Peas remain active as we enter April, signaling the need to consider moving tonnage. New crop yellow peas are currently indicated in the price range of $10.00 – $10.50/bu FOB farm, including an act of God clause, while green peas are quoted at $13.00 – $13.50/bu FOB farm with an act of God. Maple peas continue to lead in new crop values, with $20.00/bu FOB farm achievable today also including an AOG. Although old crop pricing has softened slightly for yellow and green peas, posted numbers remain competitive. Old crop yellows are still fetching $13.00/bu delivered to various locations, while green peas range between $17.50 – $18.00/bu for good quality. There may be temporary opportunities for higher values across all pea varieties, so posting firm offers this week could be a strategic move, allowing buyers to provide feedback on market conditions and offer counter bids. As always, feel free to reach out at any time if you require further information!

As anticipated, green lentil prices have begun to decline, affecting both new and old crop bids. The USDA planting report revealed a 40% surge in lentil acres in the US for the upcoming season, primarily seen in medium green lentils. Canada is also poised for an increase in green lentil production, potentially leading to a supply surplus if weather conditions remain favorable and average yields are attained. If you haven’t already, we strongly advise locking in 10bpa on your green lentil acres with an act of God clause. Although finding top end values is becoming increasingly challenging, we still have a few indications at 53 cents/lb FOB farm, though some buyers have reduced bids to 50 cents. New crop small greens are currently priced at 50 – 51 cents/lb picked up with an act of God. As for old crop, prices have receded to 78 – 80 cents/lb on #2 large greens and 78 cents/lb on #1 small greens. Shifting to red lentils, old crop bids remain at 33-34 cents picked up, while new crop prices stand at 33 cents delivered with an AOG. In the international red lentil market, India’s harvest appears to be progressing well, potentially reducing the need for imports. Additionally, Kazakhstan has ramped up its lentil exports and has expressed intentions to increase red lentil production this year, which would translate into additional competition for Canadian product.

Flax prices are currently holding at $16.00/bu picked up, depending on location, this week. However, buyer demand at this value appears to be slowing slightly compared to previous weeks. To navigate this market, it’s advisable to contact your Rayglen merchant with a firm offer to try and capture top-end bids. The movement of flax to Thunder Bay suggests that some Canadian supplies are likely destined for European markets, while values in Kazakhstan have softened due to quality concerns. Russia remains the primary supplier of flax destined for China and despite a built-up of supply in warehouses, there has been a slight uptick in Chinese values. Import projections for the 2024/25 year indicate support for stronger volumes from North America, with fewer planted acres expected in Canada and the US. New crop values are currently hovering around $15.50/bu picked up with an act of God clause.

The oat market continues to observe its quiet spell this week. With a decline in the purchase of oat products in North America, supply appears to be aligning with demand. Looking ahead, the market is expected to maintain its current trajectory. There may be a slight uptick in old crop pricing as the market addresses short positions throughout the remainder of the crop year, though this is just speculation. New crop prices are expected to remain stable until we get closer to harvest, particularly if crop size falls below estimates. Early projections for seed acres show an increase compared to last year but are in line with the five-year average. Old crop number 2 oats have been trading in the range of $4.25 to $4.75/bu delivered for May to July movement. New crop prices are currently at $3.75/bu delivered. Organic oat pricing has reverted to a more typical spread compared to the conventional market, with bids ranging between $9.00 and $10.00/bu delivered.

Considerable discussion ensued last week regarding the reported statistics on chickpea acres in both Canada and the US. Despite concerns that these figures were ambitious, the chickpea markets have shown relatively little reaction. Old crop bids for #2 or better Kabulis, with up to 15% 7mm, have weakened slightly, now valued at $0.46-$0.47/lb FOB farm with movement scheduled from April to June. New crop prices for #2 Large Kabuli have declined to $0.40/lb FOB farm with an AOG and movement is slated from September to December of 2024. Feed markets have also quieted down, with no trades recorded since the end of February. Producers are increasingly considering how global market dynamics are influencing chickpea values. This has prompted speculation about the potential direction of the market and could impact decisions on acreage allocation for the upcoming season. If market conditions continue to deteriorate, chickpea acres may be diverted to more profitable alternatives such as peas or lentils, provided seed availability permits.

