Chickpea markets remain relatively quiet this week, not seeing any significant rallies or slumps in value or demand. Old crop chickpeas continue to trade in the $0.40–$0.41/lb FOB farm range for larger sized chickpeas, as buyers primarily seek lots with min 25% 9mm sizing. There are some opportunities for smaller-sized chickpeas to be contracted at values indicated around $0.34-$0.35/lb delivered in southern SK for Mar-May shipping, which could be a smart move for those with good volumes of smaller-sized chickpeas in storage. For up-to-date FOB pricing in your area, give us a call to work out a number. New crop chickpea values also remain quiet, with early indications at $0.35–$0.37/lb FOB farm, including an act of God. Posting a firm offer could help attract buyer interest, as they remain in the market, albeit not aggressively pursuing product. Both old and new crop opportunities are present, though buyers seem content at current pricing levels for now.

The pea market continues a similar trend from previous weeks. The yellow pea market has softened slightly, with India’s demand muted due to declining domestic prices and larger volumes from Canada and Russia, alongside desi chickpeas from Australia. The recent zero-tariff extension hasn’t impacted pricing and is unlikely to be renewed beyond February. Current yellow pea pricing sits at $11/bu delivered, while new crop indications hover around $10/bu FOB farm. Green pea markets remain strong, driven by low supplies. Old crop green peas are priced at $17/bu FOB, with new crop values indicated at $13/bu FOB, including an act of God. Maple pea pricing is consistent, with old crop values at $19–$24/bu depending on variety, and new crop bids are seen as high as $16/bu FOB with act of God. If you haven’t yet locked in 10 bu/acre on maples, now is a good time to secure these strong values while they last.

Flax prices remain steady this week, with bids ranging from $17–$18.50/bu FOB, depending on location and delivery timeframe. The higher end of the range, at $18.50/bu, is being offered for June delivery in eastern Saskatchewan. Positive export potential for the remainder of 2025 could help reduce carry-over and provide price support. November saw significant flax exports to the EU, though only 300 tonnes were shipped to China. Earlier this month, the USDA reported 2024 U.S. flax production estimates to be the lowest since the 1990s. While this could create export opportunities to the U.S., there has yet to be much response in terms of increased demand for Canadian flax supplies. For those holding yellow flax, bids remain strong at $22–$23.00/bu FOB, with opportunities for relatively quick movement.

Oat markets are also holding steady this week. StatsCan continues to report increased production year over year, but carry-over is down compared to the five-year average. This reduced carry could provide some optimism for higher bids later in the marketing year, as the market works to clear out supplies by next fall. With this in mind, oat acres in Canada are expected to increase for the 2025/26 crop year. Current bids for #2 CW oats sit around $4.00/bu picked up on the farm or $4.50/bu delivered to select locations. Light and feed-quality oats are seeing a $1–$2/bu discount, with fewer buyers showing interest unless they can move the product promptly. Firm targets continue to be the best strategy for securing value, as buyers know the bushels are available but not readily coming to market.

With the U.S. welcoming a new president this week, attention has shifted to potential tariff implications, with the wheat market included. While the U.S. isn’t as reliant on Canadian wheat as it is on canola oil, Canada still sends roughly 9% of its wheat exports and 13% of its durum exports south. No tariffs were announced on the president’s first day in office, leaving the industry in a holding pattern. Local wheat prices are currently $8.20/bu delivered to Saskatoon for CWRS 13.5% protein. Durum prices remain stable, sitting between $8.00–$8.50/bu, with location and quality playing a major role. Occasionally, bids closer to $9.00/bu surface. Turkey’s surplus durum supplies remain a potential headwind, as their entry into the export market could suppress any Canadian price rallies. For local feed wheat, prices are around $7.00/bu FOB farm. On the new crop front, buyer interest for winter wheat in southeastern Saskatchewan is noted at $6.50/bu FOB farm for early fall shipping.

The canola market remains volatile, influenced by the uncertainty surrounding potential tariffs under the new U.S. administration. Monday saw an uptick after no immediate tariffs were imposed on Canadian imports. However, Tuesday morning brought a downturn after the president hinted at the possibility of tariffs starting February 1, 2025. Despite this, the market rebounded and has been trending upward since. Further volatility is expected as North America adjusts to the new administration and a possible trade war looms. Adding to the bullish outlook, China announced the suspension of Brazilian soy shipments from multiple companies due to phytosanitary concerns. This development has provided support to soybean markets in the U.S., with a spillover effect likely benefiting canola. March futures currently sit at $633/MT, relatively unchanged from last week but reflective of the market’s turbulent nature.

