – all delivered SK, delivery month dependent. Feeder interest into Lethbridge is seeing values at $10.50/bu FOB farm and $10.80/bu delivered in. New crop prices delivered into Lethbridge sit around $9.30/bu. Turning to durum, Italy continues to see a strong crop, but with continuous rain, quality becomes an issue and could lead to higher quality exports out of Canada. With dry conditions in Spain and northern parts of Africa, growers and buyers alike have their eyes on Canadian weather. With analysts suggesting that the highs on old crop prices have come and gone, many are encouraging growers to sell before their needs are covered. Old crop durum bids sit at $11.25-11.50/bu delivered SK, location dependent, while new crop values have continued to creep down to $10.50/bu delivered SK.

This year, soybean domestic use as well as exports had slightly increased. Production creeped up to 6.5M tonnes up from 6.2M tonnes last year. The coming year will see yet another increase to 6.7 M tonnes, but with an anticipated reduction in domestic crush use. Globally, Argentina’s production of soybeans is expected to reduce from 36M tonnes to 32M tonnes, the lowest in 15 years. This is in relation to drought weather conditions. With a mixed bag of information, domestic bids are $17-18/bu FOB farm with freight sensitivity. The jury is still out on faba bean acres as we move through seeding, but it is expected to see a decrease with the rise in other competing commodities. Bids for #2 faba beans range from $13.50-$14.00/bu FOB farm with buyers entertaining offers. Feed quality values are near $10.00-$10.50/bu FOB farm location dependent and with buyers of a wide range of quality. If you are questioning whether you can sell it, snap a pic for reference and give us a call.

Canaryseed pricing has seen a little tick up here this last week with bids hanging around $0.37-$0.38c/lb picked up on the farm for May-June movement. StatsCan indicates that supply has increased 6% over last crop year with our major exports heading to the EU, Mexico, and Middle East. There is talk that seeded area is set to increase, which will be something to watch as grower sentiment seems to be flat acres. With a strong bid of $0.34-$0.35c/lb available with an act of God, it’s not a bad time to get a bit locked in at historically high new crop prices.

The knot on the tie is pretty snug regarding barley carryover into the 2023/24 crop year, with estimates sitting around roughly 730Kt. Bids remain firm with pricing at $7.25-$8/bu range depending on farm location and shipping window. Most buyers are posting summer delivery, but there may be a few opportunities left for late May and/or early June. New crop acres are projected to be slightly up this year from last, but below the 5-year average. Increased acres are pouring out of AB, but the intentions of SK and MB show acres pulling back. Globally, acres are expected to decline by 3%, which could prove to be bullish for the market, but we’ll have to wait and see how this turns out. New crop acres maintain tone ranging from $6-$6.50/bu on a DDC (no act of God).

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

Pea markets remain quiet for another week and although we see buyers posting bids, there doesn’t seem to be much of a push to actually purchase. That said, there are very few pulling up a seat to the table on the sell side of the equation, so for now markets maintain tone, happy to trickle in bits and pieces when they can. Old crop yellow peas continue to see a widespread in value indication from as low as $9.50 to possibly $11.00/bu FOB farm in the right location in some specialty markets. New crop yellow bids sit in that $9.50 – $10.00/bu FOB farm range including an act of God. Move over to green peas, which continue to hold a premium over yellows, and you’ll see posted bids generally around $13.00 – $13.50/bu FOB farm for a #2 or better, but there may still be some opportunity to capture values closer to $14.00/bu in the right area. New crop remains unchanged week over week, still hovering in that $12.00 – $12.50/bu FOB farm range with act of God. Maple pea demand seems to have lightened up a touch over the past couple of weeks, but growers can still trade certain varieties at $16.00/bu FOB farm. New crop maples bids are quiet, but we suggest growers target in the $14/bu range with AOG to get something on the books. If you have a sell price in mind on any type of pea, old or new crop, posting something on firm offer is highly suggested. A final thought: as we inch closer to 2023 crop, consider selling higher priced old crop now before the anticipation of spot bids converging with production bids rings true.

The canary market remains in a fairly quiet mode recently, with no big shake ups in pricing as spot bids maintain around 37 to possibly 38 cents/lb picked up on farm for early summer movement. New crop prices are still hovering around 34 to 35 cents/lb of late, and buyers do offer an act of God on the first 10 bushels in case of hail, drought, or other calamity that is out of your control as a farmer. As mentioned in previous reports, the seeded acreage looks slightly up, the carryover is not terribly tight and so far, growing conditions seem to have an “okay” start, generally. Overseas sales to Europe are said to be ramping up a bit, but that is expected to cover them off for some time and the market often quiets down after, so time will tell if a new opportunity pops up to pick up the slack. As we sit right now, prices don’t look to stir up too much unless we see the weather market kick in the door to make things uncomfortable.

