Oat markets remain quiet this week, with little indication that this will change in the near term. Old crop milling oats are indicated around $3.00–$3.40 delivered into various locations, though interest at those levels is limited. With the amount of supply expected to be available this year, the likelihood of any meaningful price rally appears low. Feed oat bids are sitting in the $2.25–$2.70/bu FOB farm range, and demand is similarly muted. Buyers have already begun showing interest in securing some 2026 coverage, suggesting that holding large oat inventories in hopes of higher prices may not be rewarded anytime soon.

Barley demand remains strong this week, with feed buyers still indicating bids in the mid-$4 to $5.00/bu FOB farm range across Saskatchewan. While delivery windows are starting to push further out, these prices remain attractive, given the Prairies strong production numbers. Occasional opportunities for nearby movement have appeared, so if delivery periods are a concern, consider firm targets to help facilitate trade. With strong supply and little information to suggest a rally throughout the marketing year, leaving bushels unpriced may risk growers losing both value and desired delivery windows. Current feed pricing is worth strong consideration. There is little news to report on malt barley markets, as maltsters remain quiet and generally uninterested in purchasing. That said, having specifications ready and a target price established will prove beneficial if there is a demand push.

The pea market follows a similar trend this week, with values largely unchanged from our last report. Yellow peas continue to trade around $7.00/bu picked up, with limited opportunities to capture slightly higher values in niche protein markets with pushed out shipping windows. Green pea bids have remained steady at $10.00-$10.50/bu picked up, based on #2 spec with maximum 3% bleach. Maple peas are trading in the $9.50–$11.00/bu picked up range, depending on variety. As noted in previous reports, Canadian pea supplies remain ample, and both current and future export programs are expected to stay sluggish. As a result, pea pricing is likely to remain sideways and relatively flat throughout the remainder of the marketing year.

StatsCan sharply raised its 2025 canaryseed production estimate to 235,000 tonnes, the largest crop since 2004/05, driven by a 10% increase in seeded area and a record yield of 1,622 lb/acre. When combined with larger carry-in stocks, total supplies for the year are approaching 320,000 tonnes, the heaviest since 2006/07 and burdensome given today’s smaller export programs. Exports are off to a slow start and are forecast at 140,000 tonnes, which would require an above-average shipping pace for the balance of the year. A stocks-to-use ratio of 115% further highlights the ample supply situation. Seasonal price strength has been muted by missed Thunder Bay shipments and overwhelming supply, leaving little upside for canary seed values. Prices are expected to remain flat near current levels, with any meaningful recovery unlikely before 2026/27. Current bids are hovering around 18.5–19.5 cents per pound picked up on the farm for new-year movement.

Flax pricing has seen little change over the past week. Good quality brown flax with no canola admixture has seen bids up to $17.50-18.00/bu FOB available for summer movement, while late spring delivery remains closer to $16.50/bu picked up. Marketing continues to be challenging, as supplies from Kazakhstan continue to be highly competitive into the EU, while China is sourcing most of its needs from Russia. This has left the U.S. as the primary destination for Canadian flax, putting pressure on both bids and overall demand. For offshore markets to reopen to Canadian flax, prices would need to move significantly lower given the heavy global supply situation. Yellow flax, however, continues to see steady demand, with prices quoted in the $21.00–$23.00/bu picked up range, largely based on quality and variety.

Wheat markets moved lower again, following news of large global supplies that surfaced late last week. Minneapolis, Kansas City, and Chicago futures have all traded lower throughout the week, weighing on local milling wheat values. #1 CWRS 13.5 protein bids are sitting just north of $7.00/bu delivered, though bids remain sensitive to delivery timing and individual buyer needs. Durum bids are generally sub-$8.00/bu on #1 CWAD across most areas, with a few buyers willing to look at locking in $8.00/bu in southeastern Saskatchewan for fall delivery. Overall, durum trade remains very hand-to-mouth at these levels. Feed wheat values are showing on either side of $6.00/bu picked up on farm, depending on location, with farms closer to feedlot alley continuing to capture a freight advantage.

