Canola futures experienced a selloff on Tuesday, with the November contract giving up earlier-week gains to trade around C$774/tonne. The market is driven by spillover pressure from the Chicago soy complex and European rapeseed, though losses are tempered by crude oil strength and concerns over Canadian prairie flooding. ICE canola futures are fighting back today, Wednesday morning, attempting to regain ground. The November contract is trading around C$777.00/tonne, caught in a balancing act between supportive global energy markets and aggressive selling pressure from other oilseed markets. Both January and March futures show a premium in value to carry product into the winter months. Growers are encouraged to call their merchant for tailored FOB farm bids on both spot and production contracts as local basis levels can fluctuate heavily based on area.

The global and regional bean markets are currently in a tug-of-war between supportive energy prices and ample crop supplies. Soybeans face downward pressure as favorable U.S. Midwest weather caps rallies around $12.00/bushel USD on November futures. This holds true despite macro support from rising geopolitical crude oil risks. In contrast, specialty beans remain structurally firm; faba beans are maintaining indications between $7.00 to $8.00/bushel, though actual trade remains slow due to robust domestic processing and livestock feed demand. Dry edible bean markets and trade are also slow as demand seems to have withered in anticipation of new crop.

The barley market continues to hold onto established values, with old-crop sales trading between $5.25 and $5.75/bu FOB farm for the July–August shipping window. New-crop feed barley is pricing close to old-crop values, actively trading in the $5.00 to $5.25/bu FOB farm range, depending on the area. High expected carryover stocks and anticipation for a decent 2026 harvest are expected to keep values range bound and its likely that spot bids will slowly converge with production values as we inch closer to harvest. To mitigate downside risk, securing current values remains a highly viable strategy. Growers looking to lock in some production for fall shipping may still be able to access new-crop contracts featuring an Act of God (AOG) clause. Meanwhile, the malt market is fundamentally gridlocked; bids are virtually non-existent and firm values are moot, suggesting maltsters are waiting for growers to present firm offers rather than actively posting bids.

Canaryseed values are holding steady but face a thin demand environment. Old-crop tonnage is trading around $0.18/lb FOB farm for July–August delivery, while new-crop contracts maintain a slight premium, trading at $0.19/lb FOB farm with an Act of God clause up to 15 bushels per acre. Recent reports on seeded acres and large carryover make locking in new-crop an effective tool to guarantee harvest movement, free up bin space, and generate early cash flow. However, institutional demand lacks depth. While buyers remain active at current ranges, the market is highly vulnerable to volume limits; once immediate needs are satisfied, both old- and new-crop prices could slip further.

Chickpea markets continue to hold a steady tone as adverse weather persists across growing regions in Western Canada and the U.S. At this point, quality concerns appear to be a bigger wildcard than overall production volume. If this year’s crop reaches the long-term average yield of 24 bu/acre, production would still be down roughly 27% from last year. However, sizeable carryover stocks from previous years should keep overall supplies comfortable. Exports remain strong week after week, with Pakistan leading purchases, followed by the U.S. and Turkey. Old and new crop bids remain aligned, hovering around $0.26/lb FOB farm in western Saskatchewan with an Act of God clause and September through December movement. High-quality supplies remain tight, so there could be some upside for premium-quality product if harvest quality concerns become a reality.

Flax supplies heading into the fall do not appear to be tight, but they are not overwhelming either. With production expected to come in slightly below last year’s crop, available supplies should return closer to average levels. There is still a long way to go before harvest, so plenty can change, but one thing we can likely cross off the list of concerns this year is drought. That said, lower production alone is unlikely to provide much price support, as inventories in both China and the European Union have increased, putting pressure on demand. Pricing has become more difficult to find this week, with many buyers having already secured nearby needs and showing little interest in chasing additional tonnage. For producers with uniform colour, low weed seed counts, and high-quality flax, there may still be opportunities to capture a premium into milling markets. In general, however, bids are hovering closer to the $16.00/bu range, with limited buying opportunities available.