Oat markets move through another week unchanged and information wires have suggested growers open the bins and be 100% sold on old crop. From a feed perspective, oats are being used to extend rations at feedlots due to the high price of barley. If barley values see a dip, that ratio will very likely change, reducing oat consumption further. Milling markets are full up on oats and show little interest in buying. Spot feed oats value out of central Saskatchewan are being bid at $3.50/bu FOB farm and delivered Lethbridge, AB markets are coming in at $4.50/bu. New crop is a tough read as buyers are hesitant to purchase both feed and milling quality product. If marketing either of those is of interest, give us a call and we can work a value specific to your area.

Chickpea markets see a bit of interest this week from buyers. The values are relatively unchanged, but it seems there is deeper interest in sellers showing buyers offers to work on. Old crop #2 large kabuli’s values are being bid around $0.54-.55/lb FOB farm for June – July movement. New crop is still an area of grey as seeding has started in most chickpea growing areas. Weather conditions are always a factor for this finicky crop and cooler, wetter parts of SK are surrounded with questions of what will be produced. While acres are expected to be up, if weather does not cooperate, we could see strong numbers coming into the next harvest year as global markets look at quality and quantity out of Canada. Good quality #2 large kabuli new crop values maintain strength at $0.47 – $0.48/lb FOB farm with an AOG. Feed and sample markets are always on the buyers’ list of needs for chickpeas and offers are the best way to get the most from those markets.

Flax prices are a little softer this week with indications in the $14.00/bu range picked up for summer months. The lack of sellers combined with little interest from the export side, has had prices steady. Planted acres for 2023 in Canada, the US, and the Black Sea region are expected to be reduced. This could provide support for the market, but there will still be carry-over of old crop that has to move through the channels before any pricing affects will be known. New crop bids are not deep, but they are also indicated around $14.00/bu picked up. If flax is something you want moved, call your Rayglen merchant for options.

Wheat markets had a small rally over the last week with indications on #1 HRS at $11.30/bu delivered for July/ August, while soft white wheat for May is showing $11.50/bu delivered. The lackluster U.S. HRW crop has also helped support the price rally. Yield predictions will be modified July – August, during the critical weather months, but for now, predictions of an 8% increase in wheat acres along with a slightly higher yield than the last 5 years, could means sideways pricing. Durum prices continue to slide as the markets are watching how the larger Italy crop fairs out. Weather will be an important factor as to how these markets play out. Durum prices for the next 3 months are showing higher for May at around $11.50/bu delivered while new crop indicates a buck less.

Soybean futures took their lead from corn and followed lower. US planting pace is progressing strongly, and Brazil’s bin-buster still hangs over the market. Soon the market will turn its focus to weather and crop progress, as for now planting pace rules the day for spring planted crops. Local bids are still holding up quite well at $17.50-$18.00/bu FOB farm location dependent. Dry bean market remains markedly unchanged. Canadian dry bean bids remain supported predicated on decent North American destination export business. Mexican dry bean production is still anticipated to see a year-over-year reduction. Faba acres will surrender to other competitive crop choices across the Candan Prairies this spring. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

Lentils are a mixed bag of pricing this week. Most local buyers have dropped their old crop red bids by a cent or two, while holding their new crop bids for now. Old crop sales seem to keep trickling in, therefore putting some downward pressure on this market as the 2022/23 market comes to a close. New crop prices seem to be stable, but if sales continue, expect this market to follow suit. Old crop reds are trading at 35-36 cents/lb FOB farm and new crop at 33 cents/lb FOB farm with act of God. Large green lentils tell a similar story where old crop is quiet, but new crop has seen trades as high as 50 cents FOB farm on firm offer. This may indicate buyers are still looking to cover off some fall delivery contracts. Small greens lentils show new crop holding steady at 45 cents/lb FOB farm and old crop 48 to 49 cents/lb. We have buyers showing interest in purchasing old crop beluga lentils this week around 65 cents FOB farm.  Here is some interesting market data: spot contract pricing for May through mid-July seems to be on par or under the value of the new crop for that same time period. Very rarely do they supersede the new contract value. So, the assumption is if you’re hoping to see old red lentil strength, we will need to strength in new crop pricing as well.

