Reports coming out of Saskatchewan suggest lentil yields are a little softer due to disease in central and some southern regions. The lentil crop has dropped below 70% rating good to excellent. This hot dry weather has really started to “turn” things with farmers not receiving the “fill” that was hoped for. On a pricing front, we are starting to reach parity as new crop inches closer to the bin. Large green lentils are sitting at 27-28 cents/lb on a #2 for both old and new crop. Medium green lentils are trading at 20-21.5 cents/lb, with small green lentils fetching 24-25 cents/lb and reds fluttering around 24-25 cents/lb on new and old crop.
Feed barley prices have pulled back some this week and are hovering around $3.80 – $4.30/bu picked up on farm. The latter price for those closer and into Alberta. As we start to creep closer to new crop product coming off you may see prices pull back some more as supply replenishes. Now may be a good time to dump the remainder of last year’s crop and make way for new crop. On that note, if you are looking to lock in some new crop give your Rayglen agent a call as buyers are willing to bid.
The oat market has not really done anything this week in terms of price movement. Bids range from $3.50 to $3.75/bu picked up for good quality #2CW’s. New crop oats are still roughly the same as last week as well and have been trading around $3.50 to $3.75/bu delivered depending on movement period. We also have some buyers looking for glyphosate free oats, which is becoming more of a common practice these days across many markets. Be sure you’re aware of any pre harvest desiccant restrictions so you don’t limit your marketing ability.
The flax crops around the province are looking really good thus far. The overall general feeling on flax remains very upbeat and positive. There is potential for above average yield if mother nature cooperates. The price on new crop has been trading around $13.00 to $13.50 FOB for brown varieties and yellow is bid around the same value. It is expected that the price on flax should not dip to much or at all due to tightened carryout stock. For most up to date prices in your area or to throw out a firm target, please call your Rayglen merchant.
As we write this morning, canola futures start their day down with on farm bids fairly stagnant in the range of $10.30 to $10.00/bu pending location. With harvest getting ever so closer, the canola crop generally is in good shape, but there are a few areas that have gotten a substantial amount (or lack) of rain that are a bit concerning. Cash bids could push a touch higher in the long term, but short term we expect things to remain fairly stable. Keep an eye on the Canadian dollar as rises and falls usually sway the market in the opposite direction.
The pea crops in Saskatchewan are doing quite well and are rated at 88% good to excellent. This has the potential for yields to be above average this year, however, the crop is not yet in the bin and we look to the weather to continue to cooperate. Looking overseas, there was talk that the Ukraine pea crop was going to be large which would add to the competition into Europe, but the drought has significantly affected their yields. On to prices, old crop has scaled back to new crop levels. Yellow peas are at $6 – 6.50/bu FOB, green peas are $8.50/bu and maple peas are $8 – 8.50/bu. Looking to the new marketing year, any price upside will likely be small if yields end up coming off as high as predicted. Any price recovery would be regarding yellow peas, green peas may not be so lucky.
Canary seed pricing has remained stable these past couple of weeks. Old crop and new crop are both trading at 26-27 cents FOB. As per reports, we have seen an acreage increase this year, but yield estimates are a bit harder to judge as of right now. What could affect the canary seed pricing for the better is that US millet has seen a spike in pricing. Therefore, unless our yields come up substantially higher, we could expect to see some price recovery in the canary seed market.
Spring wheat supply is looking to rise this year in Canada and the US as the crops are looking quite well. Reviewing market prices, wheat had fallen back earlier this week and the markets saw some price recovery this morning. In overseas news, it is looking like China will be importing more wheat this year than it has in the past 7 years. Finally, after the recent explosion in Beirut, reports suggest one of the main silos containing wheat has been destroyed. Their wheat reserves are now lacking, and they will have to replenish to get back up to a comfortable 3 months’ supply on hand. For pricing, hard red spring wheat is around $6.00/bu, milling durum is $7.50 – 8.00/bu and feed wheat/durum is trading at $5.00/bu.
Soybean futures claw back some losses today after early week declines across the whole soy complex. Looking to our southern neighbours, one report predicts US yields to be around 54 bu/ac and after a lower than assumed seeded acreage number, these yields should leave the states with a comfortable supply. This likely doesn’t offer too much upside to the commodity price, but time will tell as the crop still needs to hit the bin. Local Canadian bids see little change this week with most buyers indicating $10/bu range FOB farm, give or take pending freight costs. For a firm bid in your yard on soybeans or any other dry bean on your farm, please call the office.
Chickpea markets continue flat as we move towards harvest. We have seen disease firsthand in some area, as our merchants return from crop inspections. We will see how this plays out in samples and yields. Old crop large kabuli bids hover around $0.26/lb off the farm and new crop coming in at the same value. With continued concern around growing conditions, is it possible we will see higher prices? Stay tuned on this front as reports start to roll in.
Mustard prices are solid this week. Not a lot of change on this front. Demand has not been stellar from buyers this week with quick movement, but prices remain strong based on future demand and the planted acre situation here in the province. New crop yellow mustard ranges from 39-40 cents, new crop brown from 30-32 cents and new crop oriental 26-28 cents on forge. The price depends on the movement, but are picked up in the yard and still have act of God. Call you merchant for details.
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.