The wheat market has been sideways the past few weeks as the Minneapolis, Chicago, and Kansas boards all plugged along with little to no action. Last week, talk from the warfront didn’t stir things too much and we sit and wait to hear some new news to shake this market up. Locally, bids are still very close to last week, ranging from $11.30-11.70/bu for CWRS 12.5 pro, and $11.99-$12.06/bu for CWSWS, month and delivery dependent. Durum prices upped a little this week as we saw some $12.50/bu FOB farm bids pop up in select areas for spring movement on #2 or better quality product. Programs like that can come and go pretty quickly, but if you have some interest, we are stacking some offers at those levels hoping things perk up in other areas as well. The feed market prices still show highs of $10.50/bu FOB farm in the far SW Sask heading into feedlot alley and areas of freight disadvantage see bids closer to $10/bu FOB farm range.
To say the oat market is quiet would be an understatement. Week after week we continue to see no changes as supplies are heavy and buyers are filled up for the near future. Feed oats are still trading between $3.50-$3.75 FOB farm though and we start to wonder if growers should just take advantage of a sales opportunity rather than holding out for milling bids. Feed oat movement is generally quoted for shipping over the next couple of months, so it also offers some cashflow relatively soon. We have a new crop milling oat opportunity at $5/bu delivered into southern Manitoba for oats that are glyphosate free. With oat acres expected to be down, we should be able to work through our big supply over the next couple of years, but it may take some time for bids to bounce back up. Keep in touch with your merchant and/or set your targets for any openings that pop up as they tend to fill quickly.
Unchanged sentiment in chickpea markets this week. Buyers have no desire to take any long positions given the acreage forecasts and favorable growth conditions. On the flip, producers contemplate old crop selling options and dialogue for new crop bids. Old crop values for #2 large Kabuli hover around $0.50/lb FOB farm with stronger opportunity popping up on hand to mouth trade. This might only add a penny to the pot, but buyers hit offers before coming to market with higher bids, so best to put those targets in. New crop is bid around $0.45/lb FOB farm with a typical 10 bu/acre act of God. Thus far, we have seen very few trades for new crop, but despite this, buyers hold steadfast and wait for bearish news in the market over the coming months. Feed and pet food markets are relatively quiet as well, but are always willing to buy. Check the bins, see what quality you have available, and call us to discuss options.
Flax pricing remains sideways this week as bids continue to hit our desk in the $17.00 – $17.50/bu delivered range with varying movement windows as exports continue to be on the quiet side. The Black Sea region is still shipping supplies into China and Europe at lower prices compared to Canadian values, and overseas markets should be content for the remainder of 2022/23, meaning Canadian flax prices could move lower yet. New crop pricing is very hit and miss, but there are some limited tonnage options available with values quoted around $18/bu FOB, including an act of God; call our office to discuss. For those with yellow flax in the bins, $23.00/bu has gotten some attention over the last week, but again, freight and shipping window do play a factor. New crop yellow flax bids have yet to be released, but we suggest targeting desired sales values to see if we can find any traction.
Canaryseed exports maintain tone and buyers are still on the lookout for bushels. Spot market prices remain unchanged for the week at $0.36/lb FOB farm with relatively quick movement and offers are often trading slightly higher. New crop is still considered a great opportunity if you are wanting to try something new in the rotation or lock in some early values. With contracts having an act of God and bids sitting at $0.34-0.35/lb, it is something to be considered given most special crop markets have been on the decline for the last couple weeks. Weather and current conditions have all signs pointing to a decent spring and locking in the first 10 bu/acre with an act of God is encouraged in the canary market.
Very little change in the barley market again this week with prices continuing to hover around $7.25-$7.75/bu picked up on the farm across Saskatchewan, depending on location and movement timeline. A bit of a price perk is seen for those in central Sask who are looking for some quick movement, with $8.15/bu delivered plant being quoted. Those outside of the zone need not worry as we can provide FOB farm values tailored to your area, just call your merchant and they’ll be able to help you out. New crop bids continue to hold strong and with the amount of fresh snow received in southern Alberta this may be a great time to jump on some contracting opportunities, especially with talks between China and Australia in process. If they can figure out their differences and start working together again this would put a cap on Canadian values. Malt barley markets remain generally uninteresting with few bids being posted for new or old crop. That said, if you’re interested in making a sale, call in with variety, specs, and tonnage, and we’ll do our best to track down some values.