The barley market continues to hold pace, which is welcomed news as most other crops seem to be diving lower. Bids are ranging from $7.25-$8/bu picked up on farm depending on farm location with movement May – July. Will prices pull back? Export value to China has dropped making feedlot alley king of the cash bid. New crop barley maintains pricing, for now, at $6-$6.50/bu for fall movement in SK and up to $7.75/bu FOB in AB. Corn is poking its nose in with some competitive values for Dec shipping, definitely something to keep an eye on moving forward, but for now, barley maintains its ho-hum attitude, just chugging along.

Mustard markets continue to feel the pressure generally, although there is some need for spot yellow at strong values. The talk around mustard remains the same: acres will be over 600 thousand and seeding conditions have been good so far in both Alberta and Saskatchewan. Spot yellow mustard would still trade at 82 cents FOB farm, which is remarkable as buyers are filling some gaps before new crop. Brown might trade above $0.70/lb, and oriental could trade similar, depending on variety. It is critical to talk to your merchant about a firm offer on spot mustard. Buyers might be willing to step up for a load or two on any color in the right area. New crop bids with an AOG on 10bpa and FOB farm are still available as well, but values are softer and subject to change quickly, so, please talk to your merchant for a firm bid. For reference: yellow might have some tonnage available around $0.73/lb (a very strong value), brown sits around $0.53, and oriental at $0.52/lb. These contracts would all be for Sept – July 2024 movement, with possible options for quicker shipping at a discounted value.

Canola futures are posting some noticeable losses this morning with July and November down just over $15/MT and $13/MT respectively at the time of writing. Declines are seen in most ag commodity futures, most notably soy and veg oil markets, which provide direction for ICE canola. It is reported though, that strength in crude oil has helped limit losses today. Local basis levels fluctuate quite a bit depending on the purchaser ranging from $1/MT over up to $30/MT over leaving cash bids at $16.00-$16.90/bu delivered plant for old crop pending location. The same rings true for new crop with basis levels posted anywhere from $15/MT under to $25/MT under placing production bids at $15-$15.30/bu delivered plant. Call to post your targets 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.

Barley continues to be one of the most stable commodities this past year and will remain that way with values still unchanged this week, sitting at, “sell,” levels. Old crop feed barley bids continue to be quoted in the $7.25 – $8.00/bu FOB farm range depending on area and shipping window. A potential price pull back still looms in the back of most minds with anticipation of a coming resolution between Australian and Chinese trade disputes, but so far, those concerns have yet to come to fruition. On the new crop side of things, indications around $6.00 – $6.50/bu FOB farm still ring true, but we suspect buyers might engage on reasonable firm offers posted over and above the listed values. Not much is seen in the way of malt markets on either old or new crop, but if you have something firm to show buyers, we think they just might be willing to entertain some purchases. With decent starting moisture and more falling throughout the prairies over the past couple of days, we can only hope it gives us some strong conditions to get the barley crop headed in the right direction.

Lentil markets remain stable this week with no change in pricing. StatsCan is stating that the ending stock for March 31, 2023, was 900,000 tonnes, which is 14% lower than last year, and estimations show that these could be the lowest stock since 2014-15. Our buyers feel that this number may improve a little with beliefs that on farm product has been underestimated. None the less, supply will still be tight. So why do prices remain stable? World production is the main reason; Australia is still trying to work through their supply, Turkey’s crop looks to be in okay condition, and this is the time of year when sales and prices normally soften. Low ending stocks and reduced acres should help keep this market stable moving forward. This market could run before fall due to weather concerns, and/or if acres are further reduced than already estimated.

The flax market has been a little more active this past week with brown flax sales going through at $15/bu FOB farm. Most of the flax trading has still been for movement in early summer, but things are filling up day by day, and most other bids are closer to $14/bu once the current opportunities fill. Acres look to be low, likely lower than the StatsCan initial estimate of 689,000ac to what many presume will be sub 600,000 when it’s all said and done. Even with lower acres, ample carryover and lackluster export opportunities look to keep a cap on this market based on today’s picture. We will need to see flax exports perk up a bit more in the last few months of the crop year to see any significant price change as it looks right now, which is possible if sales to China open up a bit more. New crop pricing options are quiet for the time being, but we are always accepting offers to put on the table for buyers to consider. Give us a call if you have a number in mind to start some sales.

Wheat pricing made some gains earlier this week with indications on #1 HRS at $11.06/bu delivered for July/ August. Reports suggest exports from Canada are ahead of the five-year average, according to analysts. The lackluster U.S. HRW crop has also helped support the price rally. While seeding has just begun in most areas, most data for yields will be modified July – August, during the critical weather months. For now, predictions of an 8% increase in wheat acres along with a slightly higher yield than the last five years, could put a drag on pricing. On the flip slide, durum markets took a slide, and with some overseas tenders getting sale and the strength in the Canadian dollar, it only pushed Canadian prices lower into the $10.25-$10.50/bu range.

