Barley markets remain largely unchanged from previous weeks and although overall demand has softened slightly, purchasers are still active and looking to fill nearby needs. Old crop feed barley continues to trade in the $5.25–$5.90/bu FOB farm range for May through July movement, which remains a solid pricing opportunity to consider. New crop activity has been limited, with indications still hovering around $5.00/bu FOB farm in Saskatchewan and stronger bids typically seen closer to feedlot alley. Malt interest remains minimal, but presenting firm offers with grade specifications could uncover opportunities, as end users continue to show selective interest.

Flax prices have firmed up slightly this week, with some bids reaching $18.00/bu picked up, depending on quality, location, and delivery timing. Export movement has improved modestly, with product moving primarily to China and the U.S., which may help manage expected carryover into the new crop year. However, large inventories in Kazakhstan continue to cap upside, while slightly softer Russian pricing—due in part to EU tariffs—adds additional pressure. New crop bids remain mostly unchanged. Yellow flax continues to command a premium, with values around $22.00/bu still attracting buyer interest.

Mustard markets are steady, with attention shifting toward actual seeded acreage this spring. Spot pricing has yellow mustard in the $0.37–$0.40/lb range, brown at $0.32–$0.34/lb, and oriental near $0.38/lb. Lower grade product continues to find a home at discounted levels. New crop values are generally stronger, with yellow mustard trading at $0.40–$0.42/lb, brown at $0.36–$0.37/lb, and oriental around $0.36/lb, all including an Act of God clause. Delivery timing varies, so reviewing contract options with your merchant is important. New crop pricing is beginning to reflect stronger buyer interest, while old crop values may trend lower in line with seasonal patterns.

Chickpea fundamentals continue to evolve, with updated statistics showing ending stocks approaching 300,000 tonnes and 2025 production more than doubling year over year. Despite the large supply, export movement remains strong, with key destinations including Pakistan and the United States, supporting current price levels. Looking ahead, the U.S., Australia, and Mexico are all expected to see slight declines in chickpea acreage. If paired with variable growing conditions, this could provide some upside potential longer term. For now, global pricing remains flat to slightly lower week over week, as strong export demand offsets heavy on-farm supplies. For those planning to seed chickpeas, checking germination remains critical to avoid last-minute challenges.

Oat prices continue to hold relatively steady, though there has been some modest strengthening in the market. The most notable shift is a slight increase in buyer activity, with additional participants stepping in to secure supply, creating a more competitive environment and offering some upside opportunities. Firm offers continue to be an effective strategy, as clearly defined targets allow buyers to better pencil out costs and move closer to completing deals. Quality remains a key factor in the oat market, with bushel weight and glyphosate use still top considerations for buyers. Some milling markets maintain a zero-tolerance policy on glyphosate, but there are still alternative outlets available for oats that were sprayed, as certain end markets are less restrictive on those specifications.

Pea acreage is expected to increase from previous Statistics Canada estimates, supported by stronger yellow pea pricing, stable trade prospects with China and India, and relatively lower input costs compared to other crops. Despite improved movement following China’s tariff removal, 2025/26 ending stocks are still projected to reach multi-year highs. Yellow pea supplies are larger in absolute terms, while green pea stocks remain heavier relative to demand. Export demand—particularly for yellow peas—continues to provide support, and increased 2026 acreage should keep overall supplies comfortable. However, green peas remain more burdensome, with weaker demand fundamentals. Shipments are tracking closer to average levels, with a typical seasonal slowdown expected. U.S. exports remain weak, and while Chinese inventories are reportedly low, demand remains somewhat uncertain, making upcoming Canadian shipments important for market direction. In India, softer yellow pea pricing due to increased chickpea supplies is also limiting upside potential. Current bids reflect this dynamic, with yellow peas supported around $8.50/bu delivered, largely driven by Chinese demand. Green peas have softened, holding near $10.00/bu delivered, with greater downside risk. Maple pea pricing remains variable, ranging from $11.00–$13.00/bu depending on variety, with certain types seeing stronger demand than others. New crop values are showing yellow peas around $8.00/bu, green peas near $9.00/bu, and maple peas around $11.00/bu, reflecting a market that remains balanced overall but with clear differences between classes.

Canola is starting Wednesday slightly stronger, with May futures up around $4.00/MT to $708.30/MT and July at $721.40/MT. This follows losses seen Tuesday, when crude oil pulled back amid further developments in the Middle East, which weighed on canola and broader vegetable oil markets. On the cash side, Northwest Saskatchewan is seeing bids around $15.75/bu delivered for April–May movement. Basis levels begin to widen into June–July, bringing prices into the $15.55–$15.65/bu delivered range. New crop bids in the region are starting at $15.15/bu for September and $14.99/bu for October delivery. In Eastern Saskatchewan, May bids are around $15.65/bu delivered, with similar values extending into August and November delivery windows. For FOB farm pricing or to market heated or off-spec canola, reaching out to your merchant remains the best way to capture location-specific opportunities.

Canaryseed has shown a slight uptick this week, though ample supply continues to weigh on the market and is expected to do so for some time as stocks are worked through. Firm offers around $0.20/lb FOB farm may be worth considering, as they could attract buyer interest. New crop bids remain near $0.20/lb delivered plant with an Act of God clause. Overall, there is little fresh news to drive significant movement in the near term. Seed availability remains for those finalizing planting plans.

Lentil markets are largely unchanged from last week. Red lentils continue to trade around $0.25/lb FOB farm for prompt movement, with new crop around $0.23/lb FOB, freight dependent and including an Act of God clause. Large green lentils are trading near $0.23/lb FOB farm for April–May movement, with new crop bids at similar levels but also freight sensitive. There is some demand for No. 1 small green lentils at $0.21/lb delivered, though the No. 2 small green market has gone quiet. Buyers note that until shipping routes such as the Strait of Hormuz normalize, options for moving lower grade product remain limited. Overall, the lentil market continues to face pressure from both domestic oversupply and ongoing global trade disruptions.

Wheat markets are finding support from dry conditions in key U.S. winter wheat regions, where drought and below-average crop ratings are raising concerns. Globally, production is expected to ease slightly among major exporters such as Canada, Australia, and Argentina. In Canada, seeding is just getting underway, with field activity expected to ramp up through May. Soil moisture is not yet a major concern but will become increasingly important as the growing season progresses. Internationally, crops across Russia and parts of Europe are generally in good condition despite slightly smaller production expectations, while quality concerns in India could support demand for higher-grade wheat. Markets are expected to remain volatile, driven by weather, geopolitics, and upcoming new crop reports. This environment may present opportunities to market old crop wheat at favorable levels. Red spring wheat (13.5% protein) is currently trading around $7.50–$8.10/bu delivered, while feed wheat remains in the $6.25–$7.00/bu picked up range depending on location and timing. Durum markets remain relatively flat, with ample North African supply and expected production increases in Turkey limiting upside.

Soybean futures moved higher overnight, supported by a rebound in energy markets. The broader outlook remains constructive, with expectations for increased biofuel blending requirements and the potential for improved U.S.–China trade relations supporting demand. Strong domestic crush activity is also helping underpin values. Local soybean bids are currently in the $13.00–$13.25/bu FOB farm range. Dry bean markets continue to recover from multi-year lows, as lower prices have supported exports and reduced black and pinto bean inventories, though ample supplies are still limiting major price gains. Local bids are averaging around $0.35/lb delivered. Faba bean exports are improving despite a smaller Canadian crop, but large Australian supplies and expected export competition are likely to cap gains. Current farm gate bids are near $8.00/bu for No. 2 export quality, with feed-grade faba beans trading around $7.00/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.