Canary prices remain steady, with consistent sales as growers acknowledge the limited upside potential in the near term. While exports have increased year-over-year, projections indicate carryover stocks heading into next fall, which tempers market optimism. This news, combined with fewer opportunities in alternative crops, is prompting sellers to continue moving old crop canaryseed at levels around 31 cents per pound picked up on the farm. On the new crop side, some growers are mitigating marketing risk by committing to sales at 30 cents per pound picked up on the farm with an act of God clause. This clause, which provides protection for quality and quantity, adds significant value and isn’t typically available on forward sales for cereals, making it an appealing option for many producers.

Barley prices are showing strength, supported by shifting dynamics in the North American grain trade. The January 16th USDA report highlighted a sharp decline in U.S. corn sales to Canada, with total commitments of only 105,700 MT compared to 814,400 MT at the same point last year. This shortfall in corn imports, driven by increased domestic demand in the livestock and ethanol sectors, could put additional pressure on Canada’s barley stocks. Canadian barley ending stocks are already forecasted to be the fourth lowest in 25 years, and any increase in exports to compensate for reduced corn availability could push stocks even lower than the levels seen after the 2021 drought. On the global front, tight export markets are further supporting barley prices, with USDA estimates showing a 5.855 MMT drop in global barley trade. Currently, feed barley bids range from $5.00 to $5.75 per bushel FOB farm depending on location and movement timing. New crop feed barley bids for deferred delivery (without an act of God clause) are steady at $5.00 to $5.25 per bushel picked up on the farm. On the malt barley side, the market remains relatively quiet, with little price differentiation from feed barley. The challenge moving forward will be balancing export opportunities with domestic demand, particularly if corn imports continue to underperform and the global barley market remains tight.

Buyers are slowly entering the market for new crop small and large green lentils, with some interest sparked by current pricing. New crop large green lentils are trading at 50 cents per pound delivered, while small greens are being offered at 43–44 cents per pound FOB farm. These contracts include an act of God clause, coverage for lower grades, and a maximum of 10 bushels per acre. At these levels, large and small green lentils are shaping up to be some of the most profitable crops for the 2025/26 growing season. Old crop lentil prices remain steady this week. Small green, #1 spec lentils are trading between 52–53 cents per pound, while #2 large greens are at 58–60 cents per pound. Red lentils continue to see minimal movement, with many buyers holding flat or dropping prices by about a cent. Trades are happening at 33–34.5 cents per pound FOB farm, depending on location and movement timelines. On the new crop side, red lentils have traded as high as 32 cents per pound delivered, but buyer interest at this level is limited. At 31 cents per pound FOB farm, red lentils currently rank as the third-best returning crop for 2025.

The mustard market has remained mostly unchanged this week, with discussions at the Crop Production Show providing some clarity. Supplies appear adequate for the time being, keeping prices stable. However, uncertainty around U.S. tariffs and the ongoing war in Ukraine continues to cloud the outlook. Acreage for mustard is expected to decline in Canada, the U.S. and in Russia in 2025, which could create opportunities for price improvement in the 25/26 crop year, but for now things remain quiet. Current mustard prices reflect this cautious tone. Yellow mustard is sitting around 43 cents per pound FOB, with higher offers potentially trading in select locations. Brown mustard is priced at approximately 32 cents per pound, while oriental mustard remains slower at 31 cents per pound. Looking ahead, there’s speculation that mustard could become more attractive if current supplies tighten, but this will depend on market dynamics as the year progresses. Ensuring high purity in seed selection will be critical for successful production. Contact your Rayglen merchant for more details on seed availability and pricing updates.

Soybeans are experiencing midweek declines of 5 to 13 cents today, reversing some earlier gains this week. Soymeal futures have risen by $3.40 per ton during the session, while soy oil futures have dropped by 114 points. This follows Tuesday’s announcement from President Trump, who stated that 10% tariffs on China and the EU could take effect on February 1, continuing the administration’s focus on tariff threats against trading partners like Mexico and Canada. Adding to market uncertainty, China has recently suspended soybean imports from five Brazilian companies due to phytosanitary concerns, creating a potentially bullish scenario for U.S. soybeans in the export market. Domestically, soybean prices remain steady, ranging from $10.75 to $11.00 per bushel FOB farm. In Argentina, adverse growing conditions have negatively impacted dry bean production, while demand for dry beans in Mexico appears to be strengthening. Larger classes of dry beans are trading at 50–60 cents per pound delivered, with smaller specialty classes priced between 55–60 cents per pound delivered. Faba beans, however, are seeing limited export interest. Export bids for faba beans remain at approximately $9.00 per bushel FOB farm, while feed-quality faba beans are priced around $8.00 per bushel FOB farm. Despite the muted demand, opportunities for small volumes may still arise, especially for specific quality or timing requirements.

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.