Canaryseed markets are catching up to reports of heavy inventories still sitting in bins. Bids at $0.19/lb FOB farm are becoming increasingly harder to find as buyers fill nearby demand, causing values to pull back. New-crop contracts have also started to surface this week, with buyers indicating purchases at $0.20/lb delivered plant with an act-of-God clause, typically in the 10 to 15 bushel per acre range, on par withs spot values. Given the large expected carry over from 2025 production, locking in tonnage for 2026 may make sense. Current indications point to September–October delivery, which could help free up early-season bin space while providing some harvest cash flow back to the farm.

The barley market continues to show resilience this week. Across the Prairies, old-crop values remain in the $4.25 to $5.00/bu FOB farm range, depending on location and delivery timeframe. While the urgency to get coverage locked up is not what it was a few weeks ago, buyers are still booking product at these levels. Warmer weather over the past few weeks has reduced feed demand as cattle are not consuming as aggressively, and with overall supplies ample, buyers know they do not need to be overly aggressive to secure product. Buyers are also starting to explore new-crop opportunities, with indicated values largely mirroring old-crop spot levels. On the malt side, activity remains quiet, which comes as little surprise. Maltsters are expected to lock in some tonnage but are seemingly looking for sellers to come to the table first.

Finally, Canadians receive the news many have been waiting for, as China agrees to remove pea tariffs. While there is still a large amount of supply in the system, this development has brought some renewed optimism and demand to the market. Yellow peas have been trading between $7.00 and $7.50 per bushel FOB, with a few options available at $8.00 per bushel delivered. Green peas have traded in the $10.00 to $10.50 per bushel range, picked up, based on a maximum of 3% bleach. Maple peas are priced between $12.00 and $14.00 per bushel picked up, depending on variety and sizing spec. If you have a target price in mind, it is worth communicating that to your merchant as demand is strong and buyers may be able to sharpen their pencils for the right lot. New-crop values have been slow to surface, but with China once again an export option, there is hope this will help generate some new-crop pricing opportunities.

Flax prices are stable this week, ranging from $16.00 to $16.50 per bushel FOB, depending on freight and movement timeframe. With supplies at their highest level since the 2020/21 season and exports facing strong global competition, prices are expected to remain flat heading into the summer months. Canada’s main destination for flax remains the U.S., and last week U.S. bids slipped, likely in response to the latest USDA crop estimate. This continues to put pressure on Canadian values. It is also important to know the quality and dockage levels of your flax, as higher dockage can limit marketing opportunities. Yellow flax remains the exception, with strong purchase interest and bids sitting between $22.00 and $23.00 per bushel picked up.

Wheat prices have not made any meaningful gains over the past couple of weeks. Milling buyers appear well covered, and the spread between milling and feed wheat remains narrow. Export movement continues to be strong, running roughly 15% ahead of last year. Feed wheat is trading in the $6.00 to $6.50 per bushel FOB range, while milling wheat is indicated at $6.80 to $7.20 per bushel delivered, with stronger bids closer to feedlot alley. Durum prices for No. 1 are currently ranging from $7.25 to $7.50 per bushel FOB for summer movement, with limited new-crop opportunities in southeastern Sask areas approaching the $8.00 per bushel FOB level.

Statistics Canada has estimated the oat harvest at 3.92 million tonnes, up sharply from 3.36 million tonnes in 2024/25, adding a significant burden to the market. In its December report, Agriculture and Agri-Food Canada pegged 2025/26 planted oat area at approximately 1.21 million hectares, slightly higher than the 1.17 million hectares seeded the previous year. On top of that, yields improved, rising to 3.74 tonnes per hectare from 3.38. As a result, ending stocks are burdensome. AAFC is projecting oat carryout at the upper end of the range, as exports are expected to increase only modestly, while total domestic use is projected to rise from 972,000 tonnes last year to 1.05 million tonnes this year, further stressing the market. Current old-crop and new-crop pricing is hovering around $3.25 per bushel delivered.

