Canola futures continue to trade firmly above the $800/MT mark, supported by a strong weather premium as hot, dry conditions across the Canadian Prairies raise concerns about crop yield potential. November futures have been hovering in the $820/MT range Wednesday morning, despite some minor profit-taking during the week. Weather remains the primary driver of the market, with forecasts calling for continued heat and limited moisture across much of Western Canada, increasing uncertainty around production. Additional support is coming from higher crude oil prices, tightening global vegetable oil supplies, and strength in competing oilseed markets such as Chicago soybeans and European rapeseed. On the supply side, Agriculture and Agri-Food Canada (AAFC) recently increased its 2026-27 canola production forecast to 21 million tonnes, along with a higher projected carryout. Even so, strong domestic crush demand continues to provide underlying support, with Canadian processing capacity expected to reach approximately 15 million tonnes, driven by demand from both the food industry and the renewable fuels sector. Export demand also remains healthy, with the United States continuing to be the largest buyer of Canadian canola oil and meal, while China, Japan, and Mexico remain key export destinations for canola seed.

Barley markets continue to show values that remain attractive and worth considering as we near the end of July. While old crop bids have started to soften slightly, bids above $5.00/bu FOB farm are still attainable in many areas. As harvest draws closer, we expect old and new crop values to begin converging closer to the $4.85-$5.00/bu mark. There are still a small group of buyers offering new crop contracts with an Act of God clause, although those opportunities are gradually becoming less common as expectations for above-average yields continue to build. For producers looking to secure movement and manage some production risk, these values pencil in well for fall shipping. On the malt side, the market remains extremely quiet. Maltsters have shown little interest in actively pursuing tonnage, and while some may consider contracting limited volumes, there is very little urgency in the marketplace.

Chickpea markets were relatively quiet this week, with most of the focus remaining on weather conditions. Crops across Canada, the U.S., and Australia are generally progressing well, although producers continue to monitor disease pressure and hope for favourable conditions through the remainder of the growing season. Australia is still expected to produce a smaller crop than normal, which continues to lend support to global prices, while steady demand from India is providing a solid foundation for the market. Conditions in Mexico remain largely unchanged, with exports continuing at a steady pace. Overall, there were few major developments over the past week, but sometimes no news is good news. Feed demand remains present, although activity has been limited as buyers continue searching for opportunities while balancing high replacement costs and blending alternatives.

Pea markets have remained quiet over the past couple of weeks, with both buyer activity and pricing showing little change. Although green pea acreage declined by roughly 10% from last year, expected yields combined with large carryover stocks have analysts forecasting a 6% increase in green pea supplies for the 2026-27 crop year. Yellow peas present a somewhat different outlook. Carryover stocks from 2025-26 are considerably smaller, and Statistics Canada reported seeded acres down approximately 16% from last year. If ending stocks tighten as expected, yellow pea prices could find additional support later in the marketing year. Maple peas continue to see sporadic buying opportunities, with prices generally hovering around $9.00-10.00/bu. New crop contracts with an Act of God clause may still be available for producers looking to secure some fall movement.

Flax prices have stabilized and are now largely in line with new crop values, with bids generally ranging from $15.00-$16.00/bu picked up, though finding purchasers is becoming difficult. Producers with clean, milling-quality flax may still be able to capture premiums approaching $17.00/bu, depending on location and quality. Canadian flax exports for the 2026-27 crop year could be somewhat limited due to expectations for a smaller crop, although average yields would likely keep prices trading sideways. In Europe, France—one of the region’s largest flax producers—has experienced periods of extreme heat that could negatively impact production, although current European crop estimates have yet to fully reflect those concerns. Meanwhile, flax inventories in Chinese warehouses have climbed to their highest levels since 2023, which continues to weigh on the broader market. There are still opportunities to move remaining old crop supplies before new crop begins coming off the field.

Canaryseed values continue to hold steady, with very little excitement in the market over the past several months. Old crop pricing remains around $0.18/lb FOB farm for August through September movement, while new crop contracts continue to carry a slight premium at approximately $0.19/lb FOB farm with an Act of God clause covering up to 15 bushels per acre. The market continues to trade sideways as buyers remain comfortable with current seeded acreage estimates and the sizeable carryover from previous years. Demand still lacks depth, and while buyers remain active at current price levels, there appears to be little incentive for the market to move higher in the near term.

