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Rayglen Market Comments – July 27, 2022

This week, old crop flax bids seem to be taking a back seat while buyers wait for new crop to come off. Those with flax in the bin, or in the ground, may still be able to catch $27.00/bu picked up, but the pool of buyers is dwindling. While we know that carry-over is lacking heading into the 2022/23 season, analysts expect stronger yields year over year, easing some pressure. This could allow more export opportunities, especially into Europe. The US flax crop is also expecting increased yields, but the lower seeded area will still allow for import prospects. The majority of imports will come from Canada, however there is likely to be competition as the US continues to bring in flax from Russia. It is also expected Kazakhstan might be another possible source.

The barley world remains relatively unchanged and continues to float around similar pricing ranges as last week. Old crop feed values are indicated around $6.25 – $6.75/bu FOB farm for August – September shipment. Despite the downturn from yearly highs, these prices are still historically strong when considering the past 5 – 10 years. As new crop approaches and reports of the planted crop powering through, we don’t expect that these markets to skyrocket anytime soon. That said, moving what’s left in the bin is still highly suggested. Old crop malt bids and sales remain quiet, which comes as no surprise given the time of year. Anything purchased now likely needs to be graded and checked for quality before anything is booked. New crop values remain quiet too, but if you have something to offer, give us a call! New crop feed barley is still triggering around that $7.00/bu FOB farm price for September forward shipping. Once again this looks like a sale on our books even if it’s just 25% of expected production. Quick movement and added cashflow at historically strong values just make sense right now.

How about those peas? Crop reports indicate that both Sask and Alberta pea crops rank between 71-75% good to excellent, with more yellow in the ground than green. The crop isn’t off yet, but it’s looking favourable, and it’s likely we will see above average yields, though maybe on a few less acres. What does that mean for pricing? Well, bids continue to soften, now showing $12 to maybe $12.50/bu picked up on the farm, with parity between old and new crop, yellow and green. There is the odd exception to these values with a couple niche market opportunities – please call the office to discuss. If these types of values don’t quite do it, feel free to call and test the waters on a firm target.

The wheat market continues to retreat from past week highs, with buyer bids hovering around $11.00/bu delivered in on a 13.5% protein #1 red spring. Not far off that bid happens to be feed wheat bids with buyers entertaining values around $9.50-10/bu picked up on the farm depending on location. There may be some stability on the horizon with Ukraine and Russia. A deal was brokered with Africa, in where the latter was able to secure 20-25 million MT of grain that was previously blocked in Ukrainian ports. Is this a sign of progress? Ukraine is a large supplier of the World Food Programme’s wheat, which is good news for all those in need. Switching gears to durum, buyer bids have also taken a step back as $12/bu seems to be the new going rate, with potential for the ugly word, “fusarium,” being tossed around in some locations, more notably, southeast Sask.

Spot mustard prices have come down in recent weeks as we get closer to harvest. New crop and old crop pricing are going to meet at some point, but we still have a slight window to sell spot significantly higher. Brown can still be sold at 140 to 150 cents/lb, yellow at around that 130 cent mark, and oriental at the 90-cent range; FOB farm is still possible for August. New crop bids are at 98 cents/lb on oriental mustard, 89 cents/lb on brown mustard and 96 cents/lb on yellow mustard, all including an act of God and quoted as FOB farm. Most buyers are looking for a full crop year shipping window, September through July 2023, on new crop mustard contracts. Harvest is getting closer, and these spot bids should be looked at for cleaning out the bins as soon as possible.

Chickpea crops are receiving positive input from both Sask and Alberta, and expectations are that the crop is above average with a yield that would have the production at 125,000MTS. There is still quite some time between now and harvest, so continued rainfall could hurt the quality and create a bull feel to the market. There are already reports of disease in the South, but no way to know how widespread it is. Canadian exports are maintaining tone with far above average shipments and noting the largest export for the month since Nov 2017. Prices have been maintaining tone globally with no real fluctuations worth mentioning. Old and new crop values are at par around $0.44/lb FOB farm and AOG still available. Sample grade and pet food is still coming in around $0.30/lb FOB farm.

Continuous dry weather in Western Sask is having a potential impact on canaryseed crop quality and yield; expect the next Sask Ag report to shed more light. Market values have maintained tone for both old and new and despite reports of the bins being empty, there always seems to be couple loads floating around when the price is right. Current crop bids are around $0.42/lb FOB farm and new crop bids are not far behind at $0.40/lb with an AOG still available. Buyers have still been entertaining targets, so if you have a bin in the back needing to be emptied, call for options.

The lentils market remains quiet but steady as buyers wait for new crop to hit the bin. Red lentils seem to be the market that is seeing the most downside pressure. Old crop price seems to top out at 32 cents/lb FOB for limited tonnage. New crop is ranging between 28-30 cents FOB farm with an AOG. Information from buyers this week is that there is no demand or concerns from overseas buyers with the supply of reds. If Canada and Australia both produce an average crop, this market likely remains slow. There seems to be a bit more demand for large green and small green lentils at the moment. New crop pricing has been in the 42-44 cent FOB with an AOG on #2 large green lentils, and 38-40 cents on small green lentils. There seems to be interest for the green lentils, but not much information to provide a good outlook yet on this market.

Oats have gone completely quiet in the last week. Buyers are covered for the first six months of the upcoming crop year thanks to a lot of producers taking advantage of the high-priced production contracts. Moving unpriced product off the combine this year may be more difficult due to this fact. If there are quality issues with some of the pre-contracted oats, this may open up an opportunity for the unpriced oats. The oat market seems to have hit that point in the year where buyers are willing to wait for the arrival of new crop. Indicated values for old crop milling are around $5/bu FOB farm give or take pending area if you can find a willing purchaser.

Canola markets see a yo-yo pattern this week with futures seemingly taking losses one day and making gains the next. Today, we are happy to report that at time of writing both November and January futures are up approx. $10/MT putting them at $823/MT and $832/MT, respectively. After factoring in local basis levels, grower values pencil out to $18.75-$19.25/bu delivered plant. Support comes from a rally in soy markets, which show soybeans, meal, and oil all posting gains today. Growers are encouraged to take advantage of these rallies and may want to consider making final sales before harvest.

Soybean futures have recently increased based on declining crop conditions across the Midwest. For now, the market has a bullish tone due to decreasing planted acre estimates and robust global demand for edible oils. Local bids are location dependent and range from $18.00-$18.50/bu FOB farm. Lower dry bean planted acre forecasts continue to be supported by analysts and statisticians. Dry bean prices are predicted to remain well supported through harvest predicated on lower year over year production. A similar story exists within faba beans. It’s anticipated that Western Canadian planted acres could be the second lowest in 10 years at under 60,000 acres. As it relates to pricing, fabas are still taking their lead from domestic feed pulse markets. New crop faba bids showing up around $12.00/bu FOB for a #2. Old crop feed faba bids are near $10-11/bu FOB farm location dependent.

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


Rayglen Market Comments – July 20, 2022

The pea market has softened again this week as buyers are less and less concerned about yields for this upcoming crop. Yellow peas have pulled back to $12.00 – 13.00/bu picked up, with the latter getting much harder to find. Green peas have also come down to $12 – 12.50/bu picked up. However, we may have one option in southeast Sask at $13-13.50/bu if you are okay with movement pushed out to September – November as an old crop sale. New crop remains around $12 – 12.50/bu on both yellows and greens. New crop peas being priced into China have been declining, therefore, we aren’t expecting to see a bump in pricing anytime soon.

This year’s harvest is expected to be much better than last; however, chickpea supplies likely still won’t be boosted up, as carryover has taken a hit. As big storms roll through Alberta this week, we await reports of just how much of the crop ended up being affected by hail; a few early indications would suggest there is going to be some damage. Canadian bids had softened a bit a few weeks back, with old and new crop unchanged this week, still sitting in the high 40 cents/lb range. As we look to other markets, Mexico’s prices have firmed up as their yields ended up being lower than they hoped. We have also seen bids firm up in India and Turkey, as per reports. Now we wait to see if the Canadian market will react favourably to these other export markets having lower supply.

Not much change to report in the barley world this week. The spread between old crop and new crop barley grows tighter every day, so buyers seem to be content in sitting back and waiting for new crop to start hitting the bins. Old crop values are still triggering in that $6.50 – $7.00/bu price range with August movement attached to them. New crop feed barley is priced similar to old crop and will likely trigger around $7.00/bu FOB farm, with potential for a couple more cents depending on area and time frame of delivery. On the malt side of things, the market remains rather slow without much for value indication being thrown out for old crop. We suspect, however, if you have recently completed a quality test on old crop malt sitting in the bin and the specs are good, there might be interest out there. Call in with the details and let us work this for you. New crop still seems rather skittish as well, but we have seen recent indications of $9/bu delivered plant, or better, with AOG. These prices remain great and suspect with lots of areas still getting some heavy shots of rain. There might be more feed out there then initially expected. Locking in some early pricing, along with movement is a move that just makes sense right now.

Wheat markets remain constant this week with demand at the farm gate slow. Reports have suggested that the US is expecting better then normal yields this harvest, ultimately filling up a supply chain that many thought was going empty. Old crop and new crop Durum continue to mimic one another with $13.50/bu trading across the board on #1 quality, with discounts of approximately $0.25/bu for each grade lower. Wheat values continue to hover around that $12.00/bu delivered price for old crop, but that also does not appear to be a deep bid. We suspect once some tonnage is bought at this price, we may see another small price drop. Old crop feed values remain around that $9.50/bu FOB farm range depending on area and time frame of delivery. For any sales targets above the posted values, we highly suggest calling in and placing a firm offer as they still appear to be grabbing some buyer attention.

