Lentil harvest is well under way and early yield estimates are expected later this week when StatsCan releases its report. Despite the hot July weather, the quality of the crop has been reported as generally favorable so far, though some issues with staining in green lentils have arisen. While there has been some nearby demand and growers may catch the odd prompt shipping contract, most deliveries are now settling into the fall as buyers pull pre-booked production contracts. The green lentil market is in a restocking phase after lower supplies heading into the 2024 harvest, but it’s unclear how long this will last. Large green lentils are seeing prices as high as 50 cents/lb for delivery in the winter months, while small green lentils remain stable at 44 cents/lb FOB. The red lentil market is holding between 28-29 cents/lb picked up, with slightly lower demand from importing countries. Richlea lentils in the US have seen a price increase week over week, trading at 32-33 cents/lb USD. If you have French green or beluga lentils, contact the office, as there has been some buying interest this week.

The barley market remains largely unchanged from last week, with bids around $4.30 – $4.80/bu picked up on the farm. As usual, bids tend to get stronger as you move west towards feedlot alley, with the highest values seen for deliveries scheduled between October and December. Growers in Alberta may still catch values in the $5/bu range. For those looking to clear bin space, there are also some September-October delivery opportunities available at a discount. Weight continues to be a concern this year, so make sure to get your grain tested before marketing to avoid the surprise of discounts at unload. For those who know they have light weight product on hand, we do have purchasers willing to accommodate, so reach out to your merchant with specs for accurate FOB farm bids. The malt barley market remains quiet, but you can show your merchant your specs, and we can shop around for a bid.

Wheat markets remain lower compared to their highs over the past 12 months, prompting growers to consider whether this is the bottom or if prices could drop further. There’s ongoing discussion about whether to hold off on selling or to price a portion now to mitigate risk. Stats Can – Model-based principal field crop estimates for July 2024 were released, stating all wheat production would be up by 4.3% this year. It is important to note that this data is not survey based, but rather uses data from low resolution satellite imagery, historical field crop survey estimates, and agroclimatic information. This week’s bids remain steady, with central Saskatchewan milling wheat at approximately $8.00/bu delivered, #2 Durum near $8.50/bu delivered, and feed wheat around $5.50/bu picked up on the farm.

The oat market has held steady for another week. Reports of varying quality are raising questions about the availability of milling-grade oats versus feed oats, which will become clearer as the harvest progresses. Light weight product has also been a concern in some areas, which is proving a bit more difficult to market in today’s environment. Growers are encouraged to reach out to their merchant to discuss possible options. Current milling quality bids are around $4.35/bu delivered in central Saskatchewan, with an October-November delivery window. There’s also a slight carry in the market for 2025 movement, with a premium of 1-2 cents/bu. It’s recommended to grade your oats as they come off the field to better understand the quality in your bins, which will aid in effective marketing.

The canola market has seen a significant uptick over the past week. November futures are currently around $595/MT, a strong rebound from the August 22nd low of $565/MT. The threat of a rail strike appears to have been averted, with the government stepping in to order workers back, preventing more significant disruptions. While some delays have likely occurred, the situation could have been much worse. As yield reports start to come in, we’ll gain a clearer picture of the situation across the province. Reports from southern Saskatchewan indicate poor yields, while other areas are faring better. However, the July heat has undeniably impacted overall yields. Rayglen currently has contracting opportunities for canola, with a purchaser actively seeking product across Saskatchewan, Alberta and Montana. Call to discuss FOB farm bids tailored to your area.

As we await flax harvest in the Prairies, StatsCan’s latest estimate puts flaxseed production at 300,000 MT, an increase from last year, but still low compared to previous years. In the EU, production is expected to be lower due to challenging growing conditions in France. While many commodities are facing harvest pressure, Canadian flax might find some support as Russian flax contends with the EU’s import tariffs. Locally, brown flax in Saskatchewan is being bid at $16.50-$17.00/bu delivered to the plant, with options for fall and new year movement. Yellow flax has recently traded above $21.00/bu FOB farm, though buyer interest and demand are sporadic. It’s advisable to submit offers for yellow flax so your product is readily available when opportunities arise.

Pea harvest is well underway across most of Saskatchewan, with attention now focused on whether India will extend its zero-import tariff on yellow peas. Currently, yellow pea pricing in India is low due to recent imports, but there has been a shift toward substituting yellow peas for the higher-priced desi market. If this trend continues, it could lead to a more favorable outlook for, but only time will tell. Locally, yellow peas are being bid at $10.00/bu delivered, with quick shipping options available. Green peas are seeing bids at $13.00-$13.25/bu FOB farm, while maple peas are more variable, depending on variety and purchasing opportunities, but generally bid between $17-$18/bu delivered plant. For all pea types, it’s advisable to have a grade and sample picture ready when discussing potential marketing options with your merchant.

The mustard market has been relatively quiet over the past week, with little activity from both buyers and sellers. Oriental and brown mustard bids remain stagnant at 30-31 cents picked up on the farm, which has not spurred much seller interest. Yellow mustard prices are slightly more favorable, with most buyer interest in the low 40s, but trades have hit as high as 43 cents on the farm this week. The jury is still out on mustard yields, while the stand looked promising, reports indicate that the crop may not have filled as well as expected, leading to lower yields in some areas. However, these yields are not expected to be as poor as those seen in recent past years, despite falling short of earlier expectations. The global mustard market will also play a role in pricing, as Canada is not the only mustard-exporting country. Crop outcomes in the US, Russia, and other regions will influence how prices move in the coming weeks.

Chickpea markets are relatively stable, with buyers offering 38-40 cents/lb for September-October movement and 42 cents/lb for November-December movement. Early samples suggest that sizing could be an issue again this year, though yield reports are still scarce as growers are just beginning to harvest. Key factors to watch for in marketing include chickpea prices in India, North American quality and crop size, and Russian supply. Movement through Canadian processors could be slow at the start of the marketing year, as many plants are focused on fulfilling large green and other type of lentil commitments. Farmers may also find it challenging to move smaller-sized chickpeas if the early samples are indicative of the overall crop. This market will be one to watch closely as the year progresses.

Soybean futures have pulled back after earlier gains this week, with some analysts suggesting that the market may be trying to establish a bottom, influenced by purchases from China. Local soybean bids are in the range of $10.00-$10.50/bu FOB farm. Dry bean demand may develop from Mexico again this year, with many classes of beans ranging from 51¢ to 55¢/lb delivered. Export demand for faba beans remains quiet due to sufficient production in Australia, but feed-quality fabas are fetching $9.00-$10.00/bu FOB farm.

Old and new crop canary seed prices have now converged, sitting around $0.35/lb delivered in. With expectations of increased 2024/25 supplies, a rise in exports will be necessary to support prices. There are also concerns about Argentina’s crop due to weather, as seeded acres were down roughly 23% for 2024/25, with potential revisions that could bring them in line with the previous year’s acreage. The 2023/24 Ag ministry of Argentina numbers may also be revised downward once more data is available. USDA reports that millet seeded acreage is at its lowest since 2018, and if yields are average, this might help support the canary seed market. Pricing for millet has increased slightly, though the market is still working through a large 2023 crop. With a potentially large canary seed harvest on the horizon, bids are expected to remain subdued.

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.