Same old story in the pea market, as yellow peas continue their flat trajectory due to subdued demand. Looking abroad, neither China nor India have shown signs of renewed purchase interest lately, resulting in the spot market holding steady at $10–$10.50/bu FOB farm. Limited opportunities in niche markets at $11/bu have surfaced in select locations, though these opportunities are scarce and usually carry pre-harvest chemical restrictions and longer shipping windows.  Reach out to your merchant to discuss potential opportunities. New crop yellow pea values are posted at $8–$9/bu, but grower interest at these levels is virtually nonexistent. Green peas continue to trade at $17/bu picked up in the spot market, for #2 spec with max 3% bleach. New crop values sit at $13.50/bu picked up, which has garnered some producer interest, but sales remain generally slow. Maple peas are stably priced between $19–$22/bu picked up for old crop, while new crop values hover around $16-$18/bu picked up with an AOG; both old and new crop maple bids remain variety specific.

Oat prices remain stagnant, with limited demand for lower quality, creating challenges for growers with light oats. Buyers continue to show little interest in product under 38lbs, but the odd market does seem to pop up sporadically with discounts of $1–$2 off milling bids. This highlights the importance of having targets set for those “one-off” opportunities. Milling-quality oats continue to trade around $4.00/bu picked up, with minimal movement. The uncertainty surrounding tariffs only adds to the difficulty in planning. There has been some chatter about increased acreage this year, which could add supply and keep values subdued over the long term. New crop indications are in the $4.00/bu range picked up, with movement stretching into 2026.

Canaryseed markets remain unchanged again this week. Both old and new crop values continue to mirror each other, sitting around $0.30/lb FOB farm. Old crop shipments are shifting to the March–April window, while new crop is still quoted for September–December movement with a 10 bu/acre act of God clause. Supply and demand remain balanced, with slow, but steady, sales and purchases taking place. Locking in some tonnage at current levels seems like a fairly safe play at this point as market dynamics seem to point to flat markets for the foreseeable future.

A strong feed barley market continues to hold steady as we near the end of February. Old crop indications remain above $5.00/bu FOB in nearly all aeras, with $5.50–$5.60/bu common and attainable in most. However, movement is now largely pushed into the spring/summer months, as nearby shipping windows are all but filled. Growers looking for quick movement may still find opportunities, though bids usually carry discounts. Buyers are also testing the waters for new crop feed barley, with most areas showing values above $5.00/bu FOB farm on a DDC contract. On the malt side, demand remains soft, and finding a bid is proving difficult. Having specs on hand may help capture opportunities should pockets of demand emerge.

Chickpea markets remain quiet on actual trade but active with speculation and marketing strategies. Spot bids this week hit $0.39/lb FOB farm for lots with a minimum 20% 9mm sizing, while product with less than 20% is trading closer to $0.35–$0.36/lb FOB farm. The market is highly focused on sizing and grading as key purchasing factors, so if you haven’t assessed your quality, now is the time. New crop remains at a standstill with zero trades reported. With reduced U.S. demand and a comfortable global supply, the outlook for new crop pricing suggests potential downward pressure, despite the current lack of bids. An increase in North American chickpea acreage could further weigh on values. If you’re planning to seed chickpeas this year, bring us your target price ideas, and we’ll work to get something locked in for you.

Canadian flax supplies remain historically tight, which could impact export volumes. Prices are holding firm, with $18.00/bu picked up in the yard available for some nearby and strong values seen in some areas for deferred shipping windows. New crop bids are around $17.00/bu FOB with an act of God. The EU imported 143,000 tonnes of flax in December, providing some cushion for their processors, but additional supply will still be required in the coming months. Of that total, the bulk came from Russia and Kazakhstan, while Canada contributed 14,000 tonnes. If the EU moves forward with tariffs on Russian flax, there could be increased demand for Canadian and Kazakh supplies. Meanwhile, the potential for U.S. tariffs on Canadian flax remains a risk, adding uncertainty to future trade flows. Market participants continue to monitor these developments closely.

Tariff issues continue to create uncertainty for both buyers and sellers, particularly in the yellow mustard market. With a significant reduction in U.S. acres this year, demand for Canadian mustard could be strong in the 25/26 marketing year. Yellow mustard is trading between $0.43 and $0.44 per pound, and placing an offer at $0.45 FOB could still be a solid strategy. Brown mustard is currently bid at $0.32–$0.33 per pound, depending on delivery, while oriental mustard remains the slowest-moving market, with most bids in the low $0.30 per pound range, though slightly stronger if movement is pushed to June. New crop values remain in line with current spot prices. Long-term prospects for mustard could be bullish, so if you have open acres, now may be a good time to consider seed options.

The wheat market continues to face global challenges, with the U.S. dealing with a mix of drought and winterkill, while moisture concerns persist in the Black Sea and EU regions. Tariff uncertainty, particularly in the EU, adds another layer of complexity for both producers and buyers. Locally, feed wheat prices are holding steady at $7.00–$7.25/bu FOB farm. Durum remains stronger, with prices ranging from $8.50–$9.50/bu FOB farm, with the highest bids in eastern Saskatchewan due to tighter supplies. This presents contracting opportunities for growers. With multiple factors—drought, winterkill, moisture issues, and trade barriers—market participants should remain flexible and stay in close contact with their merchants for updates.

Lentil pricing saw some minor adjustments this week. New crop small green lentil pricing has dropped to $0.40–$0.41/lb FOB with an act of God, while old crop remains at $0.52–$0.53/lb FOB farm. Large green lentils are currently bid at $0.45–$0.47/lb FOB with an act of God, while old crop remains at $0.58 for a #2, with some interest in X2/1 at $0.60. Red lentils remain stable at $0.33–$0.34/lb FOB for old crop and $0.30/lb for new crop. Reports indicate that India’s red lentil production is expected to be down by 11%, with overall supply likely to be lower than last year. This should help support red lentil prices in the near term. Large green lentil pricing remains uncertain—ending stocks are expected to be limited, but lower-priced pigeon peas may act as a substitute. Meanwhile, small green lentil new crop pricing is likely to continue its downward trend as more acres are contracted, reducing buyer urgency. Despite these shifts, small and large green lentils remain among the most profitable crop options for the coming season.

A large soybean harvest is now underway in Brazil, which could exert downward pressure on prices. Agribusiness consultancy Celeres has increased its production estimate for Brazil’s 2024/25 soybean crop to a record 174 million metric tons, up from their previous projection of 170.8 million metric tons, citing favorable weather conditions. Meanwhile, the USDA currently pegs Brazil’s crop at 169 million metric tons. Domestic soybean prices remain in the range of $10.75–$11.00 per bushel at the farm. In the dry bean market, challenging growing conditions in several key regions and local processors still working through their inventories could create some upward pressure on bids. Dry bean prices are ranging between $0.50–$0.60 per pound delivered, while smaller specialty varieties are trading at $0.55–$0.60 per pound delivered. On the export side, demand for faba beans remains limited. Current bids for export-quality faba beans sit at around $9.00 per bushel at the farm, while feed-quality faba beans are priced at roughly $8.00 per bushel at the farm.

Canola markets saw slight gains today with futures sitting at $662.30/MT and $674/MT for March and May respectively. Technical analysis signals remain supportive, with price-dependent demand helping to boost futures as charts trend upward and supplies tighten. Malaysian palm oil saw a significant jump in overnight trading but is now encountering some resistance. Meanwhile, uncertainty surrounding potential U.S. tariff threats continues to cast a shadow over the market. Local canola bids are sitting between $14.50–$15.00 per bushel for old crop, while new crop values are hovering around $14.50 per bushel.

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.