Oats continue to follow a lackluster path this week with little to no demand on the old crop side of things. For the most part, buyers seem to be full up until harvest, and are comfortable waiting it out to see what new crop is going to bring. If you have some sitting in the bin and are looking to price out, we suggest calling in with a sales target and letting us try to find a market. On a brighter note, new crop remains of interest, still sitting around $6.00/bu delivered plant. Growers can likely expect to tack on another $0.25/bu for late 2022 shipping and an additional quarter for Jan – March of 2023. There seems to be less committed acres this year, so it might be a good time to try locking in a certain percentage of your expected production, get some guaranteed cash flow, and secure earlier movement to clear up bin space that we all hope you all need this year. With seeded acreage reported showing a 16% increase this year, it is likely buyers will not have to search very hard to start supplying their needs once the 2022 harvest begins.

Flax crops are ranked as mostly (73%) good to excellent in mid-July with the hottest and maybe driest stretch of time coming through right now. Lower acres from last year will be mitigated on final tonnage numbers with a back to average yield, but we still have a ways to go before the crop is in the bin. At the end of the day, a “just better” than last year’s crop is still going to be short of an average crop, and world supply issues on flax should support for flax prices into the following year. Current bids are showing $27 to $28/bu for fall/early winter with an act of God and spot prices are at similar, but growers may see slightly better levels of $29/bu on farm in some areas. Trade has been light as farmers are not overanxious to chase bids right now and buyers have secured a bit of new crop and are waiting to see how things unfold.

Mustard prices have been mostly sideways as of late as new crop prices are holding steady despite increased acres. Current new crop bids are at 98 cents/lb on oriental mustard, 89 cents/lb on brown mustard and 96 cents/lb on yellow mustard, all including an act of God and quoted as FOB farm. Most buyers are looking for a full crop year window, September through July 2023, on new crop mustard contracts, but if those timelines are not suitable for you, then adjustments will likely be considered for other movement options. Spot prices have come down in recent weeks as we near new crop and the bins are mostly cleaned out. Brown can still be sold at 150 cents/lb, yellow at 125 cents and oriental at 90 plus cents/lb for at the farm prices. It’s expected to see the spot and new crop bids come together at some point, but we will see how long that takes as the crop is a little later this year and markets are still tight.

Lentil markets continue to soften with reds feeling the most pressure. What is causing reds to fall faster than other types of lentils? Markets believe that red lentils will see a huge improvement over last year based on Saskatchewan and Alberta Ag crop condition reports. Early predictions are stating there will be at least a 50% or higher yield improvement over last year and with an increase in acres, this should shape up to be a large crop. Reds are seeing more downward pressure as buyers feel that there is a bigger crop than expected, less demand from overseas and a large supply of reds around the world. Small green and large green lentils are a bit of a different story, as recent perception is that there are less acres of both and there seems to be steady demand from the trade. The French green lentil market is one that growers should pay close attention to as buyers seem to be asking a lot of questions on this crop. Thoughts are these could be a commodity that is sought after this year as supply may be limited due to reduced acres and no carry over. Call for updated pricing on any type of lentil.

Canaryseed remains in slow trade this week despite historically strong bids for both old and new crop. Why, we ask? Well, it is assumed that most bins, even those that have been full for 10 years, are now cleaned out as growers had taken advantage of record values seen earlier in the year. Today, producers who are still holding product can expect to catch $0.41-$0.42/lb on old crop with movement before harvest; still an outstanding value if you missed the train the first go-round. Growers with crop in the ground are still able to secure new crop contracts at $0.39-$0.42/lb FOB farm with an act of God; again, great values to secure 10bu/ac. On the other hand, we do see little to no carryover, a 7% decrease in seeded acres, and what sounds like not a particularly great start to the crop that was planted. This could mean continued strength in markets for 2022/23, but it could also mean importers look to alternatives and substitutes if canary supply is insufficient or seen as “overpriced.”

Soybean prices are trending on a lower basis, positive US crop prospects, as well as year over year improvements in the Brazilian crop. Local bids are location dependent and range from $18.00-$18.25/bu FOB farm. Fewer planted acres, smaller 2021 crop and measured farmer selling are expected to be supportive factors for dry bean prices. Global faba production prospects appear favourable at this point. Australia faba production is still on track to exceed their 10 yr average. Domestic prices continue to take direction from the pea market. New crop faba bids showing up around $13.00/bu FOB farm for a #2. Old crop feed faba bids are near $11-$12/bu FOB farm and old crop #2.

Canola has adjusted to new crop prospects along with taking its lead from the step-down that other global veg oils have encountered. With an estimated 21M acres planted, carryout is still predicted as tight for the end of 22/23. Basis levels have been adjusting in preparation for new crop arrival. That said, there is considerable variance in basis across buyers. This would seem to indicate some individual buyer bias on potential production. Bids are still hovering in the range of $18.85/bu to $17.50/bu picked up location dependent.

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


Rayglen Market Comments – July 13, 2022

Canaryseed markets haven’t changed much over the last week, with old crop product still being bid at 44 cents/lb and new crop quoted around 39 cents/lb FOB farm with act of God. As we get closer to new crop hitting the bin, the gap in market value is expected to merge, meaning growers may want to consider making final sales. Crop conditions have been rated as mostly favourable at this point, but it looks like we will see a week of hot, dry weather throughout the prairies; time will tell how this affects the coming crop. U.S. millet acres are down 8% compared to last year yet are still historically high overall. The Colorado region is the biggest producing area of millet in the U.S., meaning crop conditions in that area are something to keep an eye on. Canary growers have higher expectations as far as pricing goes, so we suspect that the floor price should remain supported.

Flax pricing is sideways this week, with old crop bid at $30.00/bu picked up and new crop indicated around $28.00/bu picked up with act of God. These bids don’t run deep, with a common theme being buyers purchasing limited tonnage and dropping bids. Growing conditions on flax from Sask Ag shows the crop rate at 68% good to excellent, up compared to last year with moisture conditions being more favourable. With tight carry-over going into the 2022-2023 season, prices are likely to remain firm, however, for prices to compete with the European market, we may see slight adjustments.

Continued stability and in some cases strength for chickpeas this week, with lots of talk about late harvest and potential quality issues. Despite this, StatsCan has reported 65% of the chickpea crop as slightly better than average. There is skepticism around those numbers as buyers continue to watch weather and get reports from growers with boots on the ground. Old crop bids have seen some action in limited areas with bids once again quoted around $0.50/lb or better delivered in. New crop ranges from $0.44/lb to $0.50/lb FOB farm with AOG, but extremely freight sensitive to the West for the higher end of the spectrum. It seems the buy side does not want to put a pin on anything with too much depth and are asking the market for targets. Sample and feed values hover in and around $0.30/lb and there are always homes with relatively quick shipping.

Mustard prices have been weaker in recent weeks as rain improved crop conditions, and the StatsCan seeded acreage report seriously bumped up its numbers, suggesting an 80% increase year over year. This has obviously taken some wind out of the sails (sales?) for buyer bids for this fall. Mustard crop conditions are not outstanding, but they are alright, and considerably better than last year. So with the increased acres, some of the pressure comes off. That being said, we are still miles away from harvest with a hot, dry stretch forecasted, so we will see what things look like in a few weeks’ time. Current bids put new crop yellow at 96 cents, new crop brown at 90 cents and new crop oriental at 88 cents/lb as picked up on farm pricing including an act of God.  If you have mustard in the bin, the prices are still HUGE at 190 cents on brown, 140 cents on yellow and a buck on oriental, so you should probably just rip that band-aid off and sell.

Barley continues to take a bit of a hit over the last little while here, which does not come as much of a surprise, given the time of year and recent showers throughout the prairies. New and old crop feed barley are triggering in that $6.75 – $7.25/bu FOB farm depending on area and time frame of delivery. Not many prices are currently being thrown around for old crop malt, which falls right in line as to what we normally see at this time of year. New crop malt, however, likely once again catches a premium price to feed, so if you have something you are looking to lock in, we suggest calling in to learn about your options. There is some expected heat throughout the prairies over the next couple of weeks, but with the late rains, barley should have a chance at pulling through relatively unscathed. Not to sound like a broken record, but we would still highly suggest getting a certain percentage locked in for fall to ensure some cash flow as well as some earlier movement.

Oat markets remain pretty quiet as buyers are full for the 3rd quarter of the year but looking to book new crop. This year feels like there are less growers committing acres for the coming harvest as so many were caught last year with no AOG. While some buyers are willing to offer a roll to the following crop year in case of a wreck, growers are still not getting in line. Buyers are advising higher demand as consumers find more uses for oats and a bit of concern over late seeding. It is still early and possible fluctuations for new crop are real. Milling/ #2 CW Old crop values hover around $5/bu FOB farm and $6/bu delivered into plants with very little demand. New crop is similar value with a slight carry of $0.25/bu for Nov-Dec and additional $0.25/bu for Jan-March 2023.

Canola markets are relatively unchanged this morning, at time of writing, after seeing significant losses yesterday. Weakness in soyoil continues to be the driving factor to the losses, which are spilling over into canola futures. European rapeseed markets have also decreased, but soybean and soymeal markets are firming up, which is providing some support. In other unsupportive news, the BOC unexpectedly increased interest rates, which in turn, has boosted the value of our Canadian dollar, making canola more expensive to purchase on the world stage. Currently, November futures sit just under $832/MT while January 2023 shows only a small carry of about $9/MT. Old crop local basis levels hover around $10/MT under to $20/MT over pending location and delivery window, putting old crop bids at $18.50-$19.25/bu delivered plant. New crop basis levels sit around $20-$35/MT under pending location and shipment window, putting bids close to $18.00-$18.50 delivered.

