Canaryseed pricing continues along on a steady trajectory, with no notable changes to report this week. Old crop values persist in the $0.42/lb FOB farm range, with quicker movement options available reflecting pre-harvest needs. As the current harvest draws nearer, there’s an expectation that old crop values will gradually align with new crop prices. New crop quotes hover around $0.35/lb FOB farm for September to December delivery, with the flexibility of up to 15 bushels per acre under an act of God. The spread between old and new crop is significant enough that the potential loss in value carrying product into the 24/25 season warrants strong consideration on cleaning out the bids before harvest. Buyers remain interested in securing tonnage, so posting a firm offer today may yield slightly higher returns.

Minimal change and no significant development are great ways to describe the pea market this week. Old crop bids maintain at $14/bu for yellows, $19-$19.50/bu for greens and $26-27/bu for maples, all quoted as FOB farm for May-Jun shipping. Supplies remain limited, and buyers are actively seeking old crop peas, so if you’re looking to clear out the bins before harvest, reach out to your merchant to discuss marketing options. New crop values continue to see some activity on firm offer, with yellows trading at $10.50 – 11/bu, greens at $14/bu, and maples at $20-21/bu (variety dependent), again all FOB farm and including an act of God clause. New crop values are firming up, with buyers considering offers for up to 15 bushels per acre under the act of God. Given the current interest from buyers in both old and new crop supplies, communicating your target price could be advantageous.

Feed barley prices have remained relatively steady over the past few weeks, showing little change. Bids continue to hover around $5 to $5.25/bu picked up on farm across most areas, with premiums observed in the western half of Saskatchewan and southern Alberta due to freight advantages. How much? These premiums can range from an additional 10 to 20 cents per bushel depending on location, reflecting the significant impact of freight costs. New crop bids are in line with spot values, but there is a lack of active selling interest from growers and purchase interest from buyers. This is likely attributed to concerns about drought persisting, dampening enthusiasm for significant commitments. Interestingly, there is minimal activity in the malting market, with little indication as to why this market segment appears less robust than recent years.

Chickpea prices are showing signs of vitality as we approach the end of April, particularly in new crop values. This week saw bids indicated at $0.45/lb FOB farm, including an act of God, for September to December movement, a jump of 3 pennies from the week prior. Meanwhile, old crop prices continue to range in the $0.45 to $0.47/lb FOB farm range for good sizing and quality. Given the minimal spread between old and new crop values, locking in contracts, and arranging earlier shipping windows could be a smart decision at this juncture. Chickpeas typically experience ample carryover from one season to the next, and with decent moisture in the soil to start the planting season, waiting for a significant price spike may not be the most advisable strategy. The balance between supply and demand heavily influences the chickpea market, making it wise to consider selling some old crop to generate cash flow and bin space before the harvest season.

The flax market maintains its strength this week with brown varieties inching slightly higher, and yellow flax continuing to catch the occasional bid for small tonnages. Reports indicate that flax inventories have increased at Thunder Bay, suggesting that exports out of the country could also start to rise. Old crop brown flax is now trading at $17.00/bu FOB farm for summer movement, while new crop bids are seen at the same level for September to December shipping, including an Act of God clause. Yellow flax bids are more variable, heavily dependent on location and variety, so it’s advisable to discuss marketing options with your merchant based on recent trades for both old and new crop in your area. Seeding has begun or is right around the corner in many areas and analysts continue to focus on growing conditions for the projected, record low, North American flax acres in 2024/25.

At the time of writing, old crop wheat prices stand at $9.25/bu for CWRS, $8.50/bu for CPSR, and $8.40/bu for CWSWS, all delivered Saskatchewan plant. Looking at trade dynamics, wheat exports remain robust for Canada, currently 7% ahead of last year at 15.3 million MT. Moisture conditions in the U.S. winter wheat areas have deteriorated, with 55% still rated as Good to Excellent, but 24% of the crop facing drought conditions. These U.S. ratings prompted a jump in futures on Tuesday, with the board showing positive gains again on Wednesday. Returning to local markets, feed wheat is priced between $7.50 and $7.75/bu FOB farm for summer shipping. The durum market remains relatively quiet, though we continue to see demand for durum in southeast Saskatchewan and have buyers actively looking for product. Touch base with your merchant if you’re considering moving any CWAD throughout spring or summer.