Canola continued to slide this week, breaking below the $600/MT mark and trading around $595/MT at the time of writing. Other oilseed markets, including European rapeseed, have also trended lower, alongside softer crude oil prices tied to U.S. and Venezuela tensions. StatsCan’s production estimate of 21.8 million tonnes continues to weigh on pricing, although the size of the crop was largely expected and previously factored into the market. Local bids include $13.10–$13.20/bu delivered into northwestern Saskatchewan for January–March movement, with $13.60/bu delivered being indicated for June–July 2026 delivery. In west-central Saskatchewan, bids range from $12.25–$12.70/bu delivered, depending on delivery timing from December through June 2026. For other regions, growers are encouraged to contact their merchant for FOB farm pricing. For those looking to move heated canola, feed buyers remain aggressive in securing tonnage, so grading specifications should be discussed directly with your merchant.

There has been limited chickpea news over the past week, and heading into a seasonal slowdown, this comes as no surprise. Any discussion in the market has been more broadly focused on pulse crop conditions and general pressure rather than chickpeas specifically. Strong yields, quality concerns, and overall marketability continue to dominate conversations before price even enters the discussion. Local markets have remained stable, while internationally chickpea markets are being described as mixed to slightly weaker, reflecting generally soft demand. Consecutive years of strong production in major exporting countries such as Australia and Canada continue to influence supply-and-demand dynamics, keeping prices stable to lower. Many North American producers still recall the record highs from a few years ago, which continues to weigh heavily on marketing decisions today. With a wide range of quality present in the market, flexibility in marketing options is essential. Understanding your quality and discussing pathways to market remains key.

Lentil markets remain quiet on both the buying and selling sides. Over the past week, large green lentils (No. 2) have traded as low as 25¢ FOB farm and up to 27¢ delivered. Small green lentils (No. 1) have moved between 20¢ FOB farm and 22¢ delivered, while red lentils have ranged from 21¢ FOB farm to 22.8¢ delivered. Specialty lentils, including belugas and French greens, continue to see very limited buyer interest and slow trade. At this point, lentil markets are expected to remain soft until at least after seeding. Any meaningful improvement would likely require a significant reduction in seeded acres or a major weather issue in Canada or other key producing regions. Until then, the market lacks a clear catalyst to move higher.

Analysts and traders continue to watch China closely after its recent increase in U.S. soybean purchases following a trade agreement with the U.S. There remains uncertainty, however, over whether Chinese buying will reach the 12 MMT target being discussed. Locally, soybean bids are currently ranging from $11.75 to $11.85 FOB farm. Across North America, supplies of black and pinto beans remain ample. Demand from Mexico is expected to taper off and return to more typical levels as competition from other global suppliers increases, putting some downward pressure on black and pinto bean pricing. In contrast, smaller classes of coloured bean varieties are expected to see improved demand and firmer prices due to tighter supplies. Current bids for black and pinto beans are hovering around 30¢ per pound, while minor specialty varieties are attracting stronger interest with bids closer to 60¢ per pound or higher. Faba bean export interest remains limited, with farm gate bids near $8.00 per bushel and feed quality faba beans priced around $7.00 per bushel FOB farm.

Mustard values remain flat as December begins to wind down, and no major changes are expected over the Christmas holidays. Yellow mustard continues to trade in the 41–42¢/lb range, while brown mustard sits around 36–38¢/lb, depending on movement timing. Oriental mustard remains the strongest type, trading in the 44–45¢/lb range. All values are quoted as FOB farm and assume No. 1 quality. New-crop bids did not surface in December this year, but January may bring the first indications as buyers begin working through target levels. If you have a price in mind, it is worth sharing that with your merchant. Rayglen continues to offer certified mustard seed, which is strongly recommended for all mustard growers, as purity remains critical. Your merchant can provide details on availability, pricing, and treatment options, with all varieties delivered directly to the 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.