The canaryseed market has been generally unchanged this week with the exception of a single old crop target trading at 28 cents FOB farm. There has been not much movement on the canaryseed price otherwise, but we suggest too keep throwing those offers out as small opportunities do pop up. We still suspect producers will plant canaryseed this coming season, due to relatively high values compared to the last couple years. Firm bids today sit at 27 c/lb FOB farm, Apr-Jun for spot, while new crop canary values are being indicated around 22- 23 c/lb FOB farm with an Act of God clause.
According to reports, fractionation plants in China have begun to open back up, which has the pea market turning slightly higher these past 2 weeks. Overseas is also providing demand, due to the current state of the world, which is also holding prices slightly higher. Old crop yellow peas have moved up to $7.25 – 7.50/bu FOB. New crop is trading at $6.50/bu FOB with an act of God. Green peas are trading at $10.50 – 11/bu FOB, with new crop at $9/bu delivered. Old crop values are expected to hold steady as Canadian supplies gets tighter. New crop values are going to depend on what the expected 2020 acreage reports come out at. Maple peas finally showed a bit of life in values again, old crop is moving at $8.50/bu-$9/bu FOB. New crop remains quiet as bids are starting at $7.50/bu FOB with an Act of God.
There is steady demand for flax again this week, however, Canadian exports are also being limited by supplies. Prices this week are starting at $13.00/bu picked up on #1 and for those with milling quality, let us know the area and will we get a FOB farm price. The Black Sea region stockpiles are slowly shrinking which is why Europe and Chinese prices have moved up slightly as of late. There could be some flickers in price before new crop comes off. So far, the gains overseas have not reflected back to Canadian bids due to other competition. There is also some reluctance from buyers as they want to make sure they have enough product to fill sales. New crop prices are staying sideways at $12.50/bu picked up. Yellow flax prices also remain sideways this week with old crop at $16.00/bu and new crop up to $14.50/bu FOB.
Feed barley markets have maintained strength this week, with bids actually firming up a little bit. Old crop bids are currently ranging between $3.90-$4.40/bu FOB farm. Pricing is stronger into the summer months, especially for areas outside of primary highways. For those on or near primary highways, some quick movement options are still around at strong prices. There is some concern moving forward that the slowdown and price weakness in the livestock industry could lead to some weakness in feed demand so now is a good time to look at pricing what’s left on farm.
May Canola futures have traded sideways to lower this week. At time of writing they are at $459/MT, compared to $462/MT at the same time last week. Some of these losses come from the weakness in general markets and the lowering of crude oil pricing. The continued combing of canola that had been left out over winter in the prairies has also played a role in the declines, which for the most part have been offset by declines in the CDN $ this week. Moving forward, July futures are at $466/MT, while November is sitting higher at $473/MT.
Mustard has been plodding along this past week, with no real changes in any pricing. We are hearing reports of slow shipments off Canadian shores and some concerns about yellow mustard with major league baseball not being open along with all the major sports. What effect will this have on things going forward is yet to be seen. The tight trading range continues, and we are not expecting much of a change short term according to some buyers. Yellow mustard remains at 38 cents for spot and new crop. Brown trades at 27 to 28 cents FOB for spot and as high as 29 cents for new crop. Oriental spot sits at 25 cents for Forge and 24 to 25 cents for Cutlass. New crop is as high as 28 FOB for Forge or Vulcan and 25 to 26 cents now for Cutlass. Talk to your merchant about placing targets. We still have open acres for an IP Brown mustard program at a premium to commercial markets. Certified seed is still possibly available for delivery to your yard but call us as soon as possible as trucks are now delivering.
Lentils continued the serge this week as both old and new crop strengthened in price for another consecutive week. Following the Easter break new crop came alive with reds trading at 25 cents FOB and new crop large green lentils trading as high as 30 cents for a number #2, both with an AOG. We suspect these values will likely increase seeded acres. Reds will gain more of an increase than large greens just do to ease of growing. If we see an increases in seeded acres it may not hinder the markets that much, as we have also seen an increase in old crops sales which will help decrease our ending stocks. Old crop large greens are still gaining a little moment with #2’s trading at 30 cents and X2/1 at 31 cents. Reds are trading between 28-29 cents down a cent or two from last week.
Milling oats continue to be holding steady in that $3/bu range with stronger prices along the east Saskatchewan border and heading into Manitoba. It’s there where you are sitting at $4/bu delivered in for that May – July movement. On the feed side, if you have good feed oats weighing 40lbs plus and max 14 moisture look for $2.50 – $3.00/bu FOB farm with the latter price closer to Manitoba for prompt movement. If your feed oats are tough, heated or spouted, prices will fluctuate between $2.25 – $2.50/bu FOB farm heading west to Alberta. As well, expect movement to be slower. Not much has percolated on new crop milling oats. With oat seeding indications expected to increase this year, there hasn’t been much demand from buyers on new crop as a good chunk of buying took place at the end of last year.
Soybean futures have shown some limited upside but tempered by lower meal demand due to US meat plant closures. Additional weight on the market came from easing Chinese soybean stockpile concerns as South American harvest cargo vessels have been unloading in China. Brazil soybean exports are setting monthly records due to Chinese demand. Brazil soybean harvest would be about 90% complete. Local soybean bids continue to hover around $10/bu picked up depending on location. Faba export demand is limited with small opportunities at $9.00 picked up and feed bids still hanging on near $6 picked up. New crop dry bean production contracts are getting close to sold out…still a few acres available. Call your Rayglen merchant for more info.
Wheat prices are strong on the feed side lately with bids at $5.00 to $5.40/bu picked up in the yard for summertime movement. This is based on min 58lbs and max 14.5% moisture and max 1ppm vomi toxin. Specs that vary from these numbers can still find a home, but discounts would apply. Prices are weighted to Western SK as the best prices still come out of feed lot alley, so if you are in the North expect the lower end of the range. The sad part of wheat prices right now is that many bids on #1 quality red spring wheat are under $6/bu delivered to facility, which hardly makes #1 wheat worth much more than feed once you take of freight costs and a bit of dockage. A tough pill to swallow for those looking at seeding wheat as it’s a hard slide from last week’s prices. Russian stocks hitting the market look to be a cause of recent losses. Durum prices still are catching in the $8/bu delivered in price range lately on old crop for summer movement on #1, 13.5pro.
Chickpea markets are still not riding the coat tails of the lentil rally, but they are always a topic of conversation. We have yet to see the rumors of India’s potential crop issues effect chickpea values, but speculation is pushing more towards that opportunity. Time will tell at this point as no buyer or seller is willing to speculate in such uncertain times. Old crop large kabuli chickpea bids are $0.24-$0.26/lb FOB farm with freight sensitivity and new crop hovering around $0.23-$0.24/lb with an AOG. Feed chickpea bids have not changed in several weeks with $0.10/lb FOB farm trades. Chickpeas have not been the start of any conversation for several weeks, but they are always in the mix. Offers have been very successful in todays trading climate and encouraged on our end if you have bushels you need to move.
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.