Soybean futures have shown an uptick since last Friday, with soybean meal leading the complex and soy oil pulling back slightly. U.S. export releases indicate Mexico’s purchase of U.S. origin soybeans, with Iran also buying soymeal from South America. This period typically sees bearish tones as South America concludes its harvest and U.S. plantings increase. Soybean bids range from $13.90 to $14.40/bu, depending on the farm location today. New crop Canadian faba acres are expected to increase, with bids for #2 quality tannin varieties around $10 FOB farm. Old crop #2 faba bids range from $10.00 to $10.50/bu FOB farm, while feed quality values are approximately $9.50 to $10.00/bu, varying by location. Dry bean exports to Mexico have bolstered the market. Pinto and black beans are fetching attractive bids, with black beans leading the way in price. New crop great northern opportunities exist in the low 60¢ range picked up on farm with AOG, generally preferred under irrigation.

New crop mustard is showing some activity this week, a welcomed surprise as seeding begins in many areas. Yellow mustard shows the most promise with indicated bids now back in the high 50 cent per lb range this week. However, buyers are intermittently entering and exiting the market once small positions are filled, leaving small windows of opportunity for growers to make decisions. If you have interest in forward contracting your yellow mustard, contact your Rayglen merchant to discuss these opportunities with an Act of God clause. Brown mustard has also seen a slight uptick in value with bids now quoted around 44 cents per pound and oriental continues to hold its own in the 45 cent per pound ballpark. Old crop yellow mustard values remain steady, hovering around 60 cents, while brown and oriental varieties are less sought after with buyers still indicating values in the low 40 cent per pound range. Mustard pricing, in general, continues to show volatility, which makes pricing uncertain in this market; a firm target may be a prudent approach to capturing top end bids. Finally, this week should complete mustard seed deliveries across the prairies and northern States, but If you require last minute planting seed, reach out to the office and we’ll do our best to accommodate!

Canola futures have shown some volatility this morning, reaching as high as $640/MT, but currently sitting around $630/MT. This marks a notable bounce from the $610/MT lows witnessed last week. While this bounce hasn’t significantly elevated canola bids, they remain at a decent level which continues to trickle in product. Local cash bids are still available in the $13.70 to $14.00/bu delivered range, although movement has been extended into June timelines to capture top-end values. New crop bids around $14.00/bu or higher present a good opportunity to secure contracts amidst market uncertainty over an expected large carryout. Booking some new crop tonnage on this rally may be a good play for those on the fence.

Overall, the lentil market remains steady compared to last week, though one bright spot is new crop large greens, which have traded as high as 58 cents/lb on farm with an AOG on firm offer. Old crop large greens seem to be having an opposite effect and are starting to see declines with bids around the 78-cent range. New crop small greens had targets trigger as high as 50 cents/lb FOB with AOG this week, while spot values soften, now quoted in the 75-76 cents/lb range. Red lentils continue to maintain stability, with old crop trading at 36 cents FOB or 37 cents delivered. That said, there are indications that some companies may entertain 37 cents FOB on firm offer. New crop red lentils remain unchanged at 33 cents/lb FOB farm with an Act of God clause, but there could be room for prices to increase, considering this time last year bids were closer to 35 cents and 2022 saw 33 to 34. Specialty lentils, like Belugas and French greens, have been quiet recently, though we suspect there may be demand for both if/when product comes to the table. Selling opportunities for the remaining 2023/24 crop year are strong and it is suggested growers take advantage before prices align more closely with new crop levels. Finally, we continue to urge growers to sign up new crop green lentils, given their strong value and the large, expected uptick in acres.

Oat pricing continues to be quoted around $4.50/bu delivered, with a few trades on the west side of the province done at $4.00 FOB farm. The market appears to be conducting spot business as needed, with buyers not actively seeking large tonnages or showing firm pricing. Alternatively, buyers are soliciting offers from farmers and assessing if they can make those trades work based on end user support. This dynamic often indicates market quietness and the need for buyers to stimulate sales. New crop sales follow a similar pattern. Market aggression may increase once buyers have a better grasp of true seeded acres and growing conditions, rather than relying on projected survey numbers. Given the current uncertainty, staying in touch and with your merchant is crucial to staying informed about market developments.

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.