The wheat market saw a jump today, bringing some excitement to what has been a depressed market lately. Egypt’s purchase of 770k MT of mostly Russian wheat has supported prices, as Asian buyers also seek to buy amid less-than-ideal global prices. However, this spike hasn’t translated significantly to local cash bids, with red spring milling wheat still hovering around $7/bu delivered plant, similar to picked-up feed wheat prices. Given the lackluster pricing, growers seem content to wait for the new crop and are opting to unload other commodities, hoping for a market revival down the road. The durum market remains steady, with old and new crop bids at $8.50/bu for #1 CWAD. As we approach the final weeks before yield potential is finalized, the crop looks promising.

The canary seed market remains shaky. This week, old crop canary seed traded at 41 cents FOB, while new crop is quoted at 35 cents/lb FOB farm, potentially with an Act of God clause. With a strong start to the growing season, there are expectations for larger yield production. If the crop reaches its full potential, prices are expected to soften in the short term, with long-term prospects remaining uncertain. Growers needing bin space or cash flow should consider moving any remaining product.

Mustard continues to trade sideways this week, as recent heat has accelerated crop growth. While many areas report good mustard conditions, some pockets, especially those hit hard by last year’s drought, are struggling. This week’s prices are similar to last week’s, with buyers remaining quiet and demand being slow. Spot yellow mustard prices are particularly unstable, with short-term demand fulfilled and buyers awaiting the new crop. Recent trades show old crop brown and oriental mustard between 30-36 cents/lb, while yellow is indicated around 40-48 cents, FOB farm. Prices can change quickly, so discuss local opportunities for both old and new crop with your merchant.

As harvest approaches, discussions about the chickpea crop quality are increasing. Despite concerns over late seeding and high rainfall amounts, growers report favorable looking acres with little concern so far. However, pod and seed quality remains to be determined and will be monitored closely over the next few weeks. Old and new crop bids for #2 or better Kabulis have slipped to 38 cents/lb FOB farm as a high in all areas it seems, though this value hasn’t bought much product. Purchasers are still offering production contracts with an Act of God clause based on #2 quality only, without minimal sizing requirements.

The canola crop is progressing well amid heat and rain, with the market showing small fluctuations day to day. Recently, bids have been shifting lower, now ranging from $12.75-13/bu FOB farm for both old and new crop product, with potential for some stronger values pushing into the second quarter of 2025. Global supply and demand clarity remains uncertain. A better understanding of seeded acres and bin stocks in North America, as well as the EU harvest, may provide more market direction. Domestically, all eyes remain on the current heatwave during flowering that is forecasted to drag out for another 10-12 days in many areas. Time will tell what effect this has on the canola crop.

The oat market has seen little trade recently, with prices relatively unchanged. Buyer bids continue to hover around $4.50-$4.75/bu delivered to plants, with some summer movement still possible. New crop bids remain around $4.25-$5.00/bu delivered, depending on the movement timeframe. Generally, we see better bids for deferred shipping windows into late 2025. The crop is holding up well, with yield anticipation looking strong, ultimately affecting price margins. Call your merchant to discuss firm targets to finalize old crop and new crop sales before harvest!

Flax prices hover around $16.50/bu picked up in the yard this week, with limited space for pre-harvest deliveries. Bids closer to $17.00/bu picked up may be possible for new crop movement in the fall as buyers seem to show increased demand for deferred shipping windows. The US remains the main destination for Canadian flax, but strong EU prices and hot, dry weather in Russia could increase Canadian exports to the EU in 2025. Kazakh flax stocks are tight, leaving little room for overseas production concerns. Favorable conditions in North America should offset the smaller seeded flax acres, but prolonged high temperatures may start to show signs on the crop. Something to watch for in the next week to 10 days.

The pea market remains stagnant for another week as demand prospects from China and India are lacking and positive yield potential out of North America (Canada & USA) weigh on prices. Old crop values have pulled back to new crop levels, with yellow peas sitting at $10-$11/bu picked up, freight dependent. Green peas remain priced at $13-$14/bu picked up, and maple peas range from $18-$21/bu, depending on location. Grower in North Central SK may have a small opportunity to capture slightly stronger values for new crop green and yellow peas. Contact your merchant for FOB pricing in your area.

Excess moisture and delayed plantings continue to affect the bean market in both Canada and the US. While acres are up, yield impacts remain to be seen. Mexico’s strong demand has drawn down US supplies, so market prices will heavily depend on this year’s crop outcomes. Current prices are around $13-$13.50/bu for soybeans and $9.50-$10.50/bu for faba beans, depending on quality. Growers with other types of dry beans in the ground are encouraged to call the office to discuss possible production contracts. Typical types of dry beans our purchasers are looking for include, but are not limited to: Navy, Pinto, Black and Great Northern!

Barley markets remain stagnant, with prices down from previous weeks but holding steady. Old crop values range from $4.25-$4.60/bu FOB farm for August movement, which also applies to new crop value with some freight sensitivity. The push to acquire feed barley is dwindling, partly due to anticipated old crop carryover and decent yields for the 2024 harvest. Malt demand remains almost non-existent for now, but maltsters indicate they will need tonnage come harvest. Being proactive this year could help secure harvest shipments, so make sure to get your malt barley tested early and/ or send them to our office for review!

Lentil markets are showing more softness in old crop prices as they erode to new crop levels. For red lentils, this change is subtle, with only a couple cents’ difference. However, the green lentil market has seen a more drastic change, with spot prices for #2 large greens dropping from 74 cents/lb last week to 70 cents/lb this week, with light demand. Lentil stocks are short, and any production hiccups could significantly impact the market. Thus far, the planted crop looks promising, but overwatering, underwatering, and grasshopper pressure are concerns. Analysts expect a Canadian lentil crop ahead of the five-year average, with a heavier distribution towards green lentils. Fall prices are 32-33 cents/lb picked up for #2 reds, 52 cents/lb for #2 large greens, and 48 cents/lb picked up for #1 small greens, still with an Act of God clause on 10 bushels per acre.

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.