StatsCan’s chickpea acreage estimate is just over 10% of 2022 production and although there are some big question marks surrounding the timing of that report, chickpea values have remained fairly consistent since the data collection. This means the expectation is that actual plantings should be similar to the intentions at the time and that chickpea acreage likely hasn’t made a swing into other crops. An increase of acres would be welcomed as there is minimal old crop currently available, which paired strong demand, is keeping bids supported. Old crop values remain around $0.54/lb, but on offer you may be able to snag a bit more depending on sizing. Indian prices have tamed down now that rabi harvest has concluded, but there is some question around quality as there seems to be a larger than normal spread between larger and medium sized Kabulis. As well, Mexican crop sizing is questionable lending support to increased sizing. New crop values maintain strength at $0.47 – $0.48/lb with an aog.

Canola futures are showing marginal gains this morning despite other comparable markets taking losses. At the time of writing, both July and November are in the green, albeit only showing gains of $1.50/MT and $0.10/MT, respectively. StatsCan’s latest estimates suggest stocks are tighter than expected, down about 2.81MMT from the 5-year average, which is likely providing support. Current local cash bids are ranged from $16.80-$17.80/bu delivered plant while new crop bids sit around $15.60-$16.00/bu delivered, pending location and basis level. Growers in Southern AB with canola on farm are encouraged to call our offices to discuss the stronger quoted old crop bids as we currently have a buyer searching for product with May shipping.

Quiet oat markets continue as growers steadily try and find homes for an oversupply in the bin. Opportunities with buyers are popping in here and there to cover a short or trying to create an opportunity for a new sale, but for the most part it is more leg work than actual trade for both buyers and sellers. Eastern parts of Canada are seeing better values as cargo is moving into Manitoba and being used for milling. Feed lots are always on the lookout, but they lose interest quickly in over market offers or sellers pushing for a few nickels over the bid. Saskatchewan/Alberta bids maintain $3-3.50/bu FOB farm and new crop is coming in around $3/bu FOB without AOG and extremely freight sensitive. Eastern SK and Western MB draw values closer to $4/bu FOB farm on old crop but no premium for new crop.

Impressive planting pace and waning Chinese purchases have exerted some pressure on the market as of late. Available new crop Brazilian supply continues to be a preferred option for global trade. Any hopes of a market uptick are hanging on the prospects of US crop progress and weather, along with domestic demand. Local bids are still holding up quite well at $18.00-$18.50/bu FOB farm location dependent. The dry bean market remains markedly unchanged. Channel inventories continue to off-set any potential production concerns. Some analysts feel that later production cycle support may emerge based on a reduction in planted acres and Latin American production shortfalls. It is largely accepted that the Canadian Prairies will see fewer acres of fabas planted this spring. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

Old crop mustard bids continue to cascade towards new crop values. This is an indication of expected adequate new crop supply and thinner spot trade volumes. It is generally accepted that planted mustard acres will increase year over year, both north and south of the border. Our US neighbors are reporting much better planting conditions than previous years. Spot markets for yellow mustard are down a little, trading at $0.80-$0.83/lb FOB farm, brown remains stable around $0.70/lb, and oriental sits at $0.68-$0.70/lb, pending variety. New crop bids with an AOG, 10bpa and FOB farm are quoted as follows: yellow at $0.64/lb, brown at $$0.55-0.60/lb, and oriental at $0.65/lb. These contracts would all be for Sept-July 2024 movement, with possible options for quicker shipping at a discounted value.

The canary market continues to hum along with no significant interruptions. Bids continue to be relatively supported at $0.37-$0.38/lb picked up on the farm and have remained at these levels for the last month or so. Buyers do seem to be getting what they need to cover off sales, so don’t expect to see pricing pick up in this second quarter unless crop conditions come into play. With maybe a slight increase in seeding intentions and an average crop, market hypothesis may remain close to right around where current values lay. Now, that’s based off an untimely seeding intention report and a normal growing season. What happens this planting and growing season remains to be determined. New crop values remain entrenched at $0.35/lb delivered in with an AOG.