Soybeans are showing moderate gains after a big step-down post recent USDA report. At this point the USDA is sticking with an 87.5M historically high soybean planted acreage and a 51.4 bu/ac yield forecast. If this comes to fruition, it will supply one of the biggest recent harvests at 4.5B bushels. With hot & dry conditions forecast across the Midwest, the risk to crop development still exists. Soybeans face a greater risk from such weather in August, thus mitigating some of the soybean concerns for now. Local bids are location dependent and range from $18.00-$18.25/bu FOB farm. Canadian dry bean planted acres are reported to be just under 300k, which is a 32% drop year over year. Reduced planted acres, a smaller 2021 crop and measured farmer selling are expected to be supportive factors for dry bean prices. Global faba production prospects appear favourable at this point. Australia faba production is still on track to exceed their 10yr average. Domestic prices continue to take direction from the pea market. New crop faba bids showing up around $13.00/bu FOB farm for a #2. Old crop feed faba bids are near $11-$12/bu FOB farm.

Global harvest pressure is creating headwinds for wheat prices. Recent USDA forecasts were a wet blanket for the market, pushing futures back down again. Global wheat production was trimmed on account of production reductions from EU and the Ukraine. Russia and Canada were the two notable increases that somewhat off-set the expected tighter year over year global wheat stocks. Local milling wheat bids currently hover near $11.00-12.00/bu delivered, location dependent and feed wheat bids are in the range of $9.50-$10.00/bu picked up.

New crop lentil markets continue to slip as crop conditions improve across the province and markets wait for the arrival of harvest. Old crop prices are following suit with some buyers actually going to no bid this week. Buyers, however, are still on the hunt for old crop small green lentils. For new crop, buyers are mostly looking to get a little more coverage on LGL and SGL. July is typically a slower time for sales and this year is no different. If you are looking to move the last bit of product that is in the bin, make sure to give the office a call as the prices seem to be all over the place right now and changing by the minute. Staying on top of these markets is difficult, so keep in touch for up-to-date information.

The green pea market is hit and miss with a wide range in bids. Not many buyers are interested at the moment, but there have been a couple small tonnage programs of $14.00/bu delivered, or better, for a specific quality of green pea. For a standard #2 green pea, average bids are likely around the $13.00-$13.50/bu mark today. There have been very little new crop green pea sales put on the books this year as both buyers and sellers aren’t eager to get much done at this point. Buyers believe there is enough carry over and with a decent looking crop in the field, they see no cause for concern. Sellers are just the opposite, hoping to see green peas pop in value, although this seems unlikely given the lackluster market, we’ve seen all year. Finding bids for yellow peas is getting tougher as well this week as buyers fill their needs for the next few months and/or are happy to wait until new crop becomes available. New crop bids on yellows have also slowed down, but there are still buyers willing to purchase the odd lot. With markets changing as quick as they are, it is best to call your merchant for up-to-date pricing in your area.

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


Rayglen Market Comments – July 6, 2022

Barley has kept stride with most other commodities this week, pulling back bit by bit every day. With timely moisture events continuing throughout the prairies, growers and buyers alike have become hopeful that we’ll see a crop this year, and in turn values continue to slide. Old crop feed barley is trading around $7.00 – $7.50/bu FOB farm today, but top end bids are becoming harder to find every hour it seems. Historically, this is still a great number, even for malt, let alone feed and our recommendation continues to be sell, sell, sell. New crop feed barley contracts still have interest as well and growers can likely catch bids around $7.00/bu FOB farm without act of God at the time of writing. Hope and anticipation of a decent barley crop suggests locking in a portion of expected production at these values is a smart move. Malt markets remain very quiet, but for growers with targets or questions, feel free to call in to chat options. Yesterday’s StatsCan report showed barley acres down around 15%. How this coincides with malt vs feed we aren’t totally sure, but given the available moisture this year, versus virtually nil last year, we suspect overall tonnage might surpass last years.

Oat markets haven’t seen the major kneejerk reaction to rains as much as other crops these past couple weeks, but given the time of year, this does not come as much of a surprise. We are in the months where oat millers are typically full-up on old crop and waiting for harvest to start. That said, finding an old crop value, milling or otherwise, almost seems to fall on deaf ears right now. However, we have been able to secure the odd contract for growers, so the best option today is to call in and show us what you have to work with. New crop oat values are still triggering around the $6.50/bu range delivered into Eastern, SK and/or Manitoba. Bids for new crop are a bit sporadic, so being ready to pull the trigger when opportunities present themselves is key. If you’re willing to hold product into early or even late 2023, you can likely add a few cents to that bid. Given the release of yesterday’s StatsCan report showing a seeded area increase of around 16%, getting some new crop locked in ensures movement and hedges downside risk on a potentially large crop.

Like most other markets this week, peas continue to pull back in value. Old crop yellow peas have traded at a high of $15.00/bu, while green peas show bids between $13.00 – 13.75/bu, both picked up on farm. Bids for old crop seem to be quite shallow as buyers take a couple of loads, re-evaluate their bids (usually dropping), and come back to the market to purchase. If you are needing some bin space before harvest, now is the time to book in before prices pull back even more, as a July – August movement is still available. For new crop, yellow peas are priced at $13.00 – 14.00/bu, depending on location, with an act of God. Green peas are indicated at $13.00/bu picked up in light trade. Maple peas remain quiet with very few old crop bids available and new crop being indicated at $13.00/bu.

Chickpea acres are reported by StatsCan to be about the same as last year, but it is worth noting last year acres were down 37% from 2020. The US numbers are also showing a slight decline, down by 5% from 2021. As the market ebbs and flows and trade incrementally eats through what is in the bin, it is expected values should be supported through the year. With the late season and continual rains in Canada and drought conditions in the US, talk has already started about quality concerns. Despite all the challenges, the year ahead for chickpeas could shape up to be a strong one. Old and new crop bids have come to parity now ranging from $0.40-.45/lb for both selling periods. Act of God’s are still available too on new crop bids to lock in a few bushels per acres. Sample grade and feed product are always in demand and bids have maintained at $0.30/lb FOB farm. Depending on downgrading factors, poor quality could see a slight uptick to that value.

Planted flax acres are recorded as 24% lower in the 2022/23 season compared to last year, as per the latest StatsCan report that came out earlier this week. However, with estimated yields expected to exceed last year, production is expected to surpass 2021 by 55,000MT. Flax prices have fallen further this week with old and new crop now sitting in the $27-$28.00/bu range. Flax crops in the US and Canada both look decent after some much needed moisture, but for the near term, prices are expected to stay fairly flat. In order to capture business into Europe, Canadian values will still need to decline to be competitive. This could mean in the longer picture we see values decline. Prices are volatile right now and changing at a fast pace, so if you are looking to move some flax, give our office a call for up-to-date bids in your yard.

Canola markets are posting losses today, at the time of writing, despite Tuesday’s StatsCan report showing a 4.7% decline in seeded area year over year. Most of the weakness is reportedly due to losses in soyoil, but there is also spillover from slipping crude and palm oil markets as well. Currently, July futures are down just a touch over $18/MT at $863.30/MT, while November futures sit at $820.80/MT, down nearly $8/MT this morning. Not all hope is lost though as gains in European rapeseed as well as a weaker Loonie provide support. After factoring in local basis levels, average bids for old crop sit around $18.50-$19.25/bu delivered plant, while new crop values are posted around $18/bu delivered. These are still historically great values to lock in any remaining product in the bin and/or hedge a portion of expected production, even if they pale in comparison to a few short weeks ago.

The canary market has slipped a bit more this past week as spot prices have come down to 44 cents/lb picked up on farm or 45 cents delivered to plant. New crop bids remain in the 40 to 42 cents range FOB farm and do include an act of God. The StatsCan seeded acreage report pegs canary acres at 291k, which is down a little from last year’s 314k, but up a tick from the April numbers, which suggested 268k acres would be seeded. Current conditions are better on all crops with the recent rains, but early dryness (drought) in a large swath of canary country has that crop out on poor footing, so we will see if the rains can help recoup some yield potential. The bins seem to be mostly cleared out of old crop canary other than a few stragglers, so this crop will matter a fair bit as we seem to finally have exhausted much of the old carry-over that canaryseed has had for years and years.

The wheat market is tumbling hard for a second straight day, which makes it tough to quote values as bids seem to be here and then gone faster than kids leaving the dinner table. That said, we’ll try to give you a ballpark figure. Spot bids on a 13.5% protein HRSW pencil out somewhere around $11/bu delivered in with new crop indicated around that $10.50/bu del range. For firmer values tailored to your area or specs, please call the office. StatsCan spring wheat numbers usher up over last year by roughly 10.5%. A strong bump was due to favorable pricing and strong global demand around the time of seeding. Late planting in some areas means we are still a ways away from harvest, and with global pandemonium, this market is volatile. Feed wheat prices remain a little unsteady as well, hovering around $9-9.50/bu range depending on farm location for both old and new crop. The durum market has stumbled this week with spot bids sinking around $13.50-14/bu, on par with new crop.

This week the carnage continues in commodities markets. Mustard markets, in particular, are still remarkably strong despite this, but are coming down as StatsCan released predictions of 555,000ac planted. This is up an astonishing 80 percent! The weather also remains decent for mustard in key growing areas as rains have fallen again for some growers. If you have not yet booked new crop acres, now is the time to call us! The window to sell at strong spot prices is also closing fast. Bids are subject to quick changes as buyers get their July needs met, meaning these values can change daily, if not hourly. Old crop yellow mustard is still indicated in the $1.50/lb range, brown sits somewhere around $1.80/lb, and oriental likely still trades at $0.90-$1.00/lb, all FOB farm and moved before harvest. New crop mustard has pulled back with bids on yellow and brown still indicated around the $0.90-$0.95 cent range, with oriental likely to trade at similar levels. These bids still include a full act of God and are quoted as FOB the farm. Price targets continue to be our best marketing tool when it comes to mustard. It is important to call your merchant to discuss using this system to secure the highest values in this market.