Chickpeas continue to face a high level of uncertainty. Export demand and domestic use have not grown quickly enough to absorb the large supply of product available across both Canadian and U.S. markets. Given the ongoing difficulty producers are having in moving inventory, there is some possibility that seeded acres could decline in the coming season, but it is unlikely to be significant enough to drive the price improvement many producers are hoping for. With the U.S. remaining the primary export destination and its production up roughly 20%, or about 310,000 tonnes, attention has shifted to other importers such as Pakistan, Türkiye, and Italy to help support demand. Indian buying has been less urgent recently, and with Australian exports down, Australia remains the price to beat into that market. Without a meaningful reduction in seeded acres both domestically and globally, current values are likely to persist.

Red lentils are starting to see some renewed attention this week, while green lentils remain quiet. Buyers released new-crop pricing last week for LGL and SGL. Large green lentils are priced at 24 cents FOB farm with an act of God for September through December movement, while small greens are at 20 cents for a No. 1 and 17 cents for a No. 2. So far, these values have not sparked much interest from farmers. Red lentils have traded at 23 cents FOB farm this week in certain locations, with 24-cent delivered bids available in Western Sask. Early expectations for next year’s seeding intentions suggest a significant reduction in green lentil acres, with a smaller decline anticipated in reds. Specialty lentils such as French greens and Beluga are also expected to see slight acreage declines if pricing and buyer interest does not improve, as demand has been limited throughout the season. The overall story remains one of oversupply relative to demand.

Mustard markets have been picking up on the trade front. New-crop bids have surfaced, and some spot business has been hitting the books. Oriental mustard is the standout, with spot bids in the 46 to 48 cent per pound range FOB farm for No. 1 quality. Yellow mustard is moving sideways in the low 40-cent range, while brown mustard remains stuck in the 33 to 35 cent area, contingent on shipping window. Off-grade mustard has become more difficult to move, although anything grading a No. 3 or better should still find a home, with No. 4 and sample grades proving more challenging. Sending in samples is encouraged, as opportunities may still exist. New-crop bids for yellow mustard are at 40-42 cents/lb, with oriental at 38-40 cents and brown trailing with bids at 30-32 cents. All new-crop bids are picked up on farm and include an act of God, with values varying based on location and movement timeline. Rayglen still has supply of all types of mustard planting seed with delivered to the yard included. Different treatment options are available; call for details.

Canola markets received some positive news last week as tensions in the China–Canada trade war eased, reopening export opportunities, particularly for canola and peas. That said, the market did not react aggressively when the news broke, as much of it was already priced in. Still, the development helped prevent the market from sliding, and futures have trended higher over the past week. March futures moved from roughly $625 per tonne last week to around $645 per tonne at the time of writing. Delivered prices are showing as high as $14.50 per bushel in some areas of the province for summer movement. Rewarding positive moves in the market makes sense in the current environment, and FOB farm pricing can be provided by contacting your preferred merchant by phone, email, or text.

Market players are closely monitoring China, as the country has recently increased its purchases of U.S. soybeans following a trade agreement with the United States. Despite this, uncertainty remains over whether Chinese buying will reach the 12-MMT target being promoted by the Trump administration. Local soybean bids are currently ranging from $11.75 to $11.85 per bushel FOB farm. North America continues to carry ample supplies of black and pinto beans. Demand from Mexico is expected to ease and return to more typical levels as competition from other global bean suppliers increases, which is putting downward pressure on black and pinto prices. At present, bids for both are sitting around 30 cents per pound. In contrast, smaller specialty colored bean varieties are expected to see stronger demand and improved pricing due to tighter supplies, with bids approaching 60 cents per pound or higher. Interest in faba bean exports remains limited. Farm-gate bids are holding near $8.00 per bushel, with feed-quality faba beans trading closer to $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.