Mustard markets continue to trade sideways. As has been the case for several weeks, growers are making the occasional spot sale to generate cash flow or free up bin space. With new crop contract values virtually identical to old crop values, the market continues to appear well balanced, although full crop-year contracts continue to carry a premium over December delivery. Current bids remain around $0.40/lb for yellow mustard, $0.38/lb for oriental mustard, and $0.35/lb for brown mustard. Delivery periods vary depending on the buyer, although some August movement is still available as we move through the second half of July. Mustard crops are looking good across most growing regions, so it will be interesting to see whether the market continues to trade sideways or begins to respond as the crop develops. We know seeded acres are down from last year, making crop progress worth watching over the coming weeks. As always, talk to your merchant for the latest opportunities.

The pea market remains sluggish despite an improving supply outlook. While market fundamentals are becoming more supportive, cash prices have shown little movement. Old crop yellow peas are trading between $7.50 and $8.00/bu FOB farm, while new crop bids continue to hold in the $8.00–$9.00/bu range. Green pea demand remains limited, although old and new crop bids around $9.00/bu delivered can still be found in select locations. Maple pea bids are becoming harder to find, generally ranging from $9.50 to $10.00/bu, with buyers remaining selective on variety. Canada exported approximately 164,000 tonnes of peas in May, bringing crop year-to-date exports to 2.4 million tonnes, ahead of last year’s pace. China remained the largest buyer after removing its import tariffs on Canadian peas. More recently, China’s preliminary 73.5% anti-dumping tariff on Canadian pea starch, which took effect July 1, has raised some trade concerns. However, the pea starch market represents only a small portion of Canada’s overall pea exports, and trade in whole dry peas continues uninterrupted. Going forward, the market will be watching closely to determine whether this remains an isolated measure or signals broader trade tensions.

Wheat crops across the Prairies continue to look favourable in most areas. While some regions have experienced excessive rainfall, flooding, or disease pressure, reports from across Western Canada continue to suggest cereal crops are handling this summer’s conditions relatively well. Globally, several developments have helped support wheat prices this week. Ukrainian drone attacks in the Sea of Azov have forced Russia to restrict commercial vessel traffic accessing the Black Sea, disrupting a region reported to handle up to 25% of Russia’s grain exports. Markets will continue to monitor this situation closely as Russia’s harvest progresses. Meanwhile, the French wheat harvest is well underway, but recent heatwaves have affected yields, providing additional support to global wheat markets as harvest advances. Current wheat pricing includes August delivery at $8.15/bu delivered into northwestern Saskatchewan, with September-October bids easing slightly to $8.05/bu delivered. Feed wheat continues to trade in a range of $6.00-$7.00/bu FOB farm, depending on class and quality. For pricing on other wheat classes, don’t hesitate to reach out to your merchant.

At the end of June, Statistics Canada estimated oat acreage at just over 2.5 million acres for 2026, a 15% decline from last year, largely due to the sizeable carryout of old crop stocks. Despite the lower acreage, crop conditions across many of the key oat-growing regions have generally been favourable, and production will be closely watched as the growing season progresses. Old crop oat pricing continues to trade within a relatively steady range, with bids around $3.50-$3.75/bu delivered to plant, while some buyers are offering similar picked-up values depending on location. For producers expecting a strong oat crop, there is buyer interest for October movement on new crop oats if storage becomes a concern. For those willing to wait, new crop bids into Manitoba are currently ranging from $4.35-$4.50/bu delivered for late fall and early 2027 movement.

Lentil markets continue to soften as we move into the dog days of summer. Buyers don’t appear overly concerned with current crop conditions, largely due to the larger-than-normal carryout of old crop. At this point, quality is expected to be a bigger story than overall production. Small green lentils continue to trade around $0.19/lb delivered for No. 1 quality, while No. 2s are bringing approximately $0.14-$0.15/lb FOB farm. The large green market remains relatively quiet, with only a handful of buyers actively looking for No. 2 quality. Interest in Extra 3 large greens has improved slightly, while demand for standard No. 3’s remains limited. #2 spec large greens have been trading in the $0.23-$0.24/lb FOB farm range, with X3s moving around $0.19-$0.20/lb FOB farm. Red lentils have also been relatively quiet in recent weeks. The last reported trade for No. 2 reds was around $0.23/lb FOB farm, although transactions have been few and far between. New crop reds traded this week at $0.22/lb FOB farm with an Act of God clause. Overall, the lentil market is expected to remain fairly subdued until harvest approaches or weather begins to have a more significant impact on crop quality or production.

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.