Lentil markets continue to fall as the commodity correction continues to hammer down all types of grain. Early reports are suggesting that this year’s lentil crops are far better than last years’ and that has not helped prices. Rains continue to fall in showers in a lot of areas reducing the number of regions that struggle with moisture. This has put most buyers in a wait and see or hand to mouth buying position at this time. All colours of lentils have not gone unscathed in this market. Buyers are still looking for small amounts of each, but the prices are specific to location, quality, and buyer. The pricing on old and new crop green lentils have converged in some cases, but there are a few left looking to buy spot product at a slight premium. The risk with carrying green 2021/22 lentils into the fall, is that if this year’s quality far exceeds last years, buyers may opt to only take 2022 harvested product or put a preference on it. We have seen this before. It’s best to call us for pricing as daily changes in this market makes quoting general values near impossible. Firm offers are a good tool to try and catch higher values in a falling market, please talk to your merchant.

Soybean prices found overnight strength on larger than expected cuts to U.S. soybean crops and technical signals which triggered bargain buying. The U.S. soybean crop condition is tracking just short of the five-year average despite headwinds of heat stress and a slow start to the season. Local bids are location dependent and range from $18.00-$18.25/bu FOB farm. StatsCan recently reduced dry bean planted acres to just under 300k, which is a 32% drop year over year. Reduced planted acres, a smaller 2021 crop and measured farmer selling are expected to be supportive factors for dry bean prices. Global faba production prospects appear favourable at this point. Australia faba production is still on track to exceed their 10yr average. Domestic prices continue to take direction from the pea market. New crop faba bids showing up around $13.00/bu FOB farm for a #2. Old crop feed faba bids are near $11-$12/bu FOB farm and old crop #2 grades are migrating lower with yellow pea bids.

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


Rayglen Market Comments – June 29, 2022

Barley markets continue to take a step back in pricing as we push closer to the 2022 harvest. Although the price has come off a bit, it continues to boast a very decent sell range in the long run. Indications of $7.50 up to $7.75/bu depending on freight cost, location, and time frame of delivery seem to be the deciding factors. Old crop and new crop values don’t come with much of a spread at the moment and should the prairies be lucky enough to keep catching these rains, we don’t expect this price to take a run up anytime soon. Malt values remain skittish to date, leaving your best option to call in with what you have for tonnage and quality, and let us find you some options for both old and new crop. If mother nature continues to cooperate as we push further into the summer months, it seems like the best move is to get something on the books at a higher value now rather than wait for softer bids as we near harvest.

Pea markets seem to have fully adopted the theme of declining values this week. Each day the old crop market seems to soften a bit more as new crop gets closer to the bin, and rains hit many areas. Old crop yellow peas are priced around $15.00/bu, while old crop green peas are down to $13.00/bu, both picked up on farm. There seems to be little interest coming from importers at the moment. New crop, however, still seems to be holding in there with yellows and green peas at $13.50 – 14.00/bu picked up with an act of God. It is looking like Russian peas will be quite competitive with Canadian peas into China for new crop as their offers are cheaper than ours, as per reports. We will just have to wait and see if any quality issues arise with the Russian peas. If not, this could cause some issues for Canada. Maple peas remain quiet, with old crop at $15.00/bu and new crop around $14.00/bu.

Flax markets remain mostly unchanged from last week with old crop hovering around $31.00/bu while new crop is hit and miss at $30.00/bu, picked up with act of God. We suspect old crop prices will be merging to new crop sooner than later, so growers are encouraged to make some sales while spot bids are inflated. Now that seeding is over, there has been some more movement of flax, but at small volumes, mostly going to the US. Reports out of the Kazakhstan region indicate conditions for their flax crop have stabilized due to sporadic rains, and analysts expect at most, average yields. Small quantities of flax were shipped to China over the last year however, Canadian flax prices were too competitive compared to Russian flax prices. We could see that market recover now that bids have moved down in recent weeks. With the US crop looking decent, we are likely to see demand across the border decline in 2022/23.

Soybean markets are up based on an expected cut to 2022 US soybean acres in tomorrow’s USDA report. Overall, energy markets have also offered strength to the soy complex. Local bids are location dependent and range from $18.50-$19.50/bu FOB farm. Over the coming months, it is expected that statistical organizations will report the decrease in dry bean planted acres both north and south of the border. Reduced planted acres, a smaller 2021 crop, and measured farmer selling are expected to be supportive factors for dry bean prices. Global crop production prospects are putting a bit of a damper on faba bids. It is expected that Australia will produce a year over year smaller faba crop, but it should still exceed their 10-year average. Domestic prices continue to take direction from the pea market. New crop faba bids showing up around $15.00/bu FOB farm for a #2. Old crop feed faba bids are near $13/bu FOB farm and old crop #2 grades are drifting lower akin to yellow pea bids.

The canola market is taking direction from a few sources. A forecast cut in soybean planted acres has reversed earlier softness caused by a generally favorable weather forecast for most canola growing zones. Statistics Canada will release seeded acreage numbers on July 5. It is not uncommon to see traders “ride the pine” when a national holiday falls near a new report, as will be the case on both sides of the border. Old crop values appear to be converging towards new crop values. Old crop is now bid in the range of $20.75-$21.00/bu picked up and new crop is valued between $19.50-$19.75 picked up.

General declines in the futures market (albeit up today) have softened and in some cases eliminated oat bids over the past week. Buyers start to pull back as growing conditions improve across many key areas, but not all hope is lost. Recent indications show some new crop values around the $6.50/bu range delivered into Eastern SK and Manitoba. Stronger bids may be attainable if delivery is pushed into early or late 2023, in some cases August ’23. Spot bids seem to have taken the biggest hit as finding bidders proves to be quite the task. That said, one or two have showed some interest in purchasing a few bushels for August ’22, so we suggest making sales sooner rather than later. As a reminder, a handful of buyers will NOT take pre-harvest glyphosate sprayed oats; something to keep in mind as we inch closer to harvest.

Canary prices have tapered off a bit as the spot price pulls back from the 50 cent/lb range that it sat at for so long. Now, values have settled closer to the mid 40’s range for the time being. Stocks are very tight, and acres are not widely planted, so the weather market will play a factor of canary this year. Canaryseed is not like mustard with inelastic demand, so if prices get too high, end users will find a replacement, which means there is a cap to what values canary can hit. Recent rains to some of the driest areas where much of the canary is grown has helped this crop out some, but there is a long way to go before canary production is out of the woods. New crop prices remain bidding up to 43 cents picked up on farm with act of God for those with interest to take some marketing risk off the table.

Wheat values have slipped under $13/bu delivered in the milling market now for a #1 CWRS as the futures market bloodbath last week did not leave wheat prices unscathed. Prices may bounce back a bit, but the highs are gone for now, and time will tell when we see those values again. No real big news to add to the market this week as the USDA report is more about corn and soybeans, and the Seeded Acreage report in Canada is unlikely to stir the wheat markets too much. The weather markets may play a bit of a factor, so if you have product still to sell, be prepared to move when the market does. Spot feed prices on feed wheat have obviously come down as the milling market got creamed. Current bids are showing $10/bu as the starting number in most areas, but buyers are not particularly aggressive at this juncture.

In this shorter week leading to Canada Day, mustard remains relatively unchanged. Again, mustard markets are still remarkably strong despite the big commodity pullback last week. The weather remains fairly favorable for mustard in key growing areas. If you have not yet booked new crop acres, maybe it is time? Generally, this year’s crop is miles ahead of last year and remains that way heading into July. The window to sell at strong spot prices is closing rapidly now. Spot prices are subject to quick changes as buyers get their July needs met, meaning these prices can change daily. Old crop yellow mustard is still indicated in the $1.50/lb range, brown sits somewhere around $2.00/lb, and oriental likely still trades at $0.90-$1.00/lb, all FOB farm and moved before harvest. New crop mustard remains very strong with bids on yellow and brown still indicated around $0.95- 1.00/lb, with oriental only slightly behind around the $0.90/lb mark. These bids still include a full act of God and are quoted as FOB the farm. Price targets continue to be our best marketing tool when it comes to mustard. It is important to call your merchant to discuss using this system to secure the highest values in this market.

Lentil markets continue to slip as crop conditions improve and the growing season gets closer to harvest. Early reports are suggesting that this year’s red lentil crop could double last year’s, and if correct, pairing up current carryout numbers could pose a state of softness for the near future. This late news has put most buyers in a wait and see or hand to mouth buying position at this time. Large and small green lentils have felt the market swing slightly less than reds, but they have not gone unscathed. Buyers are still looking for small amounts of each, but the prices are specific to location, quality, and buyer. The pricing on old and new crop green lentils have converged in some cases, but there are a few stragglers left looking to buy spot product at a slight premium. The risk with carrying 2021/22 lentils into 2023 is that if this year’s quality (splits/ colour etc.) far exceeds last years, buyers may opt to only take 2022 harvested product.

Chickpea markets remain similar to last week with prices ranging in the 45 to 48 cent range on old or new crop. Not to sound like a broken record, but as we’re sure you’ve read throughout the report, improved moisture conditions across the prairies has eased concerns over the coming crop. Another aspect that’s in anticipation is the actual seeded acres between the U.S.A. and Canada. The wait is almost over as the USDA’s seeded area report and Canadian estimates will be released in only a few short days. We are unsure how these reports will have an effect on the market unless early estimates were completely misreported, but it is always nice to get an idea on final numbers. At these price levels paired with current market conditions on most other commodities, it feels like buyers are looking for any reason to lower prices. So, if estimates remain similar or show a slight increase, we could see more loss in pricing.

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


Rayglen Market Comments – June 22, 2022

The pea market has not changed much from last week, although prices have been pulling back to slowly bridge the gap between old and new crop. Today, old crop yellow peas still see premium bids available at $16-16.50/bu picked up. Old crop green peas, on the other hand, have been struggling to trade at $14.00/bu picked up, with only a couple locations working at that value; some have now pulled back to $13.50/bu picked up. New crop values remain unchanged for yellows and greens, with bids at $13.50 – 14.00/bu with an act of God. Maple peas are seldom talked about, with old crop closer to $15.00/bu and new crop likely trading around $14-14.50/bu.

