Flax pricing trends remain unchanged week over week. The U.S. continues to be the primary destination for Canadian flax, holding values in the $16.00–16.50/bu FOB range. Kazakhstan and Russia are still supplying the EU with Canada’s share of that market nearly non-existent. Even with EU tariffs on Russian flax increasing to 50% this month, imports are expected to shift further toward Kazakhstan rather than Canada, while China is expected to continue sourcing the majority of its flax from Russia. Yellow flax demand and pricing remain relatively strong in the $21-$23/bu range contingent on location, variety and quality. Firm targets on yellow flax are encouraged to secure top end market values.

The big question in the pea market is whether meetings with China this week will shed any light on the Canadian pea market. There is hope for some positive development, but at this point it remains a guessing game. If there were to be a reduction in the 100% tariff, it could open the door to modest price improvement; however, it is important to keep in mind that supplies are still considered heavy for this marketing year. Yellow peas are currently priced at $6.75–7.00/bu picked up, with some trades reaching $7.50/bu in southeast Saskatchewan for summer delivery into tighter spec markets. Green peas are trading at $10.00/bu, based on a maximum of 3% bleach. If you have higher bleached product, speak with your merchant about a picked-up price. Maple peas are indicated at $9.50–11.00/bu picked up, depending on variety.

Another week of sideways trading continues to characterize the canaryseed market. With this year’s exceptionally large crop and an export forecast of near 140,000 tonnes, about 7,000 tonnes above last year, it will take time to work through the surplus. As a result, pricing is expected to remain flat to weaker over the near- to longer-term. Slower farmer deliveries are also creating short-term concerns around export movement. Licensed exports for the 2025/26 marketing year are currently running roughly 8,000 tonnes behind both last year and the five-year average. Additional market support from the U.S. appears unlikely, as millet yields are essentially unchanged from last year and prices there are already near basement levels. For now, prices are holding around $0.20/lb delivered; however, given the size of the crop, this level may be difficult to sustain, with values potentially slipping into the teens.

Barley markets continue along with little change in pricing from recent weeks. Old-crop feed barley is still being indicated in the $4.50–5.00/bu FOB farm range, depending on location and delivery timeframe. These values are worth serious consideration given the overall supply-and-demand outlook, with supply likely outweighing demand. There has also been some discussion around new-crop contracts being offered, which at this point are largely mirroring current spot values. On the malt side, it is once again no surprise that firm pricing remains elusive. Maltsters are still interested in reviewing samples, but putting out concrete purchase numbers at this time remains unlikely.

Canadian canola participants are watching closely as Prime Minister Carney visits China this week to discuss trade, agriculture, and other key issues. While the trip is still in its early stages at the time of writing, it marks the first visit by a Canadian prime minister to China since 2017 and is creating some optimism that the long-standing issue of Canadian canola being shut out of China will be part of the discussion. Canola markets are showing some strength this morning, with January futures at $619.80/MT and March at $633.70/MT. Current cash markets include bids around $13.55/bu delivered northwest Saskatchewan for January delivery, with carry pushing prices to over $14.05/bu for April delivery. New-crop bids in the northwest region are sitting near $13.75/bu delivered for early fall delivery. In eastern Saskatchewan, spot bids are being posted in a similar range, from $13.50 to $14.05/bu, with the higher end for June delivery, while new-crop bids range from $13.95 to $14.25/bu for fourth-quarter 2026 delivery. For heated product or FOB farm bids, contact your merchant with quantity and quality so a farm-specific bid can be put together.

Chickpeas trades continue to trickle in this week, although there has been a slight uptick in buyer interest. Values remain relatively unchanged, but buyers are encouraging offers on parcels with a higher proportion of 9mm sizing. Current #2 Kabuli bids are sitting around $0.26/lb FOB farm for February–March movement, based on min 20% 9mm and larger. If your product contains 40% or more 9mm, an additional penny per pound can be expected. Feed and sample markets are unchanged, with values in the $0.08–0.15/lb FOB range depending on the nature and severity of the downgrading factors. No new-crop bids have been presented at this point, but it appears likely that chickpea acres could remain strong in the coming year as return per acre pencils in well compared to other options.