Feed barley prices have remained relatively stable, though a slight increase in buyer interest is contributing to a bit firmer market. Bids of $5/bu picked up on farm are achievable across most areas of the province today and trades are starting to hit the books. It’s worth noting that values may vary slightly depending on location; central Saskatchewan and areas further east may see marginally lower values, while bids tend to strengthen further west. Producers with product still on hand should anticipate movement extending into the summer months, as road bans are currently in effect in many areas and purchasers look to schedule movement for when full weights can be accommodated. If your area allows primary weights to be shipped, there may be an opportunity for some quicker movement options. Bids for fall delivery feed barley are holding steady, consistent with current values, for those seeking early harvest timeline movement. As for malting barley, the market has been relatively quiet, and there hasn’t been much, if any, information to share on that front. Analysts anticipate a decrease in seeded acres, with projections suggesting acreage below 7 million, a forecast we expect to be accurate.

Canola futures have shown signs of recovery in the past week, though they have yet to reach recent highs. May futures are currently hovering around $638/MT, compared to $626/MT last week. Looking ahead to new crop pricing, November futures have risen to $655/MT.  Many producers have taken advantage of the recent rallies to increase sales on old crop, and some are also considering locking in profitable sales for next year. Domestic crush activities continue at a rapid pace; however, it is likely that our current stocks cannot be entirely consumed, leading to some carryover into next year.  As crushers are now focusing on summer delivery, making sales now might be necessary to ensure cash flow and sufficient bin space leading into harvest. Therefore, it is prudent for producers to consider their selling strategies carefully.

Mustard markets have shown a more stable condition on both old and new crop for several weeks now. Buyers seem to be consistently booking product in small tonnages, which is viewed positively following the drastic price volatility experienced previously. New crop yellow mustard continues to be offered and purchased in the range of $0.50/lb to $0.52/lb, including an Act of God clause, while old crop prices are generally bid in the low $0.50s. That said, this week we’ve seen potential for spot yellow mustard trades to command values closer to $0.57 FOB and growers are encouraged to take advantage of these opportunities when they arise. Oriental and brown mustard are trading in the low to mid $0.40/lb range FOB farm for both old and new crop, with limited acres available at $0.42 for new crop brown mustard. Please contact our office if you have an interest in forward contracting as acreage bookings have been underway. While there’s still a decent supply of certified mustard available, deliveries are currently taking place. Those in need of last-minute mustard seed are advised to reach out as soon as possible so we can try to secure delivery to your farm.

Soybean futures are showing gains this morning but are still below the peak of over $12 set a few weeks ago. Recent support stems from forecasts indicating a slowdown in U.S. planting pace. However, Brazilian export activity and a relatively strong greenback are tempering the gains in futures prices. Local bids are currently ranging from $14.00 to $14.50/bu FOB farm, depending on location. There’s anticipation of an increase in new crop Canadian faba acres and new crop bids for #2 quality tannin varieties are around $10 FOB farm. For old crop #2 faba beans, bids are in the range of $10.00 to $10.50/bu FOB farm, while feed quality values hover near $9.50 to $10.00/bu FOB farm, varying by location. Dry bean exports to Mexico have strengthened the market, particularly for pinto and black beans. Black beans are leading in attractive bids, with pintos showing slightly slower responses. New crop great northern opportunities are available in the low 60¢/lb range picked up on farm with an Act of God clause.

Canaryseed prices and demand remain unchanged for another week. Old crop continues to trade at $0.40/lb FOB farm for spring shipping, while new crop remains steady at $0.35/lb FOB farm with an Act of God clause on 10bu/acre. Reports indicate that current levels of farmer selling are sufficient to meet today’s export demand, something that has been conveyed for some time. Although export movement was slow to start the year, there was a slight increase in February/March, but a larger boost is still needed to regain normal pace. New crop pricing at $17.50/bu has integrated well into many growers’ rotation and with the sowing season quickly approaching, we still have planting seed available. Consider discussing the potential inclusion of canaryseed in this year’s rotation with your merchant!

There isn’t much excitement to report on wheat this week, with reports of Black Sea wheat continuing to lead the way. Closer to home, the USDA Prospective Plantings Report released last week indicated a slight decline in the U.S. all wheat seeded area to 47.5 million acres (a 4% drop), but with a significant increase of 21% in durum acres, reaching a record two million. Locally, CWRS for May movement is trading at $8.40/bu delivered, CPSR at $7.90/bu, and soft white and red winter wheat both at $8.20/bu delivered. Feed wheat bids have remained steady over the past few weeks, ranging between $7.00 and $7.50/bu FOB farm. Current durum bids show $10.75/bu delivered to Saskatchewan plants. With location-sensitive opportunities emerging periodically, it’s a wise strategy to have a target in place in case wheat prices strengthen and/or small one-off opportunities arise and boost current bids.

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.