The pea market has been relatively quiet in recent days. Old crop values have aligned with new crop prices, leading to a standoff between sellers and buyers, both seemingly waiting to see what develops post-harvest. Yellow peas are currently quoted in the $10.00-$10.50/bu range, depending on freight costs and movement timeframe. Green peas are indicated at $13.00-$14.00/bu FOB farm for good quality, with higher bleached product showing roughly $1.00/bu discount to #2s. Maple peas have pulled back slightly, now sitting around $18.00/bu FOB farm for both old and new crop, though small higher valued opportunities may arise, so make sure to have your targets set. Given the low activity on both the selling and buying ends, posting offers slightly above today’s values might help achieve better prices. However, as is typical for this time of year, buyers appear comfortable waiting to see what the harvest yields.

Chickpea crops are still looking good, with expectations for above-average yields. The United States is also anticipating a strong chickpea harvest, leading to a potentially heavy supply North America. Consequently, prices have been reflecting this expected abundance, with both old and new crop indications both sub 40 cents/lb for a second week. If the U.S. achieves a strong chickpea year, the need for Canadian supplies may decrease, necessitating the search for new markets. Mexico is showing an increase in pricing, which could indicate their crop isn’t meeting expectations, which could offer some support. Current prices for both old and new crop chickpeas are around 38 cents/lb picked up, though getting a firm bid from buyers may be challenging.

There has been a significant shift in canola pricing this week, with November futures at $676.9/MT at the time of writing. Depending on local basis levels, some locations have pushed past $15/bu delivered into the plant. The Canadian crop is progressing, although sweltering heat is negatively affecting yield estimates during flowering. Much-needed moisture and cooler conditions would be welcome, but they don’t appear imminent. The EU and Black Sea regions are also experiencing heat and drought conditions, indicating potential demand for Canadian canola. Canola demand over the past two years has been around 18.6-18.8 MMT. A carryover of approximately 2 MMT into the upcoming 24/25 crop year should help offset some anticipated production losses. However, the extent of yield reduction remains to be seen.

Lentil prices have softened this week as we approach the new crop harvest. Prices are indicative and subject to daily changes. Movement varies, so it is best to contact your Rayglen merchant for specifics if you need to ship product before the new crop arrives. Small green lentil prices are hovering around 49 cents/lb picked up, while #2 large green lentils may still capture up to 70 cents/lb. Red lentil prices range between 30-33 cents/lb picked up, with the stronger values quoted for early fall delivery. Crop condition reports for lentils vary, but it appears 2024 will see larger supply than 2023. North America can surely expect an increase in green lentil supply, with the U.S. being a major contributor as well. Competition for red lentils will come from Australia and the Black Sea region. If you need bin space for this year’s crop, call us to discuss options.

Flax crops are progressing well, with expectations for good yield and quality. As of early July, 83% of the acres were rated good or excellent, though intense heat will remain a factor, as growers are not yet in the field for harvesting. All aspects of the industry are closely monitoring quality. The value of #1 Brown Flax remains steady at $16-17/bu FOB farm for both old and new crop shipping windows. Old crop bushels of brown flax continue to meet buyer demand, and this trend is expected to persist until the new crop is available. Conversely, new and old crop yellow flax have seen little market activity, with demand dwindling. Current values are indicated at the low $20s per bushel for #1 quality. Firm values are difficult to establish as trades are sporadic and opportunistic. There are also buyers looking for heated flax or off-spec product. If you need to move such inventory, contact us to explore possible marketing options.

Wheat values have remained relatively stable this week, suggesting the market may have found a bottom. Bids are scarce as many buyers have their current needs covered and are waiting to see how the crop potential unfolds. Recent heat and dry conditions have dampened what started as a promising production season, but it remains to be seen how significantly the weather will impact the crop. In the US, the winter wheat harvest is nearing completion, with about 80% of the crop in the bin and spring wheat conditions are still looking good. Despite this, some analysts believe the wheat market should be strong this year. Milling bids remain close to feed values, around the $7/bu range. Milling durum prices have also been quiet, with recent indications in the mid $8/bu range, which hasn’t generated much excitement in the market.

The canary seed market remains slow, with prices continuing to slip slightly. The recent hot weather may impact the market and ultimately bids, though we’ll have to wait until harvest to see the effects, if any, on the crop. Old crop canary seed traded at 40 cents/lb FOB this week, while new crop is quoted at 34 cents/lb FOB farm, potentially still including an act of God clause. These prices are challenging to secure, so please check with us if you’re considering locking product in before harvest. Growers needing bin space or cash flow should consider moving any remaining product sooner rather than later while a premium remains for old crop supplies.

In its latest report, Agriculture and Agri-Food Canada pegged 2024-25 barley production at 8.5 million metric tonnes (MMT), down 4% from 2023-24. This correlates to an estimated supply of 9.2MMT for 2024-25, which is down 5% from the previous year. For reference, Canada’s domestic use tallied at 5.9MMT, with exports totaling just over 3MMT for the 2023-24 shipping year. Barley prices remain steady this week, ranging from $4.25 to $4.75/bu FOB farm for summer shipping, with higher values appearing further west. In close proximity to feedlot alley, bids are around $5.50-$5.60/bu delivered. New crop prices are at similar levels for shipping from September to December, with some opportunities to shorten that window to help manage bin space this fall. While malt bids are quiet today, being prepared with old crop or harvest samples could be beneficial for those who have or will attain malt quality, as maltsters have indicated a need for some early fall tonnage.

The oat market remains largely unchanged this week, with both old and new crop prices stable. Old crop bids are still seen at around $4.50/bu delivered, though buyer interest is limited. New crop values are similarly stable, but with extended delivery windows. Buyers are likely to wait to assess the 2024 harvest yields before readdressing their positions and identifying any gaps to be filled from their previously booked new crop signings.

The mustard market is not very “spicy” at the moment; rather it’s quite bland as new crop is just around the corner. Crop conditions have taken a step backward due to the recent heat wave. Farmers are starting to become concerned with yield loss due to heat stress, as many crops are in the flowering stage or beginning to fill. Despite these concerns, the market shows little reaction to potential yield losses. Mustard pricing has been hit or miss lately with limited demand and/or buyers in the market. The last new crop yellow mustard trade was at 40 cents FOB for the full crop year with an Act of God (AOG) clause, while the latest old crop trade was at 43 cents/lb. Brown mustard has traded between 30 and 31 cents/lb this week for both old and new crop. Oriental mustard has been the quietest of the three, with no recent trades, though bid sheets are indicating 30 cents for both old and new crop. It will be interesting to see what effect the July heat will have on this year’s mustard production.

As is typical for this time of year, the market continues to trade based on weather and its potential impact on crop quality and volume. The USDA begins its crop survey this week, with the Crop Production report set for release on August 12th. Soybean exports out of Brazil continue to surpass last year’s figures. Current soybean bids are in the range of $12.25-$12.50/bu FOB farm, depending on location. In Australia, faba bean production is anticipated to decline for the fourth consecutive year. New crop bids for #2 quality tannin varieties are around $10 FOB farm. Old crop #2 faba bids range from $10.00-$10.50/bu FOB farm, while feed quality values are near $9.50-$10.00/bu, location-dependent. In North America, planting delays and alternate seeding plans may lead to tighter-than-anticipated dry bean supply, potentially bolstering prices. Primary exports are targeted toward Mexico. Pinto and black beans are fetching attractive bids and are largely running on par.

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.