Barley markets have remained steady without any major price spikes or dramatic drops over the past week. Feed markets are held in the $4.75-$5.50/bu FOB farm range, influenced by area, delivery time, and quality factors such as weight. Nearby shipments are difficult to secure, but buyers are still actively looking for February/March coverage to meet their demands. New crop values remain quiet, but firm offers could prompt buyer interest. On the malt side, activity is subdued, with maltsters potentially showing minor interest in low-protein, good-quality malt, but holding off on aggressive purchasing. They are expected to return to the market later in Q3 and Q4 once current stocks are worked through. For firm pricing in your area, it’s best to reach out to your merchant.

Flax prices remain stable this week, with bids ranging from $16.60 to $17.50/bu, with stronger prices typically tied to spring shipments. While Canadian flax supplies for 2024/25 are expected to be lower, a near-term rally is unlikely due to subdued demand. Quality concerns in the Black Sea region could influence prices, but for now, Russia continues to dominate and remains the main supplier of flax to China. Reports suggest flax inventories in Chinese warehouses are returning to normal levels, potentially signaling stronger imports in the seeable future. For yellow flax, hand-to-mouth buying has been observed in the $22-$24/bu FOB range, with the strongest values bid in SE Sask. There are also opportunities to move off-quality flax; speak with your merchant to explore options.

The recent StatsCan report and ultimately, its estimates are unlikely to impact the pea market with any sort of significance. Yellow pea prices remain steady at $10.50–$11/bu picked up as this market continues to await India’s tariff decision. Unfortunately, declining peas and desi chickpeas values in India make it increasingly likely that the tariff will be reinstated. Green pea markets continue to see generally strong buyer interest, with firm offers trading at $16.50–$17/bu picked up. With reduced supplies in Canada and the US, green pea prices are expected to remain supported for the near term. Maple pea pricing has softened slightly, now trading at $19–$23/bu picked up depending on the variety. New crop maple pea contracts, including an act of God clause, have traded at $14-$16/bu picked up, but opportunities at the higher end are becoming tougher to find. For those planting maples in the coming year, locking in 10–15bu/ac is recommended as all signs point towards an increase in acres in this niche market.

Wheat prices are up midweek, supported by the USDA’s reduction in US wheat ending stocks, attributed to stronger sales to Asian markets. Globally, the USDA report indicated declines in supplies, consumption, and trade but noted an increase in global ending stocks for 2024/25. Local wheat prices hover around $7.50/bu delivered for #1 CWRS with 13.5% protein, while soft white wheat ranges from $6.75–$7.00/bu FOB farm. Feed wheat is pricing at $6.50–$7.00/bu FOB farm, depending on wheat type, for new year movement. Durum pricing remains in the $8.40–$8.60/bu range delivered to Saskatchewan plants. Competitive opportunities exist for lower-grade #3/#4 durum; for specific picked-up pricing, contact your merchant.

After a month of declines, the canola market has finally shown some upward momentum. StatsCan’s 2024 production estimate, released late last week, reduced the projected canola production significantly to 17.85 MMT, which has driven January futures up to $624/MT from $584/MT a week ago. Local bids reflect this increase, with some Saskatchewan crushers offering around $14.30 delivered for spring/summer delivery. However, the potential for US tariffs and China’s anti-dumping investigation remains an overhang on the market, potentially capping price increases until further clarity emerges.

Discussions about the upcoming chickpea seeding season have highlighted expectations of increased acreage in both Canada and the US. In Canada, disease management and crop rotation influence decisions, while insurance coverage plays a larger role in US planting plans. Old crop chickpea values have remained steady for several weeks, with buyers cautious about taking long positions, which may affect new crop bids. Current indications for new crop bids sit at approximately CAD $0.30/lb FOB farm (USD $0.25/lb) with an AOG. If these numbers work for your operation, consider submitting an offer to buyers. Old crop sales remain active but sporadic, so understanding the size profile of your production is critical before selling. Larger chickpeas hold more value and can attract premium pricing.

The oat market remains stagnant, showing little excitement as StatsCan reports a 27% increase in production, bringing totals to 3.36 MMT. Some buyers have stepped back to reassess bids, with questions about quality due to the prevalence of lightweight oats. Bids are currently indicated around $4.00/bu picked up, depending on location for good quality, heavy milling oats. Growers with light product are seeing bids around $2.30-$3.00/bu pending weight. This year seems poised for subdued market activity with fewer spikes in value, so it may be a quieter season for oats.

Canary seed prices are becoming increasingly difficult to pin down. While spot market bids at 32 cents per pound delivered to plant are still possible, some buyers are quoting values closer to 30 cents. The December StatsCan report revised production upward to 185K MT from September’s 162K MT, suggesting adequate supply and contributing to recent price softness. Exports saw a slight uptick in December, but further improvements will be needed to align with the 5-year average. New crop bids with an act of God were around 30 cents per pound last week, though buyers appear to be retreating from those levels following the production increase.

As anticipated, the mustard market appears poised to carry its current tone into the new year. Spot contracts are limited, with small tonnages trading. Yellow mustard holds steady at 41-43 cents per pound, while oriental trades between 30-32 cents per pound. Posting an offer at 33 cents FOB may attract buyer attention. Brown mustard continues to show minor spot demand, with bids at 31-32 cents per pound for January to March movement, though offers at 33 cents could draw interest in this type as well. Options remain available for off-spec or lower-grade mustard as well. Seed sales are gaining momentum, with various planting seed types ready for delivery. New crop mustard contracts now seem likely to materialize in January as the market slows during the holiday season.

Lentil markets remain steady with little volatility. Red lentils are trading in the range of 32.5-33.5 cents per pound FOB farm, with occasional trades hitting 34 cents. The market appears stable, with buyers seemingly satisfied with current conditions. Large green lentils hold firm at 58-60 cents per pound FOB farm for #2 quality, while #1/X2 grades fetch a premium at 63-64 cents FOB. Small green lentils are trading between 53-55 cents FOB farm in the spot market. On the new crop front, activity is limited, with the exception of small greens, which have seen targets trigger up to 45 cents per pound FOB farm with an Act of God on 10 bushels per acre. Large greens have seen a few trades at 47 cents FOB farm with an Act of God, but buyer interest remains muted, with most activity stemming from offers at that level. New crop red lentils have yet to see any trades as buyers appear content to hold off on releasing bids until the new year.

Soybean futures are receiving a boost from favorable USDA corn data, despite the USDA holding steady on Brazilian soybean production estimates and slightly increasing projections for Argentina. Locally, soybean prices range from $10.80 to $11.25 per bushel FOB farm. In Argentina, tough growing conditions have impacted dry bean production. While Mexico may present some demand for dry beans this year, the volumes are expected to fall short of last year’s levels. Larger classes of dry beans are trading at 45¢ to 50¢ delivered, whereas smaller specialty bean classes command higher prices of 55¢ to 59¢ delivered. Export demand for faba beans remains subdued, largely due to robust UK production forecasts, with Australian output being the variable. Australian frost damage could impact yields, but the extent remains uncertain. Export bids for faba beans sit around $9.00 per bushel FOB farm, while feed-quality fabas are priced near $8.00 per bushel 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.