The lentil market rolls into December with little change across the board. Old crop red lentils are steadily bid at $0.33-$0.34/lb FOB farm, while production contracts remain elusive. Discussion around new crop is quiet but suggests possible buyer interest around $0.30/lb FOB farm with an Act of God; this is a great place to start targets. Green lentil demand seems to have softened slightly, though pricing remains unchanged. Old crop small greens trade at $0.53-$0.54/lb FOB for #1 grade, large greens are quoted at $0.58-$0.60/lb for #2 grade and medium greens still see the odd US trade at $0.40/lb USD in good freight areas. New crop small greens are indicated at $0.43-$0.45/lb, large greens at $0.45/lb in light trade, and mediums at $0.29-0.30/lb USD, all including Act of God clauses for up to 10 bushels per acre with on farm pickup. Early in-house forecasts for the 2025/26 crop year suggest an increase in green lentil acres. Those looking for seed, particularly small green lentil seed, should consider securing their needs now. Locking in at least 5 bushels per acre may be a strategic move to hedge against a large production year.

The pea market holds steady this week, with little change in pricing or demand. Yellow peas await clarity on India’s tariff decision expected December 31, with indications that the tariff may return, keeping prices subdued. Current bids range from $10.50-$11/bu FOB farm, with $11 trading selectively on firm offers. Green peas are unchanged at $16.00-$16.50/bu FOB farm while new crop is indicated at $12.00/bu with AOG. Maple peas continue to see buyer interest, with trades between $19-$24/bu FOB farm, depending on the variety. Certified seed is still available for most pea types, though maple type seed is nearly sold out. Growers looking for certified options are encouraged to contact their merchant to discuss remaining options.

The latest flax market update anticipates a slight increase in StatsCan’s December estimate, but overall supplies for 2024/25 remain historically low. October shipments to China fell to just 28,000 tonnes, marking a two-year low. However, some optimism comes from inventory building at Thunder Bay for shipments to Europe. Pricing remains stable at $16.50-$17.25/bu picked up, depending on location and delivery timing. Russian flax prices have ticked up, though concerns over quality persist, which may support North American prices. While no major rallies are expected in the short term, limited supply could help maintain price floors.

In canola news, Australia’s crop projections have been adjusted upward to 5.6 MMT for 2024/25, making it the fourth-largest crop on record and well above the 10-year average. Meanwhile, the potential imposition of U.S. tariffs on Canadian canola continues to loom, with analysts noting the potential for significant market disruptions. Pricing has softened slightly, with futures trading at $583.90/MT. Local bids range from $12.00-$12.80/bu delivered to Saskatchewan plants, with better values near crush facilities or for spring delivery. Basis levels vary from -25 to -55/MT depending on shipping months and local needs. For specific FOB farm bids, producers should connect with their merchants to discuss tonnage and specifications.

The oat market remains stable, with milling quality oats bid between $4.50 and $4.75 per bushel delivered to plant. Buyers for lighter/ poor quality oats are available at a discount, so producers with off-spec product should reach out to our office for FOB farm options. New crop pricing for 2025 is limited, but posting targets could help producers secure early contracts and/or advise the market on expectations. Overall, trade activity on oats remains slow, but sale options are available.

Barley continues to offer a solid trade option for producers this week, particularly with the weaker Canadian dollar supporting its use over imported U.S. corn in feedlots. While corn prices are dropping and narrowing the cost gap, barley remains the preferred feed grain. Feed bids are active in the $5.00-$5.50/bu range, with stronger values near major feedlot areas in southern AB. Malt barley remains quiet, with limited buyer activity. Some new crop values are emerging around $5.00/bu picked up on a deferred delivery contract (DDC) (no act of God). Producers interested in locking in should connect with their merchants.

Wheat markets traded mostly sideways over the past week, with prices slipping slightly but remaining largely unchanged. Local milling bids for CPS Red and CWRS wheat range from the high $6s to mid-$7/bu range, depending on delivery timing. Feed wheat, meeting specifications of 58 lbs and dry, is trading competitively within that range as well, with recent transactions between $6.75 and $7.25/bu picked up on the farm, depending on location. Sales activity is subdued, with limited poor-quality wheat on offer and uninspiring milling bids for higher-quality #1 grades. Durum prices are similarly quiet, with bids ranging from $8.25 to $8.50/bu for those looking to sell.

Canaryseed prices are holding steady, with old crop bids between 30-32 cents/lb FOB farm depending on location and delivery timing. Achieving the top end of the range likely requires holding until February/March of 2025. New crop pricing is slowly surfacing, with contracts offering 30 cents/lb FOB farm and a 10 bu/acre AOG. Producers with target prices are encouraged to work with their merchants to explore potential opportunities.

The soybean complex continues to face downward pressure driven by expectations for a record 231 MMT crop from the southern hemisphere, favorable currency conditions boosting Brazil’s competitiveness, and trade agreements between China and Brazil. Potential new U.S. trade tariffs also weigh on the market. Projections for the 2025/26 growing season indicate soybeans as one of the least profitable crops, according to the Rayglen crop planner. Faba beans are similarly under pressure due to competition from a strong Australian crop, which is largely unaffected by the September frost. While Australian yields may be slightly lower than last year, seed acreage remains steady, limiting significant market shifts. Both soybean and faba bean markets are expected to remain quiet in the near term. Call the office to discuss specialty classes of beans such as Pintos, Black Beans and Great Northerns.

The mustard market remains stagnant, with limited spot contracts being picked up, while 2024 production contracts arrive at buyer facilities at a steady, but slow, pace. Brown mustard has shown some marginal spot demand, with bids sitting at 31-32 cents per pound for January – March movement, though offers at 33 cents might generate interest. Yellow mustard remains at 41-43 cents per pound, while oriental trades between 30-32 cents/lb, with firm offers potentially reaching 33 cents. For off-spec mustard, some options are available depending on quality, but low-grade markets are generally quiet. Seed sales have gained momentum, with a variety of planting seed types ready for delivery. With new crop mustard contracts are anticipated to come out soon, now is a good time to secure seed and discuss potential act-of-God options with your merchant.

Chickpea markets saw some activity this past week on old crop trade. Since mid-November we’ve seen a handful of transactions at $0.40-$0.41/lb FOB farm for standard #2 Kabuli chickpeas (minimum 20% 9mm). New crop bids remain quiet, but expectations suggest initial bids may fall around $0.30-$0.32/lb FOB farm with an act-of-God clause. No new crop acres have been contracted yet, and buying trends indicate a potential flatline or slight increase in acres due to root rot concerns and adverse growing conditions. India’s crop conditions could influence North American bids if poor weather reduces Indian production. Smaller chickpeas, mainly 7mm, are trading at $0.35/lb FOB farm for January-February movement. Although movement on smaller chickpea sizes is limited, buyers remain interested in available supplies. Feed markets are quiet but continue to buy depending on the extent of downgrading factors.

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.