Pea pricing remains a bit of a challenge this week as demand seems fairly quiet. Not much is actually moving as growers are in the field heavily this week with priorities set on getting the crop in the ground. Prices seem to continually dip slowly lower, and the latest trades show this trend. Green pea bids sit at the $13.50/bu picked up range, while new crop is sitting around $12.50/bu range delivered to plant. Delivered bids can be had in the $14/bu range. New crop yellow pea demand remains lackluster and not much has booked at all. Old crop yellow peas hover around $10.50- $11.00/bu picked up and is very sensitive to freight. Again, Chinese yellow pea demand will dictate the outcome of supply for 2023/24 and we hope to see some strong demand, but as always, this will likely remain somewhat of a mystery for now. Buyers do not seem to be in an aggressive mood. Maple peas are still indicating values around $16.00/bu FOB, so, for those with old crop in the bin, it might be a good play to get those moving as time now starts to slip away as planting continues.

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

Pea pricing has been sideways over the last week. Green peas bids range from $13.75 – $14.00/bu picked up, while new crop is sitting around $12.50-$13.00/bu delivered plant. New crop yellow pea demand remains lackluster with indications around $9.50-$10.00/bu (in light trade), while old crop hovers around $10.75- $11.00/bu picked up. Chinese yellow pea demand will dictate the outcome of supply for 2023/24 and we hope to see some strong demand, but as always, this will likely remain somewhat of a mystery until time of action. Pea prices are expected to show some downside until after harvest unless serious crop issues come into play. Maple pea purchasers are still indicating values around $16.00/bu FOB, so, for those with old crop in the bin, it might be a good play to get those moving before new crop arrives.

Wheat markets continue to try and find themselves and although the start of the week showed downward movement in the futures, at the time of writing, there appears to be some life. Milling wheat prices for a #2 or better grade have been indicated around $10.50/bu delivered to various locations this week, but with today’s futures trending upwards, there might be potential for bids to move higher. We suspect one of the best ways to go about putting a few more dollars in your jeans is to call in and place a firm offer to sell, if you have a reasonable price and shipping window in mind. Old crop feed wheat demand seems to have slipped a bit this week with indications around that $9.50-$10.00/bu FOB farm pending location, but these bids do not appear to be very deep. Moving onto durum, old crop values are indicated around $12.00/bu delivered plant, with new crop being shown around $10.75/bu delivered; generally, we are seeing a $0.25/bu spread per downgrade. Some buyers out there will consider attaching an act of God to the contract; however, this will likely carry a discount of around $0.50/bu.

It comes as no shock to once again report there is not much change in the barley world. Although we continue to hear about Australia and China settling their trade disputes, this resolution is slated to be a few months down the road and therefore, it will likely be a while before we see the full impact on pricing domestically. Old crop feed values remain anywhere from $7.25 – $8.00/bu FOB farm all depending on freight and timeframe of delivery. Switching to new crop, which seems to have softened a little, now indicated around $6.00 – $6.25/bu FOB farm on a deferred delivery contract (DDC). The malt side of things remains somewhat quiet, however, if you have some recent grade results on hand and are curious on value, please give us a call and we’ll do our best to track down some bids.

Despite StatsCan supplying outdated and unreliable information regarding mustard acres, there is no denying the fact that seed sales were exponentially higher for the coming crop year. Current crop market values have maintained a strong tone, but finding buyers for new crop is becoming more of a challenge. News from growers already seeding suggest they have, “excellent conditions,” to start. Keeping in mind this information is way too early to speculate on any kind of harvest, it does have buyers feeling cautious. Spot markets for yellow mustard are down a little, trading at $0.80/lb FOB farm, brown remains stable around $0.70/lb, and oriental sits at $0.68-$0.70/lb, pending variety. New crop bids with an AOG, 10bpa, and FOB farm are quoted as follows: yellow at $0.64/lb, brown at $0.60/lb, and oriental at $0.65/lb. These contracts would all be for Sept-July 2024 movement, with possible options for quicker shipping at a discounted value. If you are looking for mustard seed, there is still an opportunity to get some certified product through us with potential delivery to your yard.

Canaryseed prices have been running mostly sideways recently as sellers continue to move a bit into the market, but nothing overwhelming as far as tonnage goes to hinder the price. Spot bids of late are at 38 cents/lb picked up on farm, adding a penny or two more as a delivered to plant price for May/June movement. New crop prices remain at 34-35 cents on farm pick up with an act of God on the first 10 bu/ac. Seeded acres are expected to be a bit larger on canary this year as compared to last, up about 7%, as per StatsCan report, and an average expected yield would put supplies in a comfortable, but not burdensome position. The weather market may yet play a factor here, but as we move further through the summer, we expect the spot price of 38 cents/lb to intersect with the new crop price of 35 cents/lb. Of course, external factors will play a role and we will have to wait and see how exactly this unfolds.