The lentil market has experienced many changes over the course of a week. Widespread rains hitting areas in dire need have eased buyer concern, and bids are starting to reflect that. Not only have values softened, but current selling opportunities also appear to be quite shallow on both new and old crop. Appetite for large quantities doesn’t exist as hand to mouth purchasing takes over. Red lentil markets have pressure from increased acres in Australia and declining lentil bids in Turkey as their crop develops, which will continue to soften the market. Old crop red lentil bids are sitting at 37-38 cents/lb picked up with new crop now down to 35 cents picked up with act of God. Old crop #2 large green lentil bids fluctuate quite a bit with 50-53 cents being indicated, while new crop drops to 45-46 cents picked up. Small green lentils have seen a little less volatility this week with old crop at 49-50 cents and new crop at 42 cents picked up with act of God. Last year’s large green lentils were of poorer quality, due to excess heat causing higher splits, so if we end up getting a good crop this growing season, we can expect buyers to shy away from 2021 production. It’s a good time to consider moving your old crop into the market while prices are still historically high. Also, with recent rain events, now is the time to lock in 10bu/acre with an AOG on your lentils if you haven’t already.

It’s been a tough couple of days for soybean futures as they have given up ground over the last two sessions. US soybean crop conditions and planting progress are both in good shape. Most of what’s remaining to be planted is double crop beans and will get done once the winter wheat harvest is wrapped up. As is typical, crop condition scores and weather-related issues will play a strong hand in market direction. There are some indications of a forecasted reprieve from the current high temps hitting key US growing zones. Local bids are location dependent and range from $18.50-$19.50/bu FOB farm. Dry bean planting delays or flooding is a significant factor on both sides of the border. Australian faba production is still forecasted to exceed the 10 yr. average. New crop faba bids are showing up around $15.00/bu FOB farm for a #2. Old crop feed faba bids are near $13/bu FOB farm and when old crop #2 demand periodically occurs, it is often near $16/bu FOB farm.

Barley has decided to follow suit with most commodities, now taking note of the recent moisture hitting many areas. This means feed barley is still trading, but values have dropped as the market sees less concern over producing a 2022/23 crop. Old crop bids are now sitting around that $8.25 – $8.50/bu FOB farm mark with a July – August delivery time frame, down 50-75 cents/bu since last week. New crop feed barley has also taken a step back, now trading around the $8.00/bu FOB farm range. Should the moisture continue to fall throughout the prairies, we suspect demand will only lessen in the coming days. If you were on the fence before, we highly suggest now is the time to think about taking the plunge. We are still not hearing much new in the way of malt barley, but calling in to place a firm target would be a smart move. Getting some new crop feed or malt signed up is not a bad pay, especially if we get back into average crop territory. Clearing up some early bin space and put a little cash flow into the pocket never hurts either.

Wheat prices are slipping as all markets seem to come off this week. Feed market bids have fallen below $13/bu on farm and in many areas are closer to $12.50/bu at time of writing. Wheat futures broke lower through the recent trading range on Tuesday, the lowest since March. Recent rains have been bumping up production projections in western Canada, harvest is picking up in the US and potentially large crops in France and Russia weigh on markets. Milling bids on #1 CWRS pushed down closer to $14/bu range today as the markets dropped. Current durum bids are showing $15.50/bu range in most areas of the province as a delivered in price, but obviously things are not on solid ground this week, so act quick if you’re looking to make a move.

Precipitation across Canada and US has started to show positive potential for production in chickpea acres over the last week. Growers are reporting favourable growth in their once stalled crops and the tone has gone from dismal to optimistic. While the rain has reflected on most markets with softening of values, Chickpeas are still flatline with old and new crop hovering at $0.50/lb FOB farm with new crop carrying an AOG. Globally, Mexico reported an increase in acres, but their production has come in as similar to last year, while Australian acres are reported down 28%. We are still seeing a lateral move on value. It is worth mentioning that chickpeas are quite reactive to adverse weather and there is a lot of weather between now and harvest. A production of high green count, small caliber etc. would certainly have an effect on where that market goes. Feed/sample values are bid around $0.30/lb FOB farm. If you are thinking of locking in a few acres, give a call to the office to discuss options.

Canola markets have been drifting south this week, but this yoyo movement has been pretty common the last several. The difference is we have favourable weather and markets are under the assumption there will be an average crop. Hard to justify those high levels of yesterday so expectation is a continued slip to more globally tradeable levels. Growers have been more apt to selling what is left in the bin with the thought that we may have seen the top becoming more real. Discussion around new crop has also been steadier and trade wires are recommending up to 25% to be committed. Flea beetles have been an area of concern and growers are encouraged to keep a closer than usual eye on conditions as crops develop at a quick rate. Globally, with the ever-increased rate of usage in renewable diesel sector, supply chain disruptions from Russia and Ukraine, and the potential of buying power from China, we are left with a continued yoyo movement. Board today is down $31.90/MT, translating to roughly $21.88/bu for July-November movement, and $20/bu for December with a slight uptick going into 2023.

The canaryseed market sees flat prices for another week. While other commodities seem to lose some pricing this week with recent rains, the canary market is holding. Does this suggest supply is tight enough that even a move to an average crop will not produce enough to cover demand? Old crop bids are still lingering around 49c/lb picked up, but the odd offer in the right freight area has triggered at 50c/lb, which is what this market has been doing over the last month. New crop values have picked up slightly over the last couple of weeks, and some acres can be put on the books at 42c/lb FOB farm with act of God. After showers that have covered a good part of the province, looking at locking in 10bu/acre at these values not only takes some risk off the table, but also guarantees some movement.

Flax prices have softened in the last week due to recent rains and buyer’s stretching inventory while waiting for new crop. For those with flax still in the bin, $33-$34.00/bu might still capture buying interest, while those with product in the dirt may still be able to capture bids at $30.00/bu picked up with act of God. These bids don’t seem to run deep, so if you are getting rains and the crop is coming along, signing up some acres will take some risk of falling markets off your plate. Some analysts feel like there will be adjustments to flax acres in the next StatsCan report, so this is something we must watch out for. The rain patterns in the western prairies have also hit the US flax growing areas in North Dakota and Montana. While the flax crop is still a ways from being harvested, the yield outlook seems to be improving. New crop at $30.00/bu is historically high and needs to be considered.

The prairie provinces’ oat acres are projected to increase roughly 17% over last year, which bodes well as carry out oat supplies are considerably light. That being said, buyers for the most part are pretty full on old crop and only entertaining the odd load here and there to round out limited needs. New crop bids have been fairly aggressive this last week, and buyers are still willing to work with growers on a rollover option into the next year if crop quality and quantities aren’t met. Bids have been posting around $7/bu FOB farm and maybe a bit more depending on movement window. The market has slowed pace this last while, so don’t be surprised to see a pull back here as well in the near term. Oats were a top contender many turned to due to wet conditions in predominate growing areas.

Mustard markets are still remarkably strong despite a big pullback in most other grain prices. If you have not yet booked new crop acres, we are suggesting you take a serious look at it. Rains have come to many areas now over the past week that grow mustard. Early reports seem positive as we talk to growers about crop conditions, despite a few instances of flea beetles and poor germination in certain pockets. That said, generally this year’s crop is miles ahead of last year. Spot prices have become very shaky and are subject to quick changes. Old crop yellow mustard is still indicated in the $1.50/lb range, brown sits somewhere around $2.00/lb and oriental likely still trades at $0.90-$1.00/lb, all FOB farm and moved before harvest. New crop mustard remains very strong with bids on yellow and brown still indicated around $0.95- 1.00/lb, with oriental only slightly behind around the $0.90/lb mark. These bids still include a full act of God and are quoted as FOB the farm. Grower targets continue to be our best marketing tool when it comes to mustard. Don’t leave money on the table as we have said before, it’s important to call your merchant to discuss using this system to secure the highest values.

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


Rayglen Market Comments – June 15, 2022

The pea market started to pull back this week as more buyers are now willing to wait for new crop. Old crop yellow peas are closer to $16.00/bu picked up, and green peas are now priced around $14.00/bu. New crop bids for both remain at the same level, around $13.50 – 14.00/bu picked up with the act of God. Most of the prairies saw some sort of moisture over the last week which has buyers less concerned about crop availability for the 2022 year. Even with acres estimated to be down and late planting in some areas, the pea market doesn’t look to be changing anytime soon. Maple peas remained quiet with old crop at $16.00/bu and new crop around $14-14.50/bu.

Barley markets continue to hold in there, but given recent showers throughout the prairies, on top of a 2022 harvest growing closer and closer, we see the demand for old crop feed barley dwindling everyday it seems. Today, $9.00/bu FOB farm with a bit of a delayed delivery window is still triggering for old crop feed, and if you were on the fence about selling old crop, now is the time to take the plunge. New crop feed barley remains attractive this week with bids on par with old crop around $9.00/bu FOB farm depending on the area. Not to sound like a broken record, but given the recent rains, we suspect this price to drop a bit in the coming weeks, if not days. Old crop and new crop malt barley still seems to be a hand to mouth purchase with indications around $10/bu and $9/bu, respectively. Your best bet is to call in with old crop specs and/or new crop acres and let us do the work for you. Current values on all types of barley, new crop and old, continue to make for sensible sales.

Current wheat markets remain much the same as previous weeks. Old crop values are trading in that $15.00/bu delivered range for #1, 13.5% protein, and depending on the day, maybe a few cents more. We continue to see swings daily on the pricing, but it seems to be only a few cents at a time. Prices go up a bit, buyers lock in a few tonnes, and are comfortable to drop off until demand calls for more. Given recent showers throughout the prairies and anticipation of more to come, we suspect that buyer demand, whether it be old crop or new, will slowly start to fade away. Old crop feed value seems to be dropping off as well, but growers can likely still catch bids in that $12.50 – $13.00/bu FOB farm range. For anything above these values, or to get more insight as to what we are seeing, feel free to call your favourite merchant today!

