There hasn’t been any significant changes in the pea market since last week. Yellow peas continue to see trades at the $13.00 – $13.50/bu picked up level, $8.75 – 9.00/bu USD. With new crop values posted at $9.50/bu. However, there have been some offers trading around $10.00/bu with an act of God. Green peas are still strong at $17.50 – 18.00/bu on old crop and new crop values posted closer to $13.00/bu. Old crop maple peas are at $25.00 – 26.00/bu with new crop values at $18.00/bu delivered. We are still working under the assumption that India won’t be extending their March 31^st zero tariff. If they do, then there could be a small bump in some pricing. We already knew supplies were down on greens and maples; and yellows will be too with this last blip in buying. Statscan also reported stocks down 15% compared to last year.

Barley markets come into the week without much change to report for new crop as well as old crop values. Old crop continues to trigger anywhere from the $4.75 – $5.00/bu FOB farm range, with that number getting better the closer you are to feed lot alley. Movement timeframes are also pushing out into summer months. Any drastic upswings or trades above those posted values are highly unlikely given the amount of carry over that is still sitting in the bins. Corn continues to supply feed lot alley so overstepping over indicated values just does not make sense today. There has been talks that some of the barley that was slated for malt is starting to drop off spec in the bin which might impact feed prices going forward. Maltesers still remain quiet on new crop and old crop but we highly suggest getting what is the bin tested to ensure it still makes grade. There is some new crop malt indication around the $6.00/bu FOB farm range including an act of God, but this does not feel like a deep bid. If you have been sitting on the fence on old crop feed now is likely the time to take the plunge to the other side and get something sold before market recalculates and drops off.

What can be said about the wheat world today that we don’t already know? Pricing seems to have flat lined on almost all varieties and forms of wheat whether it be red spring, durum or even feed wheat. Wheat is and always has been affected by worldwide purchases that make their way back to in pocket pricing for the Canadian farmer. This year has been a struggle with other countries having a fluid supply and able to fill tenders for a cheaper delivered price then what is being supplied out of North America. As we inch closer to 2024 seeding and 2024 harvest, it becomes more clear weekly,  that any price rallies on wheat is almost just plain and simple not going to happen. Durum remains around the $11.00 – $11.50/bu delivered range but even those numbers are not deep. #1CWRS is about a $2.00/bu drop off from that and indicated around the $8.50/bu delivered range. We have seen a bit of love for feed wheat values but your best bet with that is calling in and letting us work the freight to see what kind of FOB farm price you can obtain.

Flax continues to chug along in similar fashion to the past couple weeks. Old crop bids range anywhere from $14/bu for quicker movement to $15.50/bu picked up on the farm for summertime delivery. New crop remains on par with old at $15.00 – $15.50/bu picked up on the farm for movement the last quarter of 2024 with 10bpa act of God. Looking over StatsCan numbers on flax, estimated production from this past year comes in around 273 thousand tonnes, the lowest since 1967-68. These low numbers are offset by the ample supply of production due to the previous year(s) large carry in and minimal export demand. Looking ahead to the upcoming crop year, flax acres are forecasted to slide a little more. Unless more demand comes from overseas for both old and new, expect pricing to stay quiet.

Oat pricing continues to chug along steadily, a nice change of pace from some of our other markets that are experiencing high volatility lately. Current crop pricing for milling oats is around the $4.75-$5/bushel range delivered to various locations across Saskatchewan and Manitoba. Delivery timeframes vary but are starting to look more towards the summer months. If you are thinking you’d like to get some more oats moving this crop year, you might want to start making some sales soon. Feed oats that are heavy and dry are closer to the $4/bu mark but that is FOB farm depending on your location. We are still sitting on a decent supply from 2022 and with barley pricing down, we may see an increase in oat acreage in the upcoming year.

