Some minor changes happened in the pea market this week when we look at pricing. New crop yellow peas had $10.50/bu picked up trading in a few areas with an act of God. Old crop remains at $13/bu picked up in most areas, with a couple locations able to secure $13.50/bu. Green peas had no change with old crop floating around $17 – 17.50/bu and new crop at $14/bu delivered ($13-13.50/bu picked up). Maple peas are still at $25-26/bu on old crop and new crop had a slight increase to $18/bu picked up with an act of God. Call your merchant on your variety as some buyers are variety specific at this value.

The brown flax market remains steady again this week. Buyer bids continue to range in the $14-$15.50/bu picked up on the farm depending on movement and farm location. The trajectory of this crop remains muted for the remaining of the old crop year, spilling into new crop. Newly released Saskatchewan crop insurance numbers trickled out yesterday with $13.84/bu designated to flax. That number is not going to encourage more new crop acres as expectation was already set to trail lower than last year’s numbers. With a decent chunk of old crop to slosh through yet and minimal overseas interest on the buy side, there are some constraints on this crop. New crop values remain unchanged between $15-$15.50/bu picked up on the farm with an AOG.

Barley prices continue to take their lead from imported US corn values due to corn’s now common substitution for domestic barley. Feed barley values currently hang near $4.50-$5.00 fob farm. Barley carryout stocks are anticipated to be 35% higher than last year and create 1M metric tonne stockpile. The reduction in both exports and domestic consumption are anticipated to limit market upside and cause domestic barley prices to continue to track corn. US corn inventory is adequate to supply Canadian domestic feed demand well into new crop, thus muting much expectation for a late season rally.

Canaryseed has been a quiet market for a while now. Old crop and new crop bids have been steady to trending slightly downwards. Old crop bids are at 40 cents/lb picked up and new crop is at 34-35 cents/lb with act of God. Exports have been down, which is keeping this market quiet. What we can say is the buying power does seem to be limited on new crop values. Buyers have been adjusting their new crop prices as they have been locking in some acres at 10bu/acre, which is why we are seeing 34 cent bids this week as opposed to the 35 that was readily available all last week. If you are putting in canaryseed, consider locking in some new crop if we can still secure that 35 cents.

Black Sea supplies are still abundant and weighing on the global price complex. Canadian exports are still trading globally, albeit at lower prices. HRS milling wheat is priced from $8.42-$8.62 delivered. Prices for domestic feed values are being driven by feed corn imports into Southern Alberta. Feed wheat values range from $6.75-$7.25 fob farm. Canadian durum values still being dictated by Turkish export values. Many analysts continue to say they don’t anticipate much upside to old crop durum values and are encouraging growers to find markets. Old crop durum continues to hover around $11.00 delivered.

The opening line for lentils is pretty well identical to the last couple of weeks, with green lentil pricing leading the way as one of today’s top commodities. Old crop large greens are pricing in at $0.82/lb FOB farm, with small greens slightly behind at $0.76/lb FOB farm. New crop large greens are seeing values of $0.58/lb FOB farm and small greens at $0.52/lb FOB farm. Old crop reds have declined slightly and are trading at $0.33/lb FOB farm, while new crop reds are stagnant in the range of $0.30-0.31/lb delivered. For Alberta producers, new crop reds may see some action at the $0.32/lb FOB farm level – reach out to your merchant to see if you are within the buyer’s range. A large red lentil crop in Australia has curbed Canadian red lentil export demand as of late, and all eyes will be on India’s upcoming harvest in the next month and a half. While new crop green lentils are quick to trade at these levels, we encourage red lentil growers to discuss the offer system with their merchant if they are looking to sign their acres slightly higher than what we are seeing today.

Chickpea markets remain quiet but also strong compared to the rest of commodities we grow in Western Canada. Pulses in general are holding up and expectations are for increased acres across the board. For chickpeas in the bin, we are seeing trades around $0.55/lb FOB farm, depending on sizing. If you have strong sizing, let us know what you’re looking for as offers can be a good way to squeeze out some more value. Looking out to new crop, we are seeing contracts for #2 large Kabuli chickpeas around $0.45/lb FOB farm with an AOG on 10 bu/acre. This number pencils out well and is worth a look if you like making money.

Oat pricing continues to stay the course, which in today’s grain pricing climate, is a positive. If you’re looking at moving some oats that you have in the bin, sooner may be better than later, as buyers are already looking out towards the summer for delivery. Bids for #2CW oats are in the $4.75-$5/bushel range with delivery to various locations. Heavy and dry feed oats are still in the $4/bushel range FOB farm dependent on your location. Using our crop planner, plugging in $4.50/bushel for new crop oats, they come out as our best cereal option to grow this year. In tough market conditions, ensuring profitability is critical so be sure to keep your eyes open for new crop opportunities and take some risk off the table.

Bean markets roll into the week with not much new to report on old crop or new crop values. Without much carry over of old crop sitting in the bins, it’s apparent that most buyers have just rolled the dice and are comfortable to sit and wait for new crop to come off and move their contracts they were able to obtain. Getting tonnage locked in for both new and old is still possible so call Rayglen with what you have, and let us to do the work for you. Although the market has pulled back and has been stagnant, anything is always for sale or can be bought for the right price. Switching over to faba beans and the spread between old crop and new crop values remains par this week. $10.00/bu FOB farm across the board but the attractive part is those new crop values do come with an act of God attached to it.

Mustard pricing traded fairly flat this week. It appears calm for now after some terrible downward corrections in yellow mustard recently. Pricing for yellow mustard sits in the low .50’s fob farm for old crop and in the same range for new crop with an Act of God. 10 bu per acre is available with an act of God and buyers would look at anything from 5 bu to 10 bu if that’s what you prefer. 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. The crop insurance numbers are starting to trickle out here and they seem strong. So…we still have a good supply of all types of certified mustard seed available with free delivery to your yard. Again…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 easily with inseparables for example. Call our office to discuss further.

Through week 28 of the shipping year, Canadian canola is behind last year’s export pace by 1.5 million MT. Crush continues to sit ahead of last year’s pace, with StatsCan reporting January as the fifth highest monthly volume on record. While domestic crushing is strong at over 900,000MT for five consecutive months, these numbers are not enough to make up for the lack of exports. At the time of writing, canola futures sit in the red at $574/MT March. Local prices are showing a range between $12.00-13.00/bu delivered plant, with some crushers showing spring delivery in the range of $13.00-13.50/bu delivered. Let your merchant know if you are looking to have product picked up on farm, as quick shipping options have popped up occasionally in certain areas.

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.