Barley continues to show strength this week, with values coming in stronger than most expected heading into the spring months. Old crop indications range from $5.00–$6.00/bu FOB farm depending on freight area and delivery timing. These remain solid values considering the ample tonnage still sitting on farm to carry feedlots through to the 2026 harvest. New crop bids are around $5.00/bu FOB farm on a deferred delivery contract, making it a reasonable strategy to lock in 20–25% of expected production to secure pricing and ensure earlier movement. The malt market remains quiet, with little in the way of firm bids. However, there are ongoing discussions suggesting feed barley values are not far off malt pricing, raising the question of risk versus reward when choosing between the two markets.

The pea market continues along a similar trend week-over-week. China reopening its market is helping support movement in yellow peas, though there is still a sizeable supply of all types of peas to work through ahead of the next crop year. Yellow peas are currently priced around $8.50/bu delivered, with new crop values indicated the $7.00–$8.00/bu picked up range, including an act of God. Green peas are priced at $10.00–$10.50/bu delivered in the spot market, based on a maximum of 3% bleach, with new crop bid around $9.50/bu delivered to plant. Maple peas have seen a slight uptick in demand this week with trades hitting the books at $12.00/bu picked up across most varieties, while new crop values are holding at $11.00–$12.00/bu delivered.

Flax pricing ranges from $17.00–$17.50/bu picked up depending on location and movement timing this week, a welcomed bump in pricing as we near planting season. Unfortunately, new crop activity remains relatively quiet, not experiencing the same uptick. Indications remain rangebound between $16-$16.50/bu FOB with an AOG. That said, firm offers are still encouraged to try and attract buyer interest at slightly higher levels. Early indications suggest increased flax acres in the U.S. and Kazakhstan, which could lead to a potential oversupply scenario and could explain lackluster new crop markets. Export movement into China has picked up slightly, and shipments into the U.S. are running ahead of last year. With the Seaway expected to open in late April to early May, volumes moving into the EU are likely to increase. Yellow flax continues to show relative strength compared to brown, supported by tighter supplies and less direct pressure from larger global production.

Chickpea markets continue to show steady week-over-week stability as both buyers and sellers look for opportunity. Old crop No. 2 Kabuli chickpeas are being indicated around $0.26–$0.27/lb FOB farm for standard sizing specifications. Prices remain somewhat sluggish as the market continues to work through a sizeable carryover. Acreage intentions suggest a decline, though end users remain hesitant to step in at current values. New crop chickpea indications are in the $0.25–$0.26/lb FOB farm range, including an Act of God clause and subject to freight sensitivity. There are still a few buyers active on feed chickpeas, though bids remain capped near $0.10/lb.

The oat market remains stable for another week, with subdued buyer interest. Milling quality oats are hovering near $3.00/bu FOB farm, or around $3.35/bu delivered in some areas, with modest premiums where freight is more favorable. New crop pricing continues to show limited upside relative to old crop, with early indications around $3.25/bu for fall movement and approximately $3.50/bu for spring 2027 delivery. At these levels, there is little incentive for a meaningful increase in oat acres, which longer term could help support values.

Canaryseed prices remain unchanged this week. Both old crop and new crop opportunities are being shown around $0.20/lb delivered plant, with FOB farm options available for those preferring not to deliver. Acreage projections are slightly lower than last year, and an average yield would result in a more typical crop size. However, the primary challenge remains the large carryover from last year’s production, which continues to weigh on pricing. While a production issue domestically or globally could help tighten supplies, it is difficult to rely on a weather-driven market to correct the imbalance. Conversely, a larger crop in Canada or key exporters such as Argentina would add further pressure, reinforcing the current sideways trend.

