Mustard markets shift into the final month of the year with little new to report, echoing a similar theme we’ve been hearing for weeks. Brown mustard bids show a spark of life, with trades hitting the book at $0.38/lb FOB farm on firm target. Yellow mustard values remain steady, as bids sit in that familiar $0.41–0.43/lb pocket. Oriental continues to lead the group in pricing, still indicated in the mid-$0.40/lb range. As for new crop, contracts remain elusive, but buyers are beginning to hint they may soon look to secure production acres with an AOG. If you have a target in mind, reasonable firm offers could just be the nudge this market is waiting for. Seed supplies remain plentiful and include delivery to the farm. Early-bird pricing runs until December 31, so it’s worth checking in with your merchant to line up seed before year-end.

Flax markets look much the same as last week. Bids for #1 brown flax continue to sit around $16.25–16.75/bu picked up, with the possibility of reaching $17.00/bu if movement is pushed into summer. Many buyers remain firm on maximum 8 percent dockage, which is worth keeping in mind as you plan your sales, though opportunities for higher dockage flax have arisen. We encourage growers to submit all samples for review to determine our best course of marketing action. Yellow flax remains highly sought after, with pricing indications in the $21.00–23.00/bu FOB range contingent on freight costs, quality and variety. For those needing seed, Certified Rowland (brown flax) and Omega (yellow flax) remain available through Corbo Agro, Rayglen’s seed and logistics division; Call your merchant for details!

Chickpea markets continue to soften on top-end quality as Canada brings in its largest crop in two decades. The pressure is amplified by an oversupplied pet-food sector and strong global competition. National carryout for 2025–26 is expected to more than double, according to AAFC. In Australia, ABARES is calling for a second strong pulse harvest, though chickpea production and exports are projected to ease from last year’s surge during India’s tariff-free window. India remains the dominant producer and exporter, with imports expected to hold steady under current policies. Traders there are reportedly waiting on the sidelines, hoping for modest price improvement. Locally, #2 Kabulis with a minimum 30 percent 9-mm count are trading near 28 c/lb. Off-grade values range from 16 to 24 c/lb, and feed remains around 10 c/lb.

StatsCan will release its final crop size estimates on Thursday, with most expecting an upward revision to the 2025 wheat crop. The trade has largely anticipated this, given how this year’s harvest wrapped up and the additional delivery data now in the system. Argentina and Australia continue to cut record-large wheat crops, and Australian estimates point toward what could be the third-largest wheat harvest on record for 2025. Global demand has already absorbed these production figures over the past several weeks, leaving world bids mostly unchanged. Local prices have been steady with only slight strength in a few pockets. CWRS is sitting around $7.25/bu delivered for December–February in West-Central Saskatchewan, with a carry to $7.35/bu for deferred delivery. CPSR is trading near $7.05/bu delivered for March movement in Central Saskatchewan. CWAD remains around $7.50/bu delivered or FOB depending on location, though Southeast Saskatchewan has seen bids reach $8.00/bu FOB farm for summer 2026 shipping. Soft white indications are around $6.80/bu delivered into Central Saskatchewan for spring, and triticale is quoted at $220/MT delivered into Northwest Saskatchewan. Feed buyers continue to look for wheat in the $5.50–6.50/bu FOB farm range contingent on location, so it’s worth checking with your merchant for opportunities.

Pea prices remain unchanged this week. Market participation is about average for this time of year, but still not strong enough to offset the increase in available supply. StatsCan’s December report later this week will give updated 2025 production estimates, and analysts expect that current yield figures may be understated, with final yields likely to fall into a moderate range. Despite tariffs into China and India, movement hasn’t been restricted. Yellow pea bids remain flat at $7.50–8.00/bu delivered, while green peas continue to trade around $10.50–11.00/bu delivered depending on shipment timing. Maple peas are range from $10.00–11.50/bu picked up, with variety and location shaping the spread in value. While steady pricing provides some stability, a meaningful rally doesn’t appear imminent as large supplies and ongoing market obstacles continue to cap near-term values.