The flax market remains as quiet as a mouse and with no big revelations or shake ups there remains little interest being cast on the buy side. As such, there is a plethora of product waiting for the right time to move. What does the right time look like? Bids of $15/bu have popped up in the odd spot, but the depth of the bids are shallow. If you scroll back to harvest, trades were sitting around $22/bu and since then, we’ve just seen a steady peel back on pricing. There has been little talk on new crop as shown values are on the softer side, not garnering grower interest. Should that change, we’ll keep you in the loop.

Chickpea bids seem to have slipped slightly this week. Spot values have seen a small dip by about a cent to $0.54/lb FOB farm in most locations. It has become much harder to track down bids in the $0.55/lb range, but we believe online offers are certainly warranted. In general, there is not much excitement seen from growers nor buyers, but prices are solid and still at values that should be looked at. Buyers seem to be content at these levels as we await a more definitive answer on how many acres are actually being planted this year. New crop is being booked at $0.47/lb FOB range farm with an AOG, which is also down slightly from $0.48/lb last week. Again, please talk to your merchant about posting a firm offer, as we may be able to get some business done at reasonably higher values. Let us know if you have any off-grade chickpeas as well, as we have a few purchasers looking for all types of quality.

Canola is showing some recovery this week with stronger futures values being posted. Currently, both May and July are up $6.50/MT at time of writing putting values at $764.90/MT and $715.90/MT, respectively. This positions July futures up $10/MT from the same time last week with a weaker Canadian dollar helping values this week. Demand and cash bids are pretty quiet and fluctuate pending local basis level and location of grain/processing plants, but options are available. Northwest Saskatchewan values are hovering around the $17.00-$17.10/bu landed mark, while Southeast and Northeast SK show bids around $16.30-$16.50/bu. Futures are one thing to watch when marketing your canola, but keep in mind the basis levels play a huge part in pricing. We have seen a range of $40.00/MT in the basis levels between Western and Eastern Saskatchewan.

The lentil market is starting to lose some ground on certain types this week as reds drop a couple cents down on both new and old crop. Spot reds moved to the 35 cents/lb FOB farm range, down from 36-36.5 cents/lb last week. New crop has also taken a hit, now quoted at 33 cents/lb FOB farm with act of God, down from 34-35 cents/lb last week. Luckily, #2 large greens seem to be a bit more stable with bids on old crop still indicated around 54-55 cents/lb FOB farm. New crop values also maintain tone, sitting near 47-48 cents/lb FOB farm with an AOG for #2 or better spec. Small green lentils continue their reign, still priced exceptionally high, with old still at 50 cents/lb and new crop quoted at 45 cents/lb FOB farm with AOG for #1 quality. Pricing seems to be all over the place this week and changing daily, so staying on top of this market has been a challenge. Markets seem to be looking for any reason to soften at the moment, and if you’re thinking on pricing product, this may be as good of time as any as this market will likely remain volatile until new crop acres are established.

Even with many questioning StatsCan’s methodology on last week’s field crop acreage report, nobody was surprised to see the drop in oat acres. The report pinned oats down about 880,000ac from 2022. The markets are quiet, with not much product moving at current prices. Opportunities have popped up in various areas at $3.60/bu FOB farm, but we have seen several indications between the $3.00-3.50/bu FOB farm range in SK. The best opportunity that has presented itself may be for Eastern SK/Manitoba growers, who might be able to sell a portion at $4.15/bu delivered into Manitoba for April-July shipping. For October movement in SK, we have seen values around $3.45/bu delivered to Saskatoon. With large carryover stocks, the feel is the trade is going to have to get through a large portion of these before prices bump back up.

Still no major reprieve for soybean futures. The Brazilian soybean harvest approaches completion, which may allow the market to turn the corner. Any hopes of a market uptick are hanging on the prospects of US crop progress and weather, along with domestic demand. Local bids are still holding up quite well at $18.00-$18.50/bu FOB farm location dependent. The dry bean market remains markedly unchanged. Channel inventories continue to off-set any potential production concerns. Some analysts feel that later production cycle support may emerge based on a reduction in planted acres and Latin American production shortfalls. It is largely accepted that the Canadian Prairies will see fewer acres of fabas planted this spring. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.

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.

