Chickpeas remain rather stagnant again this week, with no major price spikes reported, but also no sharp declines. No. 2 old-crop chickpeas continue to trade around $0.27/lb FOB farm with decent delivery windows, based on a minimum of 30% 9mm and a maximum of 20% 7mm sizing. As mentioned previously, overall supply remains heavy, making it difficult to envision any meaningful price appreciation in the near term. A few buyers are floating feed-grade chickpea bids around, with indications hovering near $0.10/lb FOB farm, though most are requesting samples or photos before committing. This reflects the broader feed chickpea situation, where supply is also plentiful this year. New-crop chatter continues with soft indications around $0.27/lb including an act of God, but these levels are failing to attract much interest. Sellers are not eager to commit, and buyers do not appear particularly aggressive either.

Lentil markets continue to mirror last week’s pricing, with solid values for those looking to move product. Large green lentils, based on No. 2 quality, are trading around $0.26/lb FOB farm this week, with a few buyers still able to accommodate near-term movement. Extra 3 large greens are also seeing interest, with trades continuing around $0.22/lb FOB farm. Small green No. 1 lentils are quoted near $0.20/lb FOB farm, though this market does not appear as deep as large greens. No. 2 small green lentils are discounted by $0.03 to $0.04/lb from No. 1s and are indicated around $0.16 to $0.17/lb. The reality in the small green market remains one of supply outweighing demand. No. 1 French green lentils have come into play with a few buyers and are indicated around $0.21/lb FOB farm for a February to March delivery window. No. 2 red lentils are showing strength this week, with old-crop indications quoted around $0.25/lb delivered into various locations. FOB farm pickup options are available. New-crop pricing across all lentil classes remains unchanged, with the ability to lock in No. 2 large greens at $0.24/lb FOB farm, No. 1 small greens at $0.20/lb FOB farm, and No. 2 red lentils at $0.20/lb FOB farm. All new-crop pricing includes an act of God and contract price spreads.

Following welcomed news of a Chinese tariff relief a couple weeks ago, pea markets saw bump in prices but have seen little change since then. Yellow peas are currently priced at $8.00–$8.30/bu delivered, while green peas are trading around $10.00–$10.50/bu picked up. Maple pea bids have softened slightly from last week, with indications now sitting in the $11.00–$13.00/bu picked up range depending on variety, though firm targets at previous highs may still be worthwhile. While China returning as an importer will help absorb some Canadian supply, ending stocks are still expected to remain relatively high, which should keep a lid on prices. New-crop values have been slow to emerge, so putting out firm offers appears to be the best approach in the current market.

Canaryseed markets have been beaten up over the past few months, as demand remains slow and supply high. There has been very little excitement in this commodity lately, with values hovering around the 18-cent/lb level FOB farm in light trade. Bids are not very deep, often covering only a few loads at a time. An offer in the 19-cent range may work for those willing to wait for summer movement, though this is not guaranteed. New-crop contracts are also being discussed at similar values. Let us know if 19 cents FOB farm with an act of God works for your operation, as locking in some tonnes for September through December pickup could make sense. With large carryover and anticipated seeded acres, booking some production for fall cash flow may be a prudent move. If you require seed, please let us know.

Mustard markets remain in the sideways trend seen in recent weeks. Some buyers continue to show stronger interest in spot oriental mustard, with bids holding around 47 cents per pound picked up on farm. Yellow mustard is still seeing trades in the 40 to 42 cent per pound range, depending on movement window. Brown mustard remains the laggard, with limited buyer interest and bids posted in the 30 to 32 cent per pound range, resulting in very little trading activity. New-crop opportunities exist across all mustard types, with yellow and brown pricing largely in line with current spot levels. New-crop oriental remains strong at 38 to 40 cents per pound on farm with an act of God on the first 10 bushels per acre, though buyers are variety specific and some varieties may carry a slight discount. For those needing seed, certified high-quality options remain available with delivered-to-yard pricing.

Canadian flax continues to trade in small parcels at steady values in the $16.00–$16.50/bu FOB farm range, depending on location. With exports moving well and a large amount of supply still on farm, stocks are viewed as manageable and relatively stable. Yellow flax continues to trade, with values indicated at $22.00–$23.00/bu FOB farm for February through April shipping. New-crop discussions remain active as growers weigh profitability for the coming year. New-crop brown flax values are still trying to find a footing as buyers focus on placing old-crop tonnes. New-crop yellow flax has traded at $20.00/bu FOB farm with an Act of God, though only in limited volumes. We are also looking for heated and damaged flax. If brown flax is in your rotation and you are interested in locking in some new-crop acres, have a price target in mind and give us a call.