Well, a bit of tea in the chickpea market this week. The World Food Program will be awarding a tender next week, and while it is for a relatively small amount of volume (2800MTS), it could give the market a bit of a bump. We recommend putting in targets today rather than waiting for a bid hike as the targets typically hit first, and this amount will fill quickly. In addition, there is chatter that Turkey’s production was not as good as expected, and with slower movement out of the Black Sea region, we could see that transfer to interest in North American supply. It is unclear how many bushels are actually left on the farm today, but we are still finding pockets of supply on the regular across Western Canada. Old and new crop values still hover around $0.50/lb FOB farm with an AOG. Planting is 96% complete and there has been favourable weather in many areas, but the reaction from the market has been surprisingly sluggish. Sample and feed product is still on the want list of every buyer with bids ranging from $0.40-$0.45/lb depending on location.

Mustard markets remain ripe for the picking – whether that be old crop or new. Despite a slight reduction in values over the past couple weeks, all types of mustard continue to show bids that just make sense. Old crop yellow mustard is still indicated in the $1.50/lb range, brown sits somewhere around $2.00/lb and oriental likely still triggers at $0.90-$1.00/lb, all FOB farm and moved before harvest. New crop mustard remains attractive as well with bids on yellow and brown still indicated around $0.95-1.00/lb, and oriental dragging only slightly behind around the $0.90/lb mark. These bids still include a full act of God and are quoted as FOB the farm. Recent rains across much of the prairies may ease some of the excitement in this market, but on the other hand, reports of flea beetles, frost damage, and poor emergence are starting to roll in. We hope that some moisture will help to push those plants along and growers can produce a healthy crop, but only time will tell how the 2022/23 production will shape up. Grower targets continue to be our best marketing tool when it comes to mustard; don’t leave money on the table – call your merchant to discuss using this system to secure the highest values.

The spot flax market has started to quiet down this week with bids hit and miss. Buyers seem to be on hold waiting for new crop to become available, while stretching out their inventory. With the rain events over the last week that has provided some coverage into the drier areas, buyers are not as concerned about the 2022 crop. New crop prices are still $31.00/bu picked up this week with an act of God. While there are still many unknowns in the market, the Black Sea region will likely continue to fill the voids from Russia. China and Europe have adapted to find cheaper sources of flax from other suppliers. Current old crop bids sit in the range of $35/bu FOB farm, give or take pending location.

The oats market has been a bit of an afterthought as of late, with buyers and sellers seemingly unconcerned with what prices are doing, which isn’t a lot. Spot prices are tough to track down, but we still have a few options around showing delivered in prices at the high $8/bu range on a milling #2 oat. For fall, the price opportunities are showing that $7/bu number again in a few areas. Oat buyers don’t offer an act of God on the contracts, but we do have some buyers that offered a roll over option into the following year, providing decent protection against a buyout. The September oats futures are still running around where they have been for the last month at around $6.25/bu. Increased interest in new crop from buyers might lead back to crop concerns and getting more coverage as the futures prices have not lent to any increases of late.  Feed oats bids can still be found if you are looking to part with some lower quality product; we would expect to see bids at $6.50/bu or better at this point.

The canary market continues to hold its own again this week, trading sideways, while most other commodities have dipped. Buyer bids hover around 48-49c/lb range as producers continue to move pockets here and there. Minimal on farm stock and reports of tighter seeding intentions (15% less acres than last year) on this commodity continue to prop up buyer bids. Regardless of whether we see a bounce back on crop yield for 22/23, pricing indications look to remain steady. The price spread on old crop to new remains around 6-7c/lb less with an act of God for fall movement.

Lentil prices continue to soften as old crop prices drop down to meet new crop pricing. Old crop large green lentils have lost at minimum 2 cents since last week, with 55c/lb now the peak; many buyers are bidding less. Reds have lost about a cent this week, with 40 cents delivered plant being the high today. Lentil markets will likely remain quiet now until new crop hits the bin. Most buyers seem to have most of their July sales covered, so not many companies are actively hunting for old crop. New crop lentils are still sitting at strong pricing. New crop large greens are at trading 46 cents for a #2 or better, while small greens are posted at 40 cents for #2 & 42 cents for #1. Red lentils have new crop bids at 37 to 38 cents for a #2 or better. All the new crop contracts include an Act of God and are indicated as FOB farm. At these levels, lentils still pencil out to be the 7th & 8th best returning crops. Mustards, canola, oats and malt barley are the only crops with better returns. With the uncertainty in all markets lately, give our office a call and we will try and give you the information you need to make an informed decision.

US soybean crop conditions and progress are both in good shape. Most of what’s remaining to be planted is double crop beans and will get done once the winter wheat harvest is wrapped up. As is typical, crop condition scores and weather-related issues will play a strong hand in market direction. Local bids are location dependent and range from $17.50 -$18.00/bu FOB farm. Dry bean planting delays or flooding is a significant factor on both sides of the border. Australian faba production is still forecasted to exceed the 10-year average. New crop faba bids are showing up around $15.00/bu FOB farm for a #2. Old crop feed faba bids are near $13/bu FOB farm and when old crop #2 demand periodically occurs, it is often near $16/bu FOB farm.

Recent rains in Alberta and western Saskatchewan have put some pressure on the canola market. However, over in Manitoba, rain has halted planting efforts. Most recent forecasts state planting at 87 per cent complete. ICE futures are not only watching local crop conditions, but continue to take direction from global edible oil markets and European rapeseed values. Old crop canola values range from $24.50-$25.50/bu picked up, location dependent. New crop values range from $22.50-$23.00/bu picked up.

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


Rayglen Market Comments – June 8, 2022

The pea market has begun to soften as old and new crop prices start to converge. This week we had a couple of buyers scrap their old crop yellow pea bids for new crop pricing. We do still have a few buyers left at $16 – 17/bu picked up, so if you have yellows left in your bin, now is the time to move them. Green peas remain at $14/bu picked up with a few $14.50/bu targets hitting last week. Even with the expected decrease in pea plantings this year, buyers don’t seem overly worried about available supply. The only thing that will change this tune is if we see weather conditions deteriorate quickly. New crop pricing for yellow and green peas remains at $13.50 – 14/bu picked up with the act of God. Maple peas are still priced at $16/bu for old and $14-14.50/bu for new. Looking overseas, India is also seeing their pea and desi chickpea pricing move lower, which keeps them from opening up any pea imports.

Barley markets continue to host good values this week. Old crop feed barley is still triggering in various areas throughout the prairies at $9.00/bu FOB farm for a July/ August delivery window. We suspect supply on farm is starting to dwindle and rightfully so, given the value over recent months. Malt trades remain hand to mouth. Your best bet to secure a bid is giving your favourite broker a call, with specs on hand, so we can find some options for you. Much the same rings true for any new crop malt values. New crop feed barley is triggering around that $9.00/bu FOB farm pricing, but given the recent sporadic rains, this price may start to slowly drop off. With the east side of the prairies being pushed into a later seeding year, we suspect we’ll have some surprise feed barley acres pop up that were not initially anticipated. Should this be the case, don’t be surprised to see any new crop feed values react to the change and come down in price. Current $9.00/bu FOB farm bids are historically high and locking in a certain percentage of what you expect to grow is a power play move!

The moisture conditions have improved in some flax growing areas with some analysts expecting a supply increase of 29% over last year. Kazakhstan has filled voids from Russia since the start of the war in Ukraine, and China isn’t feeling a pinch from lack of Canadian supplies as they are still sourcing from overseas. The spot market on flax varies, and really is a hand to mouth market as buyers are stretching their inventory until new crop is available. For those with flax in the bins, it’s possible to still capture up to $36-$37.00/bu picked up in summer months. New crop prices linger around $31.00/bu, picked up with act of God. With Canadian flax prices still at all time highs, there hasn’t been much interest from the European market, rather they have adapted to source from other supplies. There are still many unknowns in the global market, so we expect prices to stay firm for now.

The Canadian and US chickpea markets maintain level bids, and there are rumors that Russian supply is hitting markets through the Dubai port. Speculation would have those valued less than the North American market in order to move them, but no firm numbers are being reported. Seeding is wrapping up, and there are a couple points heard around the coffee shop: 1) Chickpeas were seeded deeper than usual to hit moisture and plants are now about an inch tall. 2) Grasshoppers in the US are eating through immature acres and destroying the possibility of production. There is still a question mark around exactly how many acres hit the ground given some extremely wet areas, and what production will look like given some extremely dry areas. Prices have not responded and maintain value around $0.50/lb or better for another week out.

Canaryseed markets have been a little sideways this past week. Spot prices are still showing bids around 50 cents delivered to plant range, but trades are more often occurring at 50 cents picked up on farm; so, we have some wiggle room if you’re a seller. It feels like we have been cleaning out the corners of old canaryseed stocks for quite some time, but there just seems to be more and more coming to the market as we trudge along. Like a magician pulling a handkerchief out of his pocket, you presume it will end, but it just keeps coming. Recent rainfall has analysts predicting some bounce back in canaryseed production from last year, but we have yet to see how many acres actually ended up in the ground. It does not feel like producers were wild about seeding more canary with so many other good options and a pretty poor yield last year (though what wasn’t poor?). Tight stocks and low acres will likely keep prices supported.