Global oat prices have slipped to their lowest point since October 2025 after three months of steady erosion, and Western Canadian cash bids have followed the downturn with little support coming from other grain markets. Even with rising rail tariffs and higher transportation costs, U.S. food manufacturers will remain heavily dependent on Canadian oats. Domestic U.S. production still falls short of the needs of cereal, oatmeal, and granola makers, keeping cross-border movement essential even as freight increases reshape delivery strategies. The U.S. continues to source nearly all its oats from Canada, largely moving by rail into Duluth, Chicago, and the Midwest milling corridor. For 2025/26, railway tariff hikes have added fresh pressure to the supply chain, with BNSF raising rates by $100 per car and Canadian carriers increasing tariffs by $175–$260 per car. These changes are tightening margins for processors and could influence future procurement patterns. Locally, oat prices sit near $3.40/bu delivered for #2 milling quality, while feed values remain supported between $2.25 and $2.75/bu picked up on the farm for minimum 38 lb product in central Saskatchewan.

Lentil prices are a bit hit-and-miss this week after lending issues in Algeria briefly knocked the Large Green market off balance. Buyer uncertainty pushed some bids down into the 25-cent range, though opportunities closer to 27 cents are still appearing in select areas for the right quality. A few buyers have renewed interest in premium grades on LGL, specifically #1 or Extra #2, but sizing remains a key factor alongside colour and damage. Product needs to hit at least 80 percent above a 15/64 RHS to meet those higher-end specs. There is also some buyer appetite for grower targets on X3 and #3 LGL this week with indications in the high teens to low 20 cent range pending quality. Small greens continue to trade around 22 cents per pound picked up on farm for #1 quality on offer. Red lentils remain near 22 cents for #2 grade, with light trade and limited enthusiasm from either side of the market. New crop values have yet to emerge, as supplies appear adequate for the current crop year and buyers are in no rush to look ahead.

The Canadian Canola Growers Association and the Canola Council of Canada continue to work with federal officials to address market-access challenges in China, but for now the futures board remains under pressure. Volatility has made producers reluctant to move production, hoping the market might find a firmer footing. Production estimates remain uncertain heading into tomorrow’s Statistics Canada report. While domestic processing capacity is expected to climb, growers are increasingly focused on emerging pest pressures for next year’s crop. Cabbage seed weevils, midge, and armyworm are expanding across more fields, raising questions about how many acres will ultimately go into canola next spring. With more unknowns than answers this week, the market feels unsettled. At the time of writing, January 2026 canola futures are trading around $632.60 per tonne, with March near $646.10 per tonne.

Barley prices continue to inch upward. In western Saskatchewan, trades are now coming in above $5.00/bu picked up, with Alberta even stronger. Most shipments are booking into the January–March window, though the occasional prompt movement option does arise. Export demand into China, Japan, and Saudi Arabia is helping support values, with Saudi purchases particularly noteworthy as the first seen since 2016/17. As export business improves, domestic buyers are feeling the pressure to stay competitive. The malting barley market remains quiet, with most buyers comfortable on near-term coverage.

Soybean futures have slipped due to a lack of confirmed new purchases from China, though speculation of additional buying is helping prevent sellers from becoming too aggressive. Recent rains in central and northern Brazil, along with favorable weather in Argentina, have eased crop concerns. Local soybean bids are sitting between $12.75 and $13.00 FOB farm. North American supplies of black and pinto beans are ample, and demand from Mexico is expected to normalize due to competition from other global suppliers, putting some downward pressure on prices. Black and pinto beans trade around 30¢/lb, while smaller colored bean varieties see stronger demand and higher bids, approaching 60¢/lb. Faba beans continue to see limited export interest, with farm gate bids at approximately $8.00/bu and feed quality priced around $7.00/bu FOB farm.

Canaryseed markets remain fairly flat this week, with limited trading activity. Buyers appear satisfied with current supply, as sellers move small amounts here and there. Spot prices hold around $0.19/lb FOB farm for December – January delivery. Posting an offer at $0.20/lb FOB for later 2026 delivery, possibly out to March, could attract attention, but trades at that level have been unsuccessful for quicker movement. With strong yields this year, gradually chipping away at spot sales may make sense to move grain, clear bins, and generate cash flow, especially in a market that does not look poised for any major rallies. If you’re considering upgrading your seed, now is an ideal opportunity given current market prices—contact your 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.