The Western Canadian Crop Production Show has yet to generate any new and exciting news in the lentil market this week. Prices are relatively unchanged, with spot #2 red lentils trading as high as 23¢/lb delivered and small green lentils being bid around 20¢/lb for #1 quality. A few buyers continue to show interest in #2 SGLs at 17¢/lb delivered, but that buying pool isn’t large and growers with lower quality may want to consider making sales. Large green lentils bids are hitting highs in the 27¢ delivered range for #2 spec, but we have had some purchasers quote bids a couple pennies lower. After speaking with buyers this week, one of the major concerns is shipping windows and whether enough product can be moved by summer to reduce inventories on farm. Most buyers appear booked for January–February movement, after which road bans, seeding, and other logistical challenges come into play. Another issue is that order sizes are smaller than normal. The key question is whether there is enough time to move the volume of product farmers are looking to sell. The theme so far this week is that, given the large global supply, any market recovery is expected to be slow unless a major supply event occurs to significantly reduce the current world stocks.

Mustard has been trading fairly flat to start the year, but we are now seeing more aggressive spot values for oriental varieties. Oriental is trading strongly in the 46 to 48 cent range FOB farm for #1 quality. Yellow mustard continues to trade in the low 40 cent range, while brown mustard is bringing up the rear at 34 to 35 cents, depending on movement month. Off-grade mustard is more difficult to move, but bids are available in some cases, so give us a call and send in samples of anything you have. New-crop bids are now appearing on yellow and oriental mustard. Let us know if pricing in the 40-cent range with an act of God clause on either type is of interest, as bids will vary around that level depending on movement and location. This is likely a strong option for some acres. Call us about all types of mustard seed delivered to your yard, as we offer different treatment options and the convenience of delivery is one less thing to worry about.

Current oat markets remain quiet, but there is some buzz around new-crop acreage and what seeding may look like for the coming year. Even though values are down from previous years, oat return on variable expenses is still ranking decently for 2026/27 harvest. Spot #2 CW oats are valued at $3.40–3.50/bu delivered into plants, with most movement expected in the spring. Feed-quality oats are trading around $2.25–2.50/bu, with limited buying interest. Corn remains the dominant feed grain, and with malt barley markets extremely quiet, many producers are turning to feed markets to generate cash for upcoming spring expenses. This has left feeders with plenty of supply options and continues to pressure flat oat markets.

Wheat exports have been strong this year across North America, with both Canada and the U.S. running at least 15% ahead of last year’s export pace to date. Wheat markets are mostly sideways this week, with little movement in pricing. Many facilities are already pushed out on movement into spring and summer as purchases continue to come in. Bids on #1 CWRS 13.5 are showing in the $6.80–7.20/bu delivered range, depending on location and delivery timeline. Durum prices are set in the low to mid $7/bu range across most areas of the province. Feed wheat bids range from $6.25 to $6.75/bu picked up on farm, depending on location. Some price carry is showing into the summer months, and for many producers, holding a bit longer is presenting opportunities at the higher end of the pricing range.

Large global supply and favorable weather in South America is putting pressure on soybean futures. local bids for soybeans are between $11.50 and $11.65 fob farm. Additionally, North America currently has a robust supply of black and pinto beans. It is expected that demand from Mexico will decrease. This situation is putting some downward pressure on the prices of black and pinto beans. Conversely, smaller varieties of colored beans are projected to see an increase in both demand and prices due to reduced supplies. Currently, bids for black and pinto beans are around 30¢ per pound, while minor specialty varieties are receiving higher bids approaching 60¢ or more. Interest in faba bean exports remains quite low, with farm gate bids at approximately $8.00 per bushel, and feed quality faba beans priced at around $7.00 per bushel FOB farm.

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.