Barley markets continue to soften this week, which comes as little surprise with harvest underway in many areas. Old and new crop values are tracking closely as the first 2025 bushels start to come off. Feed barley is trading in the $4.25–$4.75/bu FOB farm range, though straight September movement is becoming increasingly difficult to find. Most opportunities pushing into later fall now as shipping windows fill. Recent rains across the Prairies may be adding fuel to a weaker market, as some crops initially expected to make malt are now anticipated to hit the feed market. With other grains also hitting the feed pipeline, waiting for a price rally may not be the best strategy at this stage. On the malt side, activity remains quiet, but given variable growing conditions, we may see increased demand if maltsters end up needing to replace tonnage. Having malt barley specs on hand could go a long way in capturing any of those opportunities.

Canaryseed has slipped slightly again this week, in line with typical seasonal harvest pressure. Current bids are around $0.25/lb FOB farm, generating some seller interest but not enough to be considered burdensome to the market. With good-to-excellent 2025 crop ratings and last year’s carryover still in the system, buyers remain hesitant to sharpen bids. Locking in even a small percentage of production or carryover at current levels may be worthwhile for generating cash flow and freeing up bin space, while hedging against potential further market decline. Act of God contracts are essentially off the table now, but at this stage of the year they may no longer be a key factor to some.

The pea market has softened further as harvest progresses and key export markets show a lack of purchase demand. Yellow peas are trading around $8.00–$8.50/bu delivered, depending on movement and location, but finding top end bids is becoming more difficult. This is largely attributed to a lack of end user demand. Green peas have slipped to the $12.00–$12.50/bu range, a roughly 50 cent decline from last week’s highs. Reports of quality issues in green peas are starting to surface. Bleach, earth tag and other late season rain consequences, make it important to get samples graded before locking in contracts or securing contracts that are subject to sample approval. Maples remain a pea without a market, needing renewed Chinese demand before any significant change in market dynamics.

Canola has shown more stability this week, with November futures holding near $645/MT. This is still well below the $725/MT level reached in early July, as Chinese tariffs, better crop prospects following timely rains, and a larger U.S. soybean crop have all pressured prices. Local bids continue to range from $13.00–$14.00/bu depending on area and movement window. As is typical, values improve the further out delivery is deferred, with some bids north of $15.00/bu delivered plant for April–June 2026 movement.

Mustard harvest remains delayed, with few yield reports available or samples coming in so far. Warmer, drier weather has finally returned, which should help crops ripen after a season of setbacks. Despite the delays, the mustard market remains firm. Yellow mustard is quoted at $0.45–$0.46/lb for fall movement, with stronger bids available for 1^st quarter 2026 shipping. Brown and oriental mustard are indicated at $0.38–$0.40/lb for fall shipping, with premiums also on the table for spring delivery. Producers with offers in mind are encouraged to show them, as opportunities could pop up to get slightly higher trades done.

Flax prices and buyer interest have tapered off in recent weeks, weighed down by expectations of a larger Russian and Kazakh crop. There is still the occasional need to fill small market demand, with bids ranging from $18.00–$19.00/bu picked up for quick movement in the right freight areas. Values may soften further as harvest begins. European buyers are largely waiting on new crop supplies. Russian and Kazakh production could potentially fill some of that demand, but the bulk is expected to move into China. Canadian flax supplies for 2025/26 aren’t expected to be heavy enough to pressure the market, with most Canadian demand anticipated to remain within North America.

Wheat futures slipped on Tuesday, pressured by an increase in Russia’s wheat production forecast and ongoing talk of a large U.S. corn crop. One Russian reporting agency raised its outlook by 1 MMT, though both Russia and Ukraine are facing quality concerns as rains persist across the Black Sea region. Similar issues are surfacing in parts of the EU, where continued rainfall is raising downgrading risks even as France wraps up a strong wheat harvest. In North America, the U.S. winter wheat harvest is nearly complete, and spring wheat harvest is underway. In Canada, durum harvest is not far off, with quality expected to be the key market driver as yield reports start to emerge. Local bids show CPSR at $6.40/bu delivered Central Saskatchewan, with a slight carry to $6.60/bu for deferred movement. CWAD is quoted at $8.75/bu delivered, while CWRS sits near $6.90/bu depending on delivery month. In feedlot alley, CWRS 13.5 protein is quoted at $7.60/bu delivered Lethbridge, while feed wheat values are slightly above $7.00/bu delivered. For off-spec wheat, reach out to your merchant for area-specific bids.

Canadian chickpea exports have been strong at 207,000 MTS, putting them on track for 220,000 MTS, which would mark a record high. Even with that pace, the stocks-to-use ratio sits near 30%, which is not particularly tight, and domestic bids have stayed soft, not reflecting the tone of a constrained supply. In the U.S., acres are up from last year, but poor crop conditions leave yields and harvestable area uncertain. Despite the acreage increase, the 2025 U.S. crop may still shrink under environmental pressures. In Canada, quality so far leans to good, but with higher acres and yields, it will take stronger export demand to spark any meaningful price moves. Prices remain steady this week, with buyers showing interest in smaller parcels, and final values and movement continuing to depend on sizing and quality.

Lentil prices remain under pressure, continuing to slide as harvest just gets underway. The Saskatchewan crop report for the week of August 5–11 pegged lentil harvest progress at about 3%. Early yield reports range from fair to excellent, but with few physical samples available, it is still too soon to gauge quality in any broad sense. Harvest pressure is only part of the weight on the market, as reduced export demand in recent months has added to ending stocks, further limiting upside potential. Green lentils appear to be leading harvest progress, while reds are only just beginning to come off. Current prices this week are showing large greens at 32–34 cents per pound FOB farm, small greens at 26–27 cents per pound FOB farm, and reds at 27–28 cents per pound delivered into various locations.

Oat buyers are beginning to show renewed interest, with delivered prices in Manitoba sitting near $4.50 per bushel again. In Saskatchewan, bids for #2 quality oats are slightly softer at about $4.25 per bushel. There may be an opportunity to capture some carry in value for those willing to hold product into the winter/ spring months. Recent rainfall should help later-seeded crops, though further moisture could pose risks to those nearing maturity, with quality ultimately depending on timing and conditions. On the feed side, values range between $2.50 and $3.50 per bushel picked up on the farm, with prices varying based on bushel weight and location.

Soybean futures remain supported by strong soymeal demand and last week’s USDA data showing a nearly 3% cut to U.S. planting estimates. However, gains are capped by reports of healthy soybean stands across much of the Midwest and a lack of new-crop sales to China. Locally, soybean prices are hovering between $10.85 and $11.00/bu at the farm gate. Canadian government statistics organizations are pegging dry bean acres at 383,000, down 5% from last year. Conditions are mixed across North America: Ontario and Michigan are seeing challenges, while Manitoba and irrigated production further west look promising. In Mexico, black and pinto beans have found some positive price traction off earlier lows, though harvest pressure could soon weigh. Current dry bean bids are $0.35–$0.40/lb delivered, with certain specialty classes fetching premiums. Faba bean export interest remains limited, with farm gate bids near $8.00/bu for export-quality product and about $7.00/bu for feed-quality 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.