New week, new report, but the same old story when it comes to oats – really no new information to convey. Old crop still appears to have the best opportunity being pushed into the feed market when it comes to value and delivery timeframe, with indications around $3.00 – $3.75/bu FOB, pending freight costs for summertime shipment. There are a few milling oat companies that may take some product, but those markets show values virtually on par or under feed bids with movement delayed longer in most cases. It is of note that these companies are still not actively pursuing product, and an “indication” may be just that, an indication. If you have something firm to show (price and shipping timeline) we suggest placing a firm target as this just might be the best way to get product booked if/when a pocket of demand opens up for quicker movement. The new crop side of things continues to be a “dead in the water” situation generally, with buyers unwilling to stretch their necks out to obtain tonnage.

These days lentil growers are being shown several options when it comes to marketing. Bids are being advertised as “delivered,” “FOB,” “AOG, “no AOG,” “price a percentage of old crop now with a commitment to price more in January,” etc., etc… All in all, there are many ways to swing the bat! It is worth looking at each angle of these bids as the devil is in the details, which will almost certainly sway your decision-making process. If you are only looking at the dollar value and missing the fine print, you could set yourself up for potential pit falls come harvest. A little time spent to review these details could save a major headache down the line. Red lentils have seen a bit of an uptick in new crop as firm bids pop up to $0.35/lb FOB farm with an AOG. Old crop is trading at similar levels to last week ($0.35-$0.36/lb FOB or $0.375/lb delivered) for May through July movement. Good quality old crop #2 large greens have slipped a little week over week with bids indicated around $0.54-$0.56/lb FOB farm, but new crop seems to have a bit of life again, with bids moving back to $0.48/lb FOB farm with an AOG. Small green lentils maintain tone for another week with #1 old crop indicated around $0.50/lb FOB farm (target have traded higher) and new crop at $0.45/lb FOB farm with an AOG. Of course, all these options mentioned have a delivered parcel or a no AOG option… no one buyer is set on one format of trade. Call us to go over potential ways to set up your contracts that suit you.

Although Canadian flax acres are expected to decline for the 2023 crop year, a large carryover is also expected, which means there won’t be tight supplies for 2023/24. While the flax market remains on the quiet side, there are bids at $15.00/bu picked up on limited tonnage with some prompt movements. Russia and Kazakhstan continue to be the main source of supply into China with Canada only providing approx. 10,000 tonnes since July, according to analysts. For comparison, Russia has sent 365,000 tonnes to China since September and 122,000 tonnes into the EU. There are still heavy stocks left in Russia as well, which could discourage production levels for 2023. Recovery on prices will take time as the markets work through these heavier stocks.

This week, canaryseed prices hover around 38-39 cents/lb picked up, while new crop stays strong at 35 cents/lb FOB farm with an act of God. The typical spring bump in prices happened a little earlier this year, so we likely won’t see any push from the market unless something drastic changes. However, the ending stocks on canary will be lower as we head into the 2023/24 crop year. Prices on nigerseed in India have seen a rally as tight supplies, concerns about the kharif crop, and the lesser than average monsoon rains get reported. This hasn’t changed any eagerness for new crop prices to strengthen or for acres to increase yet anyway.

Mustard values remained steady this week with a bright spot being old crop yellow mustard, currently bid in the 83 cent/lb FOB farm range for fairly quick movement. Spot oriental mustard remains around 66 cents/lb while brown mustard is in the neighborhood of 68 cents/lb, both FOB farm as well. May movement is potentially an option for oriental and brown contracts, so, those interested in making some relatively quick sales are encouraged to check with your merchant. A bout of some good wet snow in the southern mustard producing area over the past week didn’t seem to change new crop pricing as some may have anticipated. Bids remain around 68 cents/lb for yellow, while oriental and brown production contracts continue in the low 60 cent/lb range. Due to the daily fluctuations in value on both spot and production contracts, it is best to call your merchant for up-to-date bids. We are getting toward the end of mustard seed deliveries, but there may be a slim chance of still having product shipped to your yard; call now to see if there is availability in your area.

It has been a bit of a tough week for soybean futures. The Brazilian soybean harvest approaches completion, which may allow the market to turn the corner. Any hopes of a market uptick are hanging on the prospects of US crop progress and weather, along with domestic demand. Local bids are still holding up quite well at $18.00-$18.50/bu FOB farm location dependent. Dry bean markets remain markedly unchanged. Channel inventories continue to offset any potential production concerns. Some analysts feel that later production cycle support may emerge based on a reduction in planted acres and Latin American production shortfalls. It is largely accepted that the Canadian Prairies will see fewer acres of fabas planted this spring. Feed quality fabas continue to be supported by pet food values. Local bids on export quality #2 fabas are in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm, location dependent.

