Canaryseed values have seen a modest uptick this week, with old crop prices triggering in the $0.42/lb FOB farm range in many locations. Notably, this value comes with a quick shipping window, making it a strong option to generate cash flow and prepare bins for the upcoming 2024 harvest. New crop values continue to hover around the $0.35/lb FOB farm range, although buyers are considering offers above the posted ranges. With the generally short window from seeding to harvest, any significant uptick in new crop values seems unlikely, though growers may be able to squeeze another penny or two out of the market. Targeting the first 10 – 15 bushels per acre with an act of God is a strong marketing strategy today.

Barley prices remain largely unchanged from previous weeks. Old crop bids are indicated in the $5.00 – $5.50/bu FOB farm range, varying by location. Close proximity to Lethbridge/ feedlot alley tends to attract better values for on-farm pickup, so growers in Alberta will likely see stronger bids. Will an ample barley supply and expected carry-out, buyers are not showing signs of significantly increasing values to secure tonnage. Recently, we’ve found that if current bids don’t meet your requirements, they will work subsequent producers. New crop barley prices are similar to old crop, with opportunities available to secure $5.00/bu FOB farm for early fall shipment, providing a favorable combination of cash flow and bin space. Maltsters seem satisfied with their current inventory for both old and new crop, but reviewing and maintaining up-to-date quality specifications is advisable should a pocket of demand open up.

In oat market, very little new information has emerged this week. Quoted values continue to hover around $4.50/bu delivered to select areas, with movement timelines extending to late summer or fall. While uncertainties persist regarding this year’s seeded acreage and weather patterns, we sit in purgatory waiting to see if this year will produce a bumper crop. Recently, there are rumors circulating about a potential program with potentially early movement opportunities in the summer months leading up to harvest. While concrete details and/or prices are not available at this time, staying proactive and keeping in touch with your merchant may help capture this opportunity and similar programs in the future. As always, posting a firm target offers buyers a look at what’s available and what current ask values are, which is great for facilitating discussion among purchasers and their end users as well as giving growers the chance for quick transactions when buyers have urgent demand needs.

India recently extended its zero-tariff policy on peas into June, leading to some strength in values domestically. Old crop green peas are commanding values around $20/bu delivered, while new crop trades at $13.50-$14/bu FOB farm with an Act of God clause. Spot yellow pea bids saw a few trades hit the books this past week at $14/bu FOB, with new crop quoted at $10.50 – $11/bu FOB with an Act of God. With supplies dwindling, the upcoming growing season’s weather will play a crucial role in determining whether stocks will be replenished or remain tight. The extension of the tariff reduction by India has led to price increases in their local desi and yellow pea markets as well, raising the question of another potential extension impacting Canadian new crop prices. On the other hand, Russia’s supply of yellow peas could pose challenges to Canadian exports to China. Maple peas continue their reign of strong values, with old crop priced at $26 – $27/bu FOB and new crop at $20-$21/bu delivered.

Flax prices remain supported for another week, with demand from a small group of buyers leading to a slight price rally. Bids have fluctuated between $16 – $17.00/bu picked up this week, depending on location with the latter tougher to track down in most areas. Most Canadian flax is destined for the US market, with minimal tonnage heading to the EU or China at this stage, something we’ve seen for a while. Russian exports to Europe have exceeded the 5-year average, however if the proposed import tariff on oilseeds in the EU materializes, we could see Russian flax redirected to China, creating opportunities for Canadian product to fill the gap. With smaller flax acreage forecasted in North America, flax prices are likely to remain supported for the 2024/25 season.

Canadian wheat exports saw another robust week, shipping 505,700 MT through Week 36. The arrival of ships in Thunder Bay contributed to the week’s performance, marking the earliest opening of the port since 2008. Exports for the 23/24 shipping year stand at 14.8 million MT, pacing 6% ahead of last year. Locally, CWRS bids are in the range of $8.50-8.60/bu delivered, while CWSWS commands $8.15/bu delivered, and feed wheat is priced at $7.50 FOB farm. Shifting focus to durum, old crop bids remain steady at $10.75/bu delivered Saskatchewan plant for summer shipping, with occasional opportunities appearing for pickup pricing within the same range. The durum industry closely monitors Turkey’s upcoming harvest season in May/June, with forecasts indicating production levels similar to, or better than last year, with estimates suggesting a 10% increase. New crop durum bids for Saskatchewan plants range from $9.50-9.75/bu delivered or FOB farm, contingent on location.