The oat market is flat again this week, with prices remaining under pressure due to the larger-than-average 2025 production. Despite the lackluster rallies, oats are shaping up as one of the crops offering a reasonable return on variable costs for new crop. Spot local bids are hovering around $3.25/bu delivered for summer movement, with new-crop values penciling out at similar levels. For those able to push movement into the spring of 2027, there may be an additional $0.25/bu available above that baseline. The feed oat market remains well supplied, with flat pricing around $2.25/bu. Acres will likely need to pull back in 2026 for the market to see any meaningful strength over the next year.

Wheat markets have remained quite steady recently, with no notable changes. Global wheat stocks are ample and have been bolstered by harvests in Australia and Argentina. Canadian wheat continues to remain competitive in global markets, with export pace running roughly 12% ahead of this time last year. Locally, CWRS 13.5 protein bids in western Saskatchewan are ranging from $6.85 to $7.20 per bushel delivered to plant, with bids beginning in February and strengthening into summer shipping windows. In central Saskatchewan, CWRS is indicated at $7.35 per bushel delivered for April and $7.45 per bushel for May. CPSR is trading in the $6.90 to $6.95 per bushel range delivered central Saskatchewan for March to April delivery, while CWAD is indicated at $7.50 per bushel delivered for April through June. Feed wheat is trading between $6.00 and $6.50 per bushel FOB farm depending on location and shipping timeframe, with triticale priced at $220 per tonne delivered into northwest Saskatchewan. For other wheat classes, contact your merchant.

Soybean markets declined overnight as a correction followed Tuesday’s rally, which was driven by strength in soy oil and optimism around increased demand from biodiesel manufacturers. Upside potential appears limited due to signs of slowing U.S. export demand and increased competition from an anticipated large Brazilian crop. Despite recent purchases from China, U.S. soybean exports remain down 36% from last year. Local soybean bids are currently ranging from $11.80 to $12.15 FOB farm. North America continues to carry a strong supply of black and pinto beans, though inventories are beginning to be drawn down. Demand from Mexico is expected to slow and return to more typical levels due to increased competition from other global suppliers, placing downward pressure on black and pinto bean pricing. Bids for these classes are currently hovering around 28 to 30 cents per pound. In contrast, smaller specialty coloured bean classes are expected to see improved demand and pricing due to tighter supplies, with bids approaching 60 cents per pound or higher. Interest in faba bean exports remains limited, with farm gate bids near $8.00 per bushel and feed-quality faba beans priced around $7.00 per bushel FOB farm.

Over the past three days, canola markets have been influenced by renewed China trade activity, supportive U.S. biofuel policy, and concerns surrounding federal research funding. Following the January 2026 Canada–China agreement reducing canola seed tariffs from 85% to 15%, effective March 1, China has resumed purchasing Canadian canola, with roughly 600,000 tonnes bought and shipments beginning in February. Prices have strengthened, easing pressure after a challenging 2025. Higher values are supporting short-term farmgate returns, though sustained gains will depend on continued export demand amid ongoing global trade risks. On February 3, the U.S. finalized 45Z clean fuel tax credit rules requiring North American feedstocks and confirming canola’s eligibility for the full US$1 per gallon incentive. The exclusion of overseas feedstocks such as palm oil supports Canadian canola demand into U.S. renewable diesel markets and could tighten stocks if processing capacity expands. Offsetting these positives, Saskatchewan crop groups have raised concerns that Agriculture and Agri-Food Canada staffing cuts and research station closures may reduce canola research capacity. At the time of writing, May futures are trading at $668.60 per tonne, with July futures at $676.80 per tonne.

Barley continues to trade in a steady range of $4.50–$5.00/bu, depending on location and movement timing. On-farm selling has been slower than in previous years, which could make moving barley more challenging as the year progresses, especially if the heatwave continues and feeders taper rations. If sales activity begins to pick up, deliveries may get pushed out and prices could come under pressure. There has been little activity on new-crop barley so far, as sellers continue to take a wait-and-see approach, but indications at similar levels as spot values have been quoted for those looking.

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.