The lentil market price has slid a little over the past week. As crop conditions improve across the prairies, and old crop sales wrap up for the year, spot prices will continue to converge with new crop. Red lentils only have a couple cent spread between old and new now, while large and small greens are a bit more enticing, still showing an 8-9 cent spread. Which show the most price risk? Reds are ranked as number one due to a large supply in Australia, more carryover stocks form Canada and India, cheaper substitute crops, and potential of an average crop in Canada. Small greens rank number two due to good crop conditions in most of the small green areas, smaller market, and price point. Large greens may have the least amount of risk as a lot of the growing area is still dry, varying grade factors, and smaller than normal carry over. A good U.S. medium green lentil crop could have an effect on the large green market as they are usually cheaper and an easy substitute for large greens. With some of the highest new crop pricing available that we’ve seen in many years, this may be a good time to make a hedge as it’s suspected no buyer really wants to be long in a market that has more loss potential than profit.

Canola markets are slowly trying to regain some strength this week after a hard week of losses. The week of May 30th July futures saw a loss of 6.65%, recovery this week has the July futures at a 0.39% gain. The week of May 30th had an open of $1187.60/MT, a high of $1194.50/MT and a low of $1102.00/MT. This week started out at $1115.10/MT, with a high of $1143.40 and low of $1105.40/MT. This week seems to hold a bit more stability generally. Most canola buyers have their basis incentives ending by mid July. Old crop this week is still just above the 26-dollar mark delivered plant and new crop pricing starting mid July is just shy of $24.00 a bushel. If you’re still sitting on some old crop, time is likely running out to lock in these higher prices and getting product moved before harvest.

Globally the wheat market continues to make headlines with Russia now facing speculation of selling Ukrainian wheat along with controlling the vast majority of port flow. Factor in adverse weather in the US and India, creating headaches as crop potential continues to diminish in those regions. The problems don’t end there as stocks are extremely low, some of the lowest levels the world has seen. China’s winter wheat crop is over half completed and reports are that it’s looking good. How much of China’s wheat actually hits the market is yet to be seen. All of the topsy-turvy news continues to prop up wheat pricing. Looking locally, the wheat market inched up this morning with buyer bids climbing a couple pennies to sit around $15.25/bu delivered in on a 13.5% pro, roughly on par with a week ago. Feed continues to be sought after by buyers with active bids hovering around $13/bu picked up on the farm.

Mustard seems to be under a little pressure on all fronts, but especially on spot yellow. Some rains have fallen recently in strong mustard growing areas, which is good news for growers. Will this lead to softer new crop pricing? Spot levels have bids down around the $1.60/lb range on yellow, $1.90/lb for brown and $0.98/lb on oriental, all FOB farm for June/July pickup. New crop values on all mustards are still solid even though demand has slipped a bit. All varieties, yellow, brown, and oriental, are sitting at $0.90-$0.95/lb FOB farm, with an Act of God including drought. Talk to your merchant on this, as a firm offer might be the way to go on new crop to secure the best value. After recent rains, should growers be taking advantage of the new crop prices while they remain available?

Oats seem to be stuck in a trading range that continues this week. Again, the talk is about reports of higher acres being seeded this year, but there is some concern over actual planted acres due to weather conditions. It’s too soon to tell what those numbers are today as the weather played a big factor in some areas. Old crop values for #2 CW are around $7.50-$8/bu FOB farm for June-July and new crop #2 CW at $6.50-$7.00/bu FOB farm for Sept-Oct with incremental movement up by $0.25/bu as you sell into 2023. Feed oats are still valued around $6.50-$7/bu FOB farm depending on down grading factors such as weight.

The soybean market gains momentum on tight South American supplies and ongoing Chinese demand, further fueled by fund purchases, and global veg oil market concerns. Local bids are location dependent and range from $17.50 -$18.00/bu FOB farm. Dry bean bids continue to be well supported. Plenty of chatter on social media regarding delayed dry bean planting on both sides of the border. The Australian faba crop, the primary Canadian export competitor, is forecast to decline from last year’s bumper crop. Australian faba production is still forecasted to be higher than their 10-year average. New crop faba bids are showing up around $15.00/bu FOB farm for a #2. Old crop feed faba bids are near $13/bu FOB farm and when old crop #2 demand periodically occurs, it is often near $16/bu FOB farm.

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


Rayglen Market Comments – June 1, 2022

With seeding still pushed behind in certain areas, we are going to see some pea acres get lost to other crops. It is looking like this decline in acres will be more than the original 7% reported drop, as per reports, but we will have to wait and see what the final numbers are. As long as we can get yields to bounce back, we are still expecting the 2022 crop to be larger than last year. Compared to last week, the pea market hasn’t had a whole lot of changes in pricing. Old crop yellows are still at $16.50 – 17.00/bu and green peas at $14.00 – 14.50/bu, both picked up on farm. Maple peas remain quiet at $16.00/bu. Looking to new crop, yellows and greens are both at $13.50 – 14.00/bu picked up with act of God. We may still be able to find $14.50/bu FOB on maple peas. What will affect the pea market this marketing year, is China and Russia now reaching a deal. Whether this will add competition into the feed or fractionation market we have yet to see.

At yesterday’s close the canola markets were mixed with July down and Nov and Jan up. However, waking up this morning, we are seeing a red board for canola for July through March 2023. As seeding is progressing, we are still seeing the west with a lack of moisture and the east struggling to get their canola planted. Pricing is still holding fairly strong with old crop seeing mid $27s for July. New crop prices are sitting at low $24s. We do have one option for new crop pricing that contains an act of God, call your merchant for more information.

Lentil prices remain strong again this week on old and new crop. Old crop red lentils are in the 40 cents/lb picked up range, while new crop offers are hit and miss at 39-40 cents. Large green lentils are sideways at 55-56 cents/lb on a #2, while new crop is at 48 cents/lb. Small green lentils are at 53 cents/lb delivered on a #1 and new crop at 43 cents/lb picked up. All new crop has act of God. Volumes of lentil exports to most destinations are down compared to last year, except Europe and the US. India has had the sharpest decline in Canadian lentil imports. For 2022/23 exports to encourage more demand into Asia and the Middle East markets, suspect that will require lower prices to be competitive. As we get closer to new crop, the old crop markets are quieter as farmer selling is quiet, and buyers aren’t concerned about the short-term supply. Bids will likely remain flat until there is more information on the 2022 crop planted.

The flax market continues to remain much the same as in previous weeks. Old crop values are still trending at that $38.00/bu FOB farm price, however, just know that these bids are not deep at all. Buyers are not looking to be long at these values, so the purchasing of old crop flax is very sporadic. Suspect this demand only continues to fall off as we move closer to a 2022 harvest. If you have been on the fence about selling now is the time to consider taking the leap. Historically, these values are still beyond great if not better! Firm offers continue to attract buyer interest, so for anything over and above, don’t hesitate to call in and throw something out on offer. New crop pricing on brown flax also remains strong with the availability to lock in $31.00 – $32.00/bu FOB farm with an act of God. This price is definitely a market you should sell in to. Not only do you get yourself some quicker movement and cash flow, but you also lock in what is likely the highest new crop pricing to ever be seen. There is still a market kicking around for yellow flax as well, both on new and old crop, but your best bet with that is to call in and let us find you the best price out there.

Markets for chickpeas on a whole have been flatline for the last week. News out of India indicates their crop to have a slight increase from previous numbers, and out of Mexico a slight downturn in production. Canadian markets are watching as weather has been mostly dry, but the general feel is still optimistic for the coming season. Despite a slight decrease in Canadian acres, it is speculated that the production should be more than last year, but down on a 5-year average. A lot of yoyo’s to handle in this information, but on a whole, slow and steady has prevailed. Old crop chickpeas valued at $.50/lb FOB farm and new crop at the same level of $.50/lb FOB farm with an AOG. The market is still hot for lower quality product and could be a good time to empty that bin.

The feed barley market continues to remain strong. With old crop tonnage chewed down pretty good and new crop a little ways off yet, buyer appetite holds. We continue to see most areas fetching $9/bu picked up on farm for July/August movement. If you are needing quicker movement, that’s an option, but it usually comes at a price cost. If you have a firm target, call your Rayglen merchant, and they will help you out. Looking ahead to new crop, feed prices have caught up to old crop with $9/bu DDC (no act of God) available in most locations for fall movement. If you were wondering about malt, well you haven’t missed much as that market remains stagnate. Last indications hovered around $10/bu.

Chatter from the growers’ side in the oat market are reporting buyers are looking for old crop supply. On the buyers’ side, it seems the demand is not to cover a short, but rather the opportunity to sell more is always present. Not sure if this drives markets any higher, or if it maintains tone though the coming weeks. Despite earlier reports of higher acres being seeded this year, there is some concern over actual planted acres due to weather conditions. It’s too soon to tell what those number are today. Old crop values for #2 CW are around $7.50-$8/bu FOB farm for June-July and new crop #2 CW at $6.50-$7/bu FOB farm for Sept-Oct with incremental movements up by $0.25/bu every quarter into 2023. Feed oats are valued around $6.50-$7/bu FOB farm depending on down grading factors.

The soybean market has had a month of up and downs but has had overall seen a small gain in pricing for the month. Soybeans are still feeling the pressure of tight global demand, slow seeding progress, and lower palm oil production. Seeding has picked up in some areas of the U.S.A putting the 2022 planting pace only 1% behind the 5-year average. The Northern Plains area is still struggling to get the crop in the ground. North Dakota is roughly 23% complete compared to the 5-year average of 70%, and Minnesota is 55% compared to 80% complete. The market will be keeping a close eye on the upcoming weather and how it will affect the rest of seeding. There is not a lot going on in the Faba Bean sector. A few buyers are looking for feed grade, with bids sitting near the $13.00/bu mark. Buyers seem to have little interest in the No. 2 market as oversea trade can locate beans from other sources easier and cheaper.