March pea stocks are sitting at roughly 550K tonnes, up from the previous year’s crop disaster where stocks were sitting at 339K MT. Values on #2 green peas continue to hold pricing at $14/bu picked up on the farm, which has been trading quite steadily this week. There has been a steady number of greens coming to market with bleach issues, so let your merchant know and we’ll see what we can do as buyers do have some interest. Maple peas continue to hold the highest value with bids around $16.00-$16.25/bu picked up on the farm. Yellow peas keep circling the drain every week. This week, bids are hanging out at $10.50/bu picked up on the farm, but a firm target may pull you a bit more depending on farm location. Bids are running shallow on yellows with very little end user demand. Don’t expect to see a change for the next while unless the likes of China come shopping. New crop values on all three colours range anywhere from $10-$14/bu picked up on the farm with an act of God.

While Australia and China look to make amends, the world barley trade continues to see some turbulence. Turkey announced a 130% tariff on Ukraine barley, coming into effect May 1. This comes in response to local farmers’ displeasure with the importing surplus of cheap Ukrainian grain due to the lack of Ukraine’s export capability in the Black Sea region. Other countries have expressed the same displeasure, including Poland, Hungary, Slovakia, and Bulgaria. Currently, the EU seeks to solve the situation on behalf of all EU members. Locally, barley continues to hold around similar values as last week, seeing a few positive bumps for both old and new crop. Feedlots appear to have steady supplies of U.S. corn that could last well into the summer months, but barley has maintained its price. We are seeing old crop barley delivered to Lethbridge in the range of $8.92/bu, which translates close to $8.00/bu FOB farm in central SK; generally weaker as you move east, and strong as you move west. New crop continues to sit strong, even with China-Australia in the mix. These values sit at around $7.50/bu delivered Lethbridge, and $6.75/bu FOB farm in west central SK. Malt pricing sits around $8.40/bu delivered AB and $8.10/bu FOB in SK. New crop malt sits in the $7.30-7.70/bu delivered SK range for Nov-Jan shipping.

Some big news on the canola front as China has begun tests on a new rapeseed variety. China’s hope is that the new variety can be used to plant 10.6 million acres of rapeseed in the winter following rice season; these are acres that were previously unplanted. Estimates suggest that this could increase China’s rapeseed production by over 11 million tonnes per year. With China being Canada’s top canola market, these 10 million potential acres have potential to knock some of the wind out of Canada’s yearly 22 million acres of canola. At the time of writing, May futures sit at $755/MT with a dip to July at $739.8/MT. Looking locally, spot pricing has a large range. We are seeing delivered bids in AB/SK between $16.50-17.80/bu. New crop values look to be under $16.00/bu delivered. With constant movement in the canola market, reach out to your merchant and we can help provide a firm bid on both old and new crop.

Wheat markets are down today, partially predicated on StatsCan’s report showing wheat up to almost 27 million acres for 2023 in Canada, a bump of over 1.5 million acres over 2022. Breakdown as follows: Winter wheat up 12%, spring wheat up 7.5%, and durum up 0.9%. This, coupled with better moisture situations in many areas at this juncture, points to a lot of wheat in the country. The StatsCan numbers must be treated with a grain of salt on the fact that this info is mostly from before Christmas and a lot has changed since then. There still is much uncertainty regarding trade through the Black Sea and how long that may be able to continue unmolested. Closer to home, local bids are showing feed wheat markets at $10/bu, plus or minus, depending on area, while milling bids are barely any better at under $11/bu as a delivered in the best-case scenario, but more commonly closer to $10 as well. So, at this point, the advantage for milling is moot for many. There are some small programs out there for those looking to sell durum in the bin, in the mid $11 to possibly $12/bu as a delivered in price for some areas; touch base for more details if you’re interested in those programs.

Chickpea bids for both old and new crop are still very attractive week after week despite all the bear information in the market. There are a few ways to justify this. North American supply is expected to be up (providing growth and disease conditions are favourable), but exports have been very strong. There is concern over several overseas supplying countries facing adverse weather, which could lead to a potential spike in demand as things progress. This in turn is likely why we are not seeing more grower activity coming to the table and contracting. While StatsCan has been no help in determining what the acres will look like next year, conditions in North America have thus far been better than last year. Old crops bids for #2 large Kabuli are $0.55/lb FOB farm with new crop coming in at $0.47-$0.48/lb FOB farm with an AOG. Sample/feed markets tend to top out at half of the #2 market, but they can often be lower depending on the down grading factors. Old crop #2 Desi chickpeas made their first 2023 appearance on the books this week trading at $0.35/lb FOB farm with May-June movement. While it is not a hot topic, we will always have a bid for all varieties of chickpeas!

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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