Chickpea markets saw renewed interest this week, with a few buyers looking to secure old crop supplies. Bid values are not far from previous levels, but the fact that there were bids marks an improvement from last week’s situation of “no bid.” Old crop #2 Large Kabulis are bid at $0.45-$0.47/lb FOB farm, with some sensitivity to freight costs favoring closer western locations. New crop values for #2 Kabulis with max 15% 7mm sizing hover around $0.42/lb FOB farm with an Act of God clause and Sept-Dec movement on 10 bu/acre. Trade on both new and old crop chickpeas have been sparse lately, with old crop firmly stored in bins, indicating stability in the chickpea market. While there are questions about the accuracy of StatCan reports, the availability of sufficient supply is not in doubt. Feed markets remain steady, with consistent demand for feed/sample chickpeas, so sellers are encouraged to inform their merchant if they intend to sell from their spring inventory.

The mustard market remains stagnant for another week, with minimal movement in pricing. Old crop yellow mustard trades in the mid to high 50 cent/lb range, while new crop prices range between 50-52 cents/lb. Similarly, old crop oriental and brown mustard maintain stability, hovering in the low 40 cent/lb range for both varieties. There’s little anticipation of significant changes in the near future, and new crop prices are keeping pace with old crop particularity on brown and oriental mustard. Across most of the province, growers are preparing to take advantage of the recent rain/snow, particularly in southwest and west central Saskatchewan, which are prime mustard-growing regions. The upcoming planting season will provide insight into just how many acres will be allocated to mustard this year. Will growers opt to secure production contracts as the growing season progresses, or will they choose to grow their product unpriced in hopes of future rallies? With many uncertainties, one thing we do know is growers have likely made their acreage decisions and we wish everyone a safe and happy planting season.

There is significant disparity among South American analysts regarding their soybean production forecasts compared to the current USDA forecast. The gap in production forecasts between the two entities is quite large, at 8.5 MMT or 299 million bushels. This significant difference will play a crucial role in determining soybean price direction and is contributing to volatility within soybean futures. It may take several months to determine which estimate is most accurate. In the meantime, soybean futures are showing modest gains this morning but remain in a downward trend, resulting in bids in the range of $13.75-$14.25/bu FOB farm, location dependent. New crop Canadian faba acres are expected to increase this season. Bids for new crop #2 quality tannin varieties are around $10 FOB farm. Old crop #2 faba bids range from $10.00-$10.50/bu FOB farm, while feed quality values are near $9.00-$10.00/bu FOB farm, depending on location. The market has been bolstered by dry bean exports to Mexico, with attractive bids for pinto and black beans, although pintos have been slower to respond. Opportunities for new crop great northern beans exist in the low 60¢ range, available for pickup on the farm with an Act of God clause.

This week, the market for large and small green lentils continues to soften, while red lentils remain stable, and specialty lentils are experiencing mixed outcomes. As we anticipate next year’s crop, sales of old crop green lentils are declining. This is mainly attributed to the increasingly challenging task of finding ample supplies remaining in bins. This trend is leading to one of the lowest ending stock numbers in recent years. The lentil market is expected to see an increase in seed acres in Canada, the USA, Kazakhstan, and Russia. The rise in seed acres in Canada and the USA is likely to have the most significant impact on the green lentil market, while the markets in Kazakhstan and Russia will affect red lentils going into the Middle East. Encouragingly, India is in the midst of its red lentil harvest, and prices are holding steady to slightly firmer. This week, new crop reds are trading at 33 cents/lb FOB with an AOG, while old crop is quoted at 35 cents/lb FOB. Prices for old crop large green lentils have dipped below 80 cents, reaching as low as 76 cents, while new crop trades are still occurring at around 53-54 cents FOB farm with an AOG. Specialty lentils such as French Greens and Belugas are relatively quiet for both old and new crop, though some demand is seen on occasion.

At the time of writing, Canola futures have experienced a downturn, reflecting declines in comparable oils such as soyoil, palm oil, and rapeseed, along with crude oil. Canola bids have decreased since last week and local bids can be found around the high $13’s to $14.00/bu delivered, although movement has been pushed out to catch those top end bids, extending into June-July. The market is down 12% compared to this time last year, indicating a substantial carry moving into new crop. New crop values are holding steady, ranging fro $13.75 to almost $14.00/bu, which has prompted some growers to consider securing contracts. Given the market’s uncertainty, making small adjustments in old and new crop allocations when there’s an uptick in pricing can be a prudent strategy.

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.