Tuesday and Wednesday have been tough days for North American wheat markets with as much as $1.20/bu USD negative trading range. Competing markets conditions are a little confusing. On one hand, a negative tone exists based on recent reports of US wheat planting progress, and a potential deal for Ukrainian grains in exchange for Russian fertilizers. On the other hand, Minnesota and North Dakota growers are shifting planned spring wheat acres into prevent plant and Ukraine is forecasting a 42% year over year wheat production decrease. Western Canada’s delayed spring wheat planting could translate into lower harvested volumes and potential quality challenges, time will tell. Local old crop milling wheat bids hover in the range of $15.30/bu delivered, with feed wheat values closer to $13/bu FOB farm.

Old crop canary bids continue to sit at 48c/lb picked up on the farm, though there have been some successful targets trading. A few targets at 50c/lb have been picked off for June/July movement. So, if you’re looking for 50c/lb, give your Rayglen merchant a call to lock in a target. There’s a bit of excitement over new crop pricing as 43c/lb picked up on the farm with an act of God is available on 10bpa for fall movement. This is historically a strong price on production.

Prices on mustard look very similar to last week. New crop mustard bookings continued at a decent pace as seeding wraps up in most mustard growing areas. We are still seeing some buyers seriously pull back on spot pricing. Overseas markets are perhaps looking to new crop. We have had reports of some serious flea beetle pressure in mustard, and some have to re-seed. Spot levels have the price around the $1.80 range on yellow, brown remains at $2.00/lb for a June/July movement, which is still excellent. Oriental seems stable at $0.98/lb FOB farm for June/July pickup. New crop values on all colours seem to have slipped a bit as yellow, brown, and oriental mustard are all sitting at $0.90-$0.95/lb FOB farm, with an Act of God including drought. Talk to your merchant on this, as a firm offer might be the way to go on new crop right now. Perhaps you might squeeze an extra penny or two in some cases and get the movement you want. Call us if you need some quick seed replaced, we may be able to help.

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


Rayglen Market Comments – May 25, 2022

Oats are doing much the same as they have in previous years around this time. Not a huge demand on the old crop side of things it seems. There is the odd $8.00/bu price still kicking around for a #2 CW, but not necessarily a deep bid. If you are looking for above this price, we highly suggest calling in and placing something on a firm offer. Interest for feed oats remains to date, but pricing all depends on quality. So same scenario as milling, call in with your specs and let us try to obtain the best price for you. New crop oats have interest at the $6.00/bu price with a jump of roughly $0.25/bu premium for a delayed delivery period. Although the roll over options seem to have come and gone, there might still be a few buyers out there who entertain the offer. With lots of the oat growing country being wetter to start oat seeding this year, suspect this may change the seeded acres for oats. If you have been on the fence about getting something on the books, now is a good time to pull the pin and get a certain percent locked in.

Canola markets are in another rough fall Wednesday after gains on Tuesday. The whole board is red on Wednesday with losses in wheats, corn, and soybeans, so canola is no exception. Seeding progress has picked up a little this week with some wet areas to the east able to get rolling, and progress in the drier areas out west pushed past 50% done or better. With lots of work still to do the in east where canola is seeded the heaviest, we need some drier weather to continue out there to keep acres supported and continued rain will reduce acreage. On the other side of the coin, the canola acres out west are not off to the greatest start with limited water supply. They will need some continued rain to see a decent crop out that way. New crop and old crop prices overall remain pretty sideways to recent weeks with $26/bu for old crop, and new crop at $23-$24/bu range with no act of God.

Feed barley prices remain at historically high levels for both old crop and new crop. For old crop we have been seeing $8.80 – $9.00/bu picked up on farm. The only change is movement keeps getting pushed out, and to get these prices, movement is July – August. We may have some quicker movement options available however at a discounted price. New crop feed barley has closed the gap between old and new as most areas have been seeing $9.00/bu pick up for September – December movement, no act of God. Malt barley prices have been slow to come by, but there have been some new crop bids around the $10.00/bu mark. We are expecting barley acres to be down this year, but with recent rains pushing back seeding in some areas, we will have to wait and see if some choose more barley acres for the shorter growing period. Old crop feed barley still active in SK at $8.50/bu and higher up the closer you get to SE AB. New crop feed barley valued around $9.80/bu delivered into Lethbridge with freight spreads backed off for SK FOB bids.

The flax market remains relatively unchanged from last week with old crop bids sitting around $39/bu picked up on the farm with buyers hen pecking only as much product as needed. No one wants to be long on what are still historically strong prices. With decreased production and low carry in stock, you may see Canada import product due to high pricing here at home until new crop comes into play. Looking ahead to new crop, Stats Canada estimates a decline in seeded area based on farmer seeding intentions. As such, new crop bids continue to show strength at $30-31/bu picked up with an act of God depending on farm location.

Pea prices remain sideways for the most part. Yellow peas continue to be $17.00/bu picked up, while green peas saw a little traction last week up to $15.50/bu delivered in some areas. New crop for both continues to be in the $13.50-$14.00/bu range, picked up, act of God. Exports could be limited as India is likely to remain out of the picture, and the US will be recovering its own crop. Chinese demand could come from Russia, but so far no official reports. Other Asian markets could be interested in Canadian peas, but prices would have to be more competitive. All of these factors could have demand unchanged from last year. Analysts expect green pea acres to fall back and yellow pea supply to be up. With yields expected to be up from last year, even if Canadian supplies are limited, there is still a possible risk to downside pricing. Buyers are looking ahead to new crop as prices are considerably lower and can expect hand to mouth buying for crop left in the bin.

Wheat markets maintain their fluttering movement for another week and started this week off with a bit of a slip down. #2 CWRS 13.5 pro valued at $15.41 for June and $15.50 for July out of Saskatoon, SK., and new crop with a bit into the 4th quarter of 2022. Feed wheat bids into Lethbridge are down about a dime from last week at $14.70/bu delivered June-July, and new crop seeing $12.80 for Aug/Sept movement. Feeders nearby are said to be filled up for the time being and while the winter wheat crop has seen its challenges, it is about 70 days away from harvest.

Lentil markets continue to be strong for both old and new crop. Buyers are still looking to get a little more coverage on old crop #2 or better large green lentils, with prices back up to 55 cent or better FOB farm for May-June movement.  Once buyers get their needs covered, one would expect prices to fall back as the trade will wait for the new crop to be harvested. New crop prices on large greens are 10 cents higher than last year, which is a recent high point. Today many buyers are trying to lock in new crop at 48 cents fob farm for a #2 or better. This price puts green lentils as the best returning pulse crop and  #4 for all specialty crops. The mustards are the only specialty crop that is showing a better return than the large green lentils. Red lentils also remain strong for this time of year as buyers are still paying 41 cents FOB farm for May-July movement and new crop is not very far behind with 39 – 40 cents FOB farm trading including an AOG. The price spread on new crop reds from last year to this year is about 8-9 cents better. This puts the reds right behind the large green lentils for the 2nd best returning pulse crop. At these levels of 33% Return on Investment on reds and 35% Return on Investment on large green lentils, it might be time to start hedging in some profitability for the fall.

There is a little movement in old crop chickpeas this week with new crop pricing holding steady. Buyers are showing some interest in old crop chickpeas at the 52 cents/lb FOB farm for May-June movement. This market seems too thin at this level as not every buyer is looking, and the tonnage does not appear to be very deep. Chickpeas may also be feeling some pressure as India Ag Ministry is reporting a record crop of chickpeas at 13.98 mln which means India likely will not be looking to import any in chickpeas for the short term anyhow. When talking with buyers, the oversea trade is reluctant to pay any big trades on the books and will continue to buy hand to mouth hoping for cheaper product to come available. The good news is that right now there is only a 2-cent gap between old and new crop. There are new crop contracts available at 50 cents Fob with an AOG. If you are trying to decide on selling old crop or new crop, selling the old might be a better decision as there is likely more chance of seeing gains in new crop versus old crop.

Prices on new crop mustard showed some slight softness this week, but bookings continued at a decent pace as seeding continues. On the downside, we are seeing some buyers seriously pull back on spot pricing. Some have even gone to no bid for now. Buyers are saying they have coverage now for the short term and buyers overseas are looking to new crop. Rain has fallen in some growing areas, and it appears the start to the crop looks decent right now. These factors are all influencing the spot price. That being said, we still have bids with certain buyers that are strong for now. Spot levels have the price around $1.85 on yellow, brown remains at $2.00/lb for a June/July movement, which is still outstanding, though we have serious concerns that this price will not last long. Oriental has slipped a bit to about $0.95/lb FOB farm. New crop values on all colors seem to have slipped a bit as yellow, brown, and oriental mustard are all sitting at $0.90-$0.95/lb FOB farm, with an Act of God including drought. Talk to your merchant on this, as a firm offer might be the way to go on new crop right now. Perhaps you might squeeze an extra penny or two in some cases and get the movement you want.

Old crop soybean bids continue to hold value due to tight stock, instability, and volatility in the vegetable and oilseed trade. Active old crop bids range around $18/bu picked up on the farm. Buyer interest also remains strong for feed fabas with buyers bidding $13/bu FOB farm. Buyer interest is a bit quieter on a #2 faba, but when buyers are looking, bids are ranging around $15-$16/bu FOB. As always if you have a firm target in mind, give your Rayglen merchant a call. Looking ahead, an expected increase in dry bean seeded acres in North America looks to be a bit tempered due to adverse planting conditions. This should hopefully lend support to new crop values.

Not much to report on the canaryseed front this week as far as changes. Bids are sitting in the $0.48/lb range from most buyers. Targets may have a chance at that $0.50/lb FOB farm mark on a case-by-case basis. Talk to your merchant and keep an offer up for a little while, as it may trigger. New crop values also remain steady, but not many contracts have traded this spring yet despite historically strong production contract values. Trades may pick up as rains have come and planting finishes up in some areas. New crop contracts at $0.40/lb with an act of God is a very strong start for canary at 10 bushels to the acre. Remember when canaryseed traded for 20-25 cents for many years it seems? For any sales targets above market value, call in today to post a firm offer, as we have been seeing these marketing tools gain buyer attention.

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


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