Lentils continue to generate the most conversation among crops this week. Despite the chatter, many eyes are closely watching India’s crop condition as the country’s prime lentil growing areas sit in their reproductive stage with the coming harvest in the next 4-6 weeks. Locally, large greens lead the way with spot bids coming in this week at $0.82/lb FOB farm on a #2 or better, with new crop following in at $0.59-0.60/lb FOB farm range. Small greens continue to pencil in strong on both old and new, with old crop bids at $0.76/lb and new crop at $0.51 – $0.52/lb FOB farm with a slight penny premium for those willing to deliver. Medium green lentils in Montana continue to pick up steam on old crop with $0.55/lb USD FOB farm working in some areas. New crop mediums continue to generate bids between $0.37-0.38/lb USD. Lastly, old and new crop red lentils are getting closer to converging with old being bid at $0.34-0.35/lb and new crop at $0.32/lb picked up. New crop lentils continue to be offered with an Act of God on 10bu/acre, with September-December as the preferred shipping timeframe.

Chickpea markets are slow and steady. There is a convention going on in Dubai this week which can stir the pot of the pulse markets but thus far no news has come from it. Several conversations were had last week about chickpea acres going in and what the possible carry over might be for the coming season. General thought is we will come into the next season with a good supply of smaller sized product in the bin and the hopes that the production for the year will provide larger sizing. This could potentially,  in the long run, provide an opportunity for mix and blend to trickle out the smaller sizes. Also, growers are now starting to clean their seed for the season and taking all the smalls out of their production. With this, it is a good idea to get your sample sized again to be used for marketing. Buyers are on the lookout for off quality everyday! Show us what you’ve got and we will help get the good word out there.

The dry bean market continues to have strong export numbers. Numbers are slightly ahead of the 5-year average. There is a risk of exports slowing down due to limited supply in the bin. With limited supply remaining, old crop sales have slowed down but have pushed buyers to offer attractive new crop AOG contracts.  These contracts filled quickly as pricing was attractive and had limited acres available.  The fore mentioned contracts traded at 51 cents with an AOG for black beans and pintos.  Since those contracts filled this market has gone quiet.  The faba bean market on old crop trades last week were coming in at $10.00/bu FOB for spring movement. New crop prices have been null so far on fabas. However, buyers have indicated that they would look at signing new crop up at $10.00/bu for new crop with an AOG.

Mustard pricing continues to be a challenge this week. We have now seen a fairly big correction in yellow mustard for spot pricing. Pricing for yellow mustard sits at 53 cents/lb FOB farm for old crop and in the 50’s for new crop with an Act of God. Brown mustard is priced at 40 cents/lb for both old and new crop, while spot oriental sits in the 40’s. Show us an offer on the new crop oriental, as we might be able to get a little more. We still have a good supply of all types of certified mustard seed available with free delivery to your yard. We cannot stress the importance of starting each mustard growing season with new certified seed, as cleaning your own can carry significant downside risk and is generally not financially beneficial. Mustard seed loses grade quickly due to weed seed contamination and with reduced purchase demand, especially for low grade, these contaminants are likely to play a bigger role compared to the last few years. Call our office to discuss further.

Canary seed is still humming along in sideways action as prices have not changed much this week. Spot prices maintain values at the 40 cent range with occasional opportunities popping in at 41 cents depending on area. New crop prices are still showing 35 cents/lb picked up on farm in many areas and an act of God included at that price level. When you sit down and pencil out canary as an option against other cereal crops, it comes out favorably today and the contracts including an act of God provides a considerable amount more protection than forward selling a lot of other options. Spot prices are expected to slide closer to new crop values as we continue through the marketing season as supplies, while not burdensome, look comfortable with exports not setting any records at this time. In lieu of any new news to really shine up the marketing options canary sales looks like a solid move today.

Current canola market factors remain focused on soybean production out of Brazil and demand from China. Thus, canola will continue to take its lead from soybeans. There is a significant difference between Brazilian production estimates and the current USDA estimates. Chinese Lunar New Year has concluded, and the nation is back to work this week. This could stimulate Chinese soybean purchases. Somewhat regardless of all of this, canola still has a canola problem. AAFC adjusted exports down due to lack of demand and increased carryout to a comfortable 2 MMT. Canola bids are hovering between $12.25-$12.75 picked up on farm with Feb/Mar shipping.

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.