Barley markets remain somewhat quiet this week as buyers seem to be sitting back and waiting to see what the 2024 harvest will bring. Old crop feed continues to be purchased in the $4.25 – $4.60/bu range FOB farm, with better on-farm pickup prices closer to feedlot alley. Any significant price runs in the near future seem unlikely due to carryover in bins and the potential for a decent yield throughout the prairies this year. On the malt side, demand remains low, but maltsters are interested in seeing the grades coming off and will likely set purchase prices once specs are determined.

Lentils show little change from last week, with sporadic buying for off-the-combine delivery. Small green lentils are trading around $0.46/lb FOB farm with an August delivery window, while large greens are in the $0.48 – $0.49/lb range. Pricing remains uncertain as more combines hit the fields, but average yields to date seem to be above the last couple of years. Red lentils remain quiet, indicated in the $0.30 – $0.31/lb FOB farm range, with buyers not eager to lock in tonnage. As more bins are starting to fill, attractive posted prices today with quicker movement windows should be considered.

The canary seed market remains mostly sideways again this week. For those with product in the bin capturing 40 cents/lb picked up for prompt delivery may still be possible for limited tonnage as one purchaser looks to cover some old sales. New crop values are being quoted closer to 33-35 cents/lb FOB farm for fall/winter shipping. Despite the extreme weather in July, the market is not in a panic to secure product due to a perceived sufficient number of seeded acres. As harvest begins and yields are reported, we could see a slight price change in either direction. To stay updated on possible rallies, ensure you’re signed up for our alerts.

The flax market has experienced lower prices over the past week as demand decreases and new crop approaches. Prices for both old and new crop are hovering around $16.25/bu picked up. Finding a buyer for quick movement is more miss than hit, as most buyers are looking for contracts with shipping windows out to December. Talk to your Rayglen merchant for options. Despite potential yield loss due to the hot July weather, there is still carry-over in the market, and end users aren’t concerned about tight supplies just yet. Canadian flax prices are becoming more attractive to overseas buyers due to a significant price spread compared to European prices. The Black Sea region is receiving mixed reviews: Russia has been hot and dry, while Kazakhstan is once again showing promise for a good crop. Prices will likely remain under pressure until harvest is in full swing and yields are reported.

The oat market remains quiet this week. Bids are holding steady around $4.50/bu delivered for the last quarter of 2024, with an additional $0.50/bu possible if you’re willing to store oats roughly 8-11 months. However, there hasn’t been much interest in pricing product from the sell side recently, as growers seem content to bring the oat crop in from the field before making any moves. It will be interesting to see if the heat has caused any grading issues/ loss of yield and as harvest commences in many areas, it likely won’t be long until we find out. As your oats start to come off, it would be advantageous to send samples away for grading to assess any potential quality impacts.

Pea markets are radio silent as harvest progresses. Old and new crop bids are at par, with buyers mainly focusing on moving production contracts at this stage, meaning the majority of additional contracts are expected to move in the fourth quarter of 2024. That said, small opportunities for quicker shipping may become available, so keep in touch with your merchant. Yellow peas are currently quoted in the $9.25-$9.50/bu range, depending on freight costs and movement timeframe. Green peas are valued around $13.00-$13.25/bu FOB farm for good quality. Homes are available for high bleach as well, but values are more finicky, and grade specs are required to pinpoint a bid. Maple peas have also gone quiet, with bids around $18.00/bu FOB farm for both old and new crop. Programs are small as buyers concentrate on what is being harvested. Expect the current laissez-faire attitude to continue in the foreseeable future.

Chickpea crops are still in the field for the next couple of weeks, but things are looking good. After recent crop inspections, it seems the previously boasted acreage might not be as high as thought. Values remain unchanged from week to week, with buyers more hesitant now as reports of non-issue acres emerge, leading them to wait for harvest reports. Current bids for spot chickpeas are around 38 cents/lb picked up, though getting a firm bid from buyers may be challenging. As always, it’s crucial to get your samples in for grading, sizing, and a clear understanding of both imperial and metric measurements for all markets to review. Understanding your chickpea crop is the best thing you can do to get the best value for it. Call the office if you have any questions on marketing or grading your production.

The mustard market continues to struggle as we enter August and the harvest season. Buyer demand remains lackluster, with most content focusing on shipping production contracts already booked as some product starts to hit the bins this month. The July heat wave has not spurred any increase in demand, and despite potential yield challenges, the market remains quiet. Mustard pricing is spotty as buyers exercise caution. Act of God contracts appear to have ended for this year. Spot yellow mustard might still trade around the 45-cent mark, but tonnage is very limited. Brown and oriental mustard both struggle to reach 30 cents FOB, but a few opportunities do exist. For those needing to market mustard, it’s important to stay proactive. Providing offers might help as there can be opportunities to work out deals across all three types. Always check in with us for the latest updates and potential marketing strategies.

The wheat market remains relatively quiet across the prairies as buyers await yield reports from farmers who have begun harvesting. For feed wheat, it’s best to reach out for specific indications, as quality and freight costs significantly influence values. Durum bids are currently difficult to find, with general indications hovering around $8.00/bu, subject to variations based on location, quality, and freight. Globally, France’s wheat crop is facing significant distress, with expectations of the smallest crop size in a decade and poor quality. In the U.S., the winter wheat harvest is over 80% complete. Conversely, Australia is anticipating an additional 5MMT than originally expected. The Black Sea region has already produced 68MMT of wheat between Ukraine and Russia. If you’re looking to move wheat off the combine, reach out to your merchant to confirm a shipping window and price.

Following the significant price surge in late July, canola prices have now returned to below $600/MT, with futures sitting at $594/MT at the time of writing. Current bids for fall movement are in the range of $12.15-13.30/bu delivered to Saskatchewan plants, depending on the delivery month and local basis level.  As canola harvest approaches, attention will be paid to prairie canola crops, particularly those that were seeded later and have faced persistent heat throughout July. This heat has caused a slight decrease in the good/excellent rating for canola in the final weeks of July. As of Week 51, in the shipping year, visible stocks are at 1.6 million metric tonnes, which is considered adequate if no major issues arise before harvest completion. If you have further questions or need assistance with marketing your crops, please feel free to reach out.

Soybeans experienced a decline this week and are currently trading at losses. The upcoming USDA report, set to be released on Monday, indicates a potential yield increase of 0.5 bushels per acre (bpa) from the previous month’s WASDE report. Present soybean bids are approximately $12/bu picked up on the farm, depending on location. New crop faba bids for #2 quality tannin varieties are currently around $9.50/bu FOB farm. Old crop #2 faba bids range from $9.50 to $10/bu FOB farm, while feed quality is settling around $9/bu FOB farm. If you have any further questions or need more detailed information, feel free to reach out.

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.