The chickpea market has remained relatively quiet, with spot bids around 38 cents/lb on-farm. Neither buyers nor sellers seem eager to push sales at these levels or this time. Reports indicate average yields across Canada, though sizing has been a challenge, likely due to the hot and dry conditions late in the growing season. There’s still a lot of chickpeas left to harvest, so yield outcomes are uncertain and as harvest progresses, we might see stronger market interest if the local crop doesn’t meet expectations. However, due to our relatively small contribution on a world stage and with larger North American supplies, particularly from the U.S., the market may remain subdued unless international demand increases.

Yield reports on all types of mustard are now trickling in, revealing a mixed bag. “Spotty” is likely going to be the theme again this year with some areas reporting yields under 10 bushels per acre, while others have had success. The July heat wave seems to have significantly impacted crop potential, which makes estimating overall production tough in these early stages. Spot yellow mustard is generally bid in the 40-cent/lb range, though small opportunities have popped up around 44 cents on the farm for October/November shipment. Brown and oriental mustard bids hover around 30-31 cents FOB, but buyer demand remains sluggish. If you’re marketing mustard, getting a sample to your buyer is crucial, especially if you have a production contract.

Flax prices remain unchanged this week, with light trade out to November around $16.00/bu picked up. Yellow flax demand remains elusive, with the market working very hand-to-mouth at this stage and quoting values around $21-$21.50/bu picked up when buyers have a need. Despite less-than-ideal weather conditions in Russia, reports suggest a 14% increase in production compared to 2023, potentially leading to ample supplies heading to China. The European market will have tariffs on Russian flax, which might create some opportunities for North American prices to increase, especially once harvest pressure subsides.

Canadian pea yields have been slightly trimmed to just under 37bu/ac, still expected to result in an 18% larger crop than last year. However, prices haven’t reacted to yield cuts and continue to pull back due to harvest pressure and weak overseas demand. Russia and Ukraine are expected to apply further market pressure as they supply overseas markets, particularly in India. Current prices are quoted around $9.00-$9.35/bu for yellows, $13.00-$13.50/bu for greens, and $16.50-$18.00 for maples, depending on variety, all FOB farm.

Barley markets are holding steady with bids seen in the $4.00-$4.80/bu range for good-quality feed (heavy and dry). The higher ranged values are being quoted for growers willing to hold barley for Nov/Dec shipping and in good freight areas. Reports of light-weight barley being harvested across the prairies are coming in at a steady pace and could affect markets further. Malt markets may see the most impact as product gets redirected from malt to feed. If you’re dealing with underweight barley, we do have interested purchasers, though value will fall short of the standard feed bids; call for firm bids in your yard. Malt bids remain quiet, but with potential for barley to not make malt, it’s important to complete grading and have your specs ready to go should opportunities arise.

The oat market has seen little change this week, despite talks of a rail strike. Current prices are indicated around $4.50/bu delivered in central Saskatchewan, with an October-November delivery frame. Pushing delivery into 2025 could add a few more cents to this price. Reports of light-weight oats coming off the combine suggest these might not meet milling quality but could still capture a decent bid in the feed market. As always, completing your harvest grading on oats will be key to securing the best possible price, especially if you suspect you’ve got milling-quality oats.

The canola market has seen a significant bounce, with prices rising by close to $14/mt since yesterday’s close, fluctuating between $12/mt and $13/mt. This volatility could be exacerbated by the upcoming rail strike, which is set to begin tomorrow. The strike might cause product to be locked at the plant or on the farm, potentially leading to further price declines unless a force majeure is enacted. With the rail strike looming, the ability to move product efficiently is uncertain, and significant delays could have a negative impact on prices. Despite this, basis levels remain relatively stable for September onward, an interesting dynamic at the start of the crop year. The last time canola was priced below $600/mt was in 2020, just before a challenging year for the industry.

The large green lentil market remains stable this week, with prices unchanged from last week, ranging from 46 to 48 cents FOB farm. However, movement is starting to be pushed out. Red lentil bids are slightly softer, though some offers are still being bought at 29-30 cents FOB. Small green lentils are trading between 44-45 cents this week, depending on movement and location. The specialty lentil market continues to be quiet. Key factors to watch include the potential rail strike, the upcoming Indian pigeon pea crop, and possible quality concerns with unharvested lentils. Compared to other grain markets, lentils seem to be holding higher prices, suggesting more downside risk relative to cereals and canola.

The canaryseed market remains quiet as buyers await the new crop’s arrival. Prices have not changed significantly since last week, with one purchaser still indicating room for quick movement on old crop at 38 cents delivered. Those interested should act fast as other buyers have aligned their old and new crop pricing at 34 cents FOB farm. Canary seed exports decreased by 22% for the 2023/24 crop year, keeping ending stocks higher than expected. With early predictions of increased supply for 2024/25, the market could face turmoil until Canadian yields and quality are determined. A return to normal export levels could be a major factor influencing market prices.

Soybean prices held onto modest gains after a round of technical buying on Tuesday, spurred by flash sales to Mexico and China. Current bids are hovering in the $12-$13/bu range. Dry bean demand from Mexico may be emerging, with various bean classes ranging from 51¢ to 55¢/lb delivered. Export demand for fabas remains quiet due to ample Australian production, with feed-quality fabas fetching $9.00 to $10.00/bu FOB farm.

The wheat market continues to face pressure from several factors, including declining US corn prices, which often influence cereal grains, and expectations of improved domestic wheat supplies in primary importing nations. In North America, an above-average yield is anticipated, further suppressing prices. Locally, milling wheat bids are around $8.00 delivered, durum is near $8.50 delivered, and feed wheat is hovering around $5.00/bu FOB farm. Reach out to your merchant for firm pricing in your area!

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.