Mustard markets continue to trade quietly, with brown and oriental mustard remaining relatively flat while yellow mustard has shown some slight weakness this week. Bids that were previously approaching the $0.40/lb mark have drifted lower as buyers appear comfortable with current supplies and nearby sales. Spot bids for yellow mustard are now sitting around $0.37/lb, with oriental at similar levels; brown mustard continues to trade near $0.35/lb. Delivery periods vary by buyer, with July movement now off the table. New crop contracting opportunities are still available, however, and many continue to include an Act of God clause, offering growers protection against production risks such as hail. If you’re considering pricing some new crop mustard, give your merchant a call to discuss the opportunities available.

The Prairie wheat crop continues to look strong through mid-July, with Saskatchewan’s July 13^th Crop Report rating spring wheat at 85% good to excellent and durum slightly higher at 95% good to excellent. Winter wheat is rated 22% excellent and 57% good, while more than 90% of the fall rye crop is reported as good to excellent. After strengthening last week on renewed conflict in the Black Sea region, wheat markets have carried that momentum into this week, with futures trading 20-25 cents higher at the time of writing. As harvest begins across North America, developments surrounding the Sea of Azov and Black Sea export logistics will remain an important story to watch. Current wheat pricing includes $8.00-$8.20/bu delivered into northwestern Saskatchewan for August through November delivery. In Central Saskatchewan, CPSR is indicated around $7.10/bu delivered plant for September through December movement, while soft white wheat is trading near $6.90/bu delivered for November-December shipping. CWRS bids in Central Saskatchewan are currently sitting just above $9.00/bu delivered. Durum in southeast Saskatchewan is trading in a range of $7.50-$8.10/bu FOB farm for new crop movement, with the strongest values available for delivery later into 2027. Feed wheat continues to trade between $6.00-$7.00/bu FOB farm, depending on location and quality specifications. For pricing on any other wheat classes, don’t hesitate to contact your merchant.

Not too much has developed in the oat market this week, with prices continuing to trade mostly sideways. Current bids in Saskatchewan are around $3.50-$3.75/bu delivered for milling oats nearby, with slightly stronger values available for early 2027 movement. For growers in Manitoba, bids remain stronger, with opportunities in the $4.30-$4.50/bu delivered range depending on the delivery timeline. If you are looking for a picked-up-on-farm price, firm offers can still work if they are within a reasonable range of current market values, so consider posting a target for buyers to see. As mentioned in previous weeks, oat acres are down this year, but large carryover stocks continue to weigh on the market. Without a significant production issue or demand shift, we are not expecting much movement in oat prices in the near term.

Lentil markets remain difficult to pin down, with small opportunities appearing sporadically for slight premiums but often disappearing quickly. Eston lentils remain relatively quiet, with spot prices around $0.17-$0.18/lb picked up on farm for No. 1 quality, while new crop bids continue to reach above $0.20/lb in many areas. Red lentil bids are generally sitting closer to $0.22/lb picked up on farm for both old and new crop, although occasional opportunities have surfaced at slightly stronger levels. Large green lentils are trading around $0.23/lb FOB farm for No. 2 quality, with new crop values likely showing about a cent higher while Act of God clauses are still available on most contracts. With a sizeable volume of lentils carrying over into the new crop year, recent reports of disease and excess moisture have not created a significant market reaction, although concerns are being monitored. With competition from other global lentil-producing regions, Canadian growing conditions no longer carry the same level of influence on prices as they once did.

U.S. soybean crop conditions continue to hold strong, with 66% of the crop rated good to excellent. Despite favourable crop ratings, weather forecasts across key soybean-growing regions in the U.S. Midwest have provided some support to the market this week, pushing futures to yearly highs. Ongoing conflict involving Iran continues to add volatility to energy markets, with crude oil trading higher at the time of writing and providing additional support to the soybean complex. Locally, new crop soybean interest remains active, with bids around $14.15/bu FOB farm for October-December delivery and $14.50/bu for January-March movement, depending on farm location. Edible bean markets remain relatively quiet as the trade waits for this year’s production outlook. That being said, there has been some buyer interest in new crop pintos, with indications ranging from $0.36-$0.38/lb depending on location. Give your merchant a call for specific pricing opportunities in your area.

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.