Canola is starting Wednesday on a softer tone, with May futures trading at $720.20/MT and June at $733.60/MT, both down roughly $10/MT at the time of writing. Comments from U.S. President Donald Trump and Iranian President Masoud Pezeshkian regarding a potential resolution to the conflict have weighed on markets, pressuring crude oil and, in turn, dragging down vegetable oil values more broadly. Whether any resolution materializes remains uncertain, but the market reaction has been immediate.   On the domestic side, Statistics Canada released supportive data, showing strong February canola deliveries compared to last year, along with an increase in crush volumes month over month. This continues to underline steady underlying demand within Canada.   Locally, Northwest Saskatchewan is seeing bids in the $15.60–$15.90/bu delivered plant range for spring through summer movement, with pricing varying by delivery window. In Northeast Saskatchewan, new crop bids are also ranging from $15.70–$15.90/bu delivered plant. Nearby movement opportunities are tightening, with May delivery around $15.70/bu becoming one of the last remaining spring slots. For off-spec or heated canola, reaching out to your merchant for FOB farm pricing remains the best approach for location-specific opportunities.

Saskatchewan wheat producers are benefiting from cash bids sitting near 2025/26 marketing-year highs, supported by strong Canadian exports and a tightening global outlook for 2026/27. While record global production in 2025/26 has kept overall supplies ample, output is expected to decline next year as key exporters—including Canada, Russia, and the EU—scale back, tightening stocks and lending support to prices into the next crop year. In Canada, near-record production combined with strong export demand continues to underpin firm pricing, with modest upside potential moving forward. However, rising input costs are putting increasing pressure on margins. Fertilizer prices have climbed sharply due to supply disruptions tied to the Middle East conflict, while higher fuel costs are adding further strain as seeding approaches. At the same time, drought conditions across southern Saskatchewan are introducing additional production risk. Other uncertainties include the potential for U.S. tariffs and ongoing rail service challenges, both of which could impact movement and pricing. While current values present solid short-term marketing opportunities, the 2026 growing season is shaping up to be a tighter margin environment where cost management, moisture conditions, and global market developments will be key factors. Currently, red spring milling wheat is trading around $7.45–$7.65/bu delivered in central Saskatchewan depending on delivery timing. Feed wheat bids are ranging from $6.25–$7.00/bu picked up on farm, depending on location and movement window.

Red lentil prices strengthened this week, with multiple buyers offering $0.26/lb delivered for April–May movement. Large green lentils remain quiet, with little to no change in pricing. Old crop large greens are trading at $0.23–$0.24/lb FOB farm, while new crop bids are sitting at similar levels with an Act of God clause. Small green lentils have seen limited trade, with No. 1 grade moving around $0.19/lb FOB farm. No. 2 grade is priced at $0.15–$0.16/lb FOB farm, though this segment of the market remains largely inactive, with very few trades reported since early February. As the crop year progresses, both large and small green lentils may face a selling and shipping bottleneck due to the volume of product still held on farm. Without weather concerns or early crop issues, there is limited expectation for significant upside in green lentils ahead of new crop. Another key risk is potential grading pressure from discoloration over time, so resampling stored inventory and confirming grade is advisable before marketing.

Soy oil put some pressure on futures overnight as crude oil weakened and Middle East tensions showed signs of easing. USDA acreage estimates offered some support, though higher stockpiles point to slower export movement. The EPA’s record biofuel mandates for 2026–27 are supportive for demand, and tighter U.S. supplies could still develop despite strong global stocks and a record Brazilian crop. Local soybean bids are currently in the $13.25–$13.50/bu FOB farm range. Dry bean markets continue to recover from multi-year lows, as lower prices have supported exports and helped draw down black and pinto inventories. However, ample overall supply continues to cap significant upside. Local bids have edged higher and are now averaging around $0.35/lb delivered. Faba bean exports are improving despite a smaller Canadian crop, though large Australian supplies and expected export pressure are likely to limit price gains. Farm gate bids are near $8.00/bu for No. 2 export quality, with feed-grade product around $7.00/bu FOB farm.

The mustard market remains quiet again this week. There is some skepticism around projected 2026 acreage following the latest Statistics Canada report, particularly with strong canola prices pulling acres away from other oilseeds. Spot pricing remains unchanged, with yellow mustard around $0.37-$0.40/lb, brown at $0.30–$0.32/lb, and oriental near $0.38/lb. Lower grade product can still find a home with discounts. New crop values are trading at $0.40/lb for yellow, $0.34–$0.37/lb for brown, and around $0.36/lb for oriental mustard, all including an Act of God clause. Delivery timing varies by contract, so it is worth discussing options with your merchant. Seed availability remains for last-minute decisions, with delivery options still open, but running out quickly.

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.