Canola’s upswing yesterday takes a different tone today with gains being negated on early morning canola charts. Strength came from cold temperatures and reports of frost hitting Argentina’s soybean crop and markets faced some speculation. The negative impact on soybeans spilled over into canola bolstering prices briefly, but the ship now seems to be making a course correction, so to speak, getting back to sideways trading. Those types of opportunities are definitely something to watch for down the road. Keep an eye out for pockets of upswings in this market to capitalize on any remaining stock in the bin. As of time of writing, spot canola is trading at $834.50/MT off March futures with new crop at $807/MT off Nov ’23 futures.
Old crop pea markets roll into the week virtually unchanged. Yellow peas are still quoted in the $12.00 – $12.25/bu FOB farm range, but tonnage needs don’t seem very deep at this time. Green pea bids are mostly flat as well, but we have seen small opportunities on good #2 quality, max 3% bleach pop up at $14.25/bu delivered plant in central Sask. If you’re looking for a FOB farm bid give us a shout and we can work some freight into the purchasing price. There still seems to be some interest in spot maples at values well over yellow and greens, but bids are variety specific, so call your merchant to discuss options. Switching over to the new crop side, we haven’t seen much change in these markets either. Production contracts on yellow peas are indicated around that $10.50/bu FOB farm mark with an act of God, while green pea pricing seems harder to track down. Buyer interest remains subdued for new crop greens, but some soft indications have been floated out around $11.75/bu. We suspect the best approach is submitting a firm offer to see if we can get any purchase interest. The same theme rings true for new crop maple peas; buyer interest is quiet and we suggest targeting your desired sale value. We are not seeing major fluctuations in bids like some of the other commodities and the values that are being posted for both new and old cop are still worth considering getting something sold into. With recent shots of snow throughout the southern prairies, growers may want to emphasize getting something on the books for the upcoming harvest.
The mustard market continues to be slammed as February comes to a close. That’s a rough way to put it, but that has been what’s happening over the last 2 to 3 weeks. Spot bids continue to feel the downward pressure and some buyers have moved to no bid as current needs have been met. Current spot values from those still willing to purchase are quoted in the range of $0.90- $1.00/lb on all types of mustard, but we are seeing daily price fluctuations. This is why it is important to talk to us about a strategy when trading mustard. Although values aren’t as high as a few months ago, we must remember that these bids are still incredibly strong historically and perhaps it is time to ask yourself…Why am I still holding mustard? Will it take years to see these prices again? For reference, new crop prices have slipped to around $0.64-$0.68/lb on all types with yellow quoted the highest. Despite softer values, we still think this is a good signing to lock in the first 10bpa under AOG. We still have seed available for most varieties with delivery to your yard.
Lentil markets are seeing a much-welcomed bump in demand and a little strength in pricing this week. Old crop large greens are back to trading around 49-50c cents/lb FOB farm in many locations with new crop at 42-43 cents/lb picked up, including an Act of God. Small green lentils are trading at 48 cents/lb FOB on old crop with new crop trading at 40 cents/lb with an Act of God. French green lentil old crop price remains at $1.05/lb range, while new crop is trading at 60 cents/lb with an Act of God. Producers may have trouble finding French green seed as there was limited supply this year, but we may have some options available if you’re interested in getting into this market. Old crop reds have gained a cent in the past week with bids at 32.5 to 33.5 cents/lb delivered plant. New crop small reds are trading on and off at 30 cents FOB with an act of God in certain locations where freight make sense; now is the time to get your targets up. We’ve had no real indication from the trade regarding the cause for in the increase in demand and bids, but it may have to do with a weaker dollar, new sales taking place at the Gulfood show, or lack of farmer selling causing buyers to pay up to secure product.
Soybean markets paused and cooled off a bit today as traders regroup and seek direction in upcoming USDA reports. The market is also seeking clarity regarding the severity and impact of the South American drought along with recent reports of frost in the Cordoba region of Argentina. Local market is in the range of $17.15-$17.65/bu FOB farm. Despite production concerns in key global bean producing countries, local spot bids are yet to respond in any measurable way. However, local dry bean bids in Mexico have shown promising increases. New crop dry bean contracts are available with price points ranging from 46¢/lb on higher volume more common classes to 70¢/lb on specific specialty classes. Canadian faba exports have been light, largely due to competitive export pressures from countries such as Australia. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba sit in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.
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