Its crop inspection week(s) here at Rayglen so the office is pretty sparse on staff. Comments will be pretty short and sweet this week.
Soybean prices have been lower due to low demand and good crop conditions in US. Most of the bids we have seen lately have been closer to $9/bu FOB farm, maybe a touch better in the right freight area. No fall pricing to post as buyers waiting to see how things unfold over next few months. If you are looking for prices on faba beans for fall we have a buyer looking for some firm grower targets; north of $8/bu sounds to be workable on the preferred varieties.
Feed wheat markets are weaker in lots of areas of the province lately as $5.00/bu becomes much harder to track down from most buyers. If you are to the west we can still find bids on the right side of $5 picked up on farm but end users are filling and focus turns to new crop which tends to diminish prices, you know, the whole supply vs demand dance. Milling wheat prices just scratch above $6 bucks a bushel delivered to plant for a #1, 13.5px CWRS which is obviously, not great.
Mustard prices are holding strong again this week. New crop yellow mustard ranges from 39-40 cents, new crop brown from 30-32 cents and new crop oriental 26-28 cents on forge. The price depends on the movement, but are picked up and still have act of God. There is also room in August to move out some old crop. While the 2020/21 crop year may have some tighter supplies, analysts are reporting that this won’t impact price the same as it has in previous years. The Black Sea region supplies will offset the smaller Canadian crop.
There is limited room to move old crop oats, but if there are some in the bins, we are seeing prices range from $3.50-$3.75/bu picked up. New crop is also still holding with prices ranging from $3.50-$3.75/bu delivered depending on movement. Reminder that some buyers, and the list grows, are only buying glyphosate free oats. If you have any feed oats in the bins, we have opportunities as well.
Feed barley prices have stayed strong this week again. Old crop barley that is heavy and dry is trading between $4.00 – $4.50/bu FOB Farm depending on location. New crop prices are $3.50 -$4.00/bu. Much of the barley is heading west into Alberta so, pricing is best the closer you’re located to southern Alberta. We always have bids at discounted prices for any off-spec barley as well so be sure to let us know what’s in your bins.
Chickpea markets hold fast as we move through the final stretch of the growing season. Reports of white mold and root rot are prevalent but this has no reflected on the values on the market. Old crop large kabuli bids hover around $0.26/lb off the farm and new crop coming in at the same value. With continued concern around growing conditions it would not be surprising to see a bump in these values sooner rather than later as previously expected.
Flax crops are still flowering but looking really good. Quality is not a concern as of yet despite talk for most special crops being under disease pressure. New crop bids are around $13.00/bu FOB for Brown and Yellow is at par. Old Crop can still get a bit of a premium depending on quality and movement. Old crop is more of an opportunistic scenario where buyers are coming in with a short to fill and the need is immediate. Best way to capture that market is setting targets. Call your broker to discuss options and opportunities.
As we head into the upcoming harvest the old crop peas markets have gone quiet. Old crop green peas are trading between$8.50 and $9.00/bu picked up on farm whilst old crop yellows are at $6.00 to $6.50. Maples bids, if you can find one, are between $8.50 and $8.75 delivered to plant. Early reports suggest that pea crops will be average to above yield. Most buyers will likely not back to the market until combines hit the field.
Lentil markets are staying relatively strong for this time of year. Old cop reds are still trading at 28 cents/lb delivered with new crop trading between 24-25 cents. Large green lentils are still sitting at 28.5 cents picked up on farm for a #2 quality. New crop pricing on large greens seems to be harder to find right now which, in part, could be due to India this week suggesting they may have a big pigeon pea crop. Lots of pigeon peas limits India’s need for large green lentils. Medium green lentils have lost a cent or new and old crop bids and small greens still have some interest at 28 cents on a #1 FOB farm.
Canola disappearance is occurring at faster rate than earlier anticipated. Whether this was whole seed exported through developing trading channels or finished product through Western Canadian crush facilities, the result is a carryout number that is less burdensome than originally forecasted. If disappearance holds pace into new crop, we end up with carryout figures that could conceivable be well below the five-year average of 13%. Local spot bids for canola are near $10.90/bu delivered in some locations. New crop bids are also strong hovering around $10.50 delivered. We continue to have premium picked on farms bids for non-GMO canola. Contact your Rayglen merchant for more details.
Credible canary seed yield forecasts seem to remain elusive and firm carryout numbers are equally as vague. With that considered, sometimes demand and current bid are as good an indication as to what the market believes the relative abundance will be. Some have attempted to quantify these statistics and have assembled supply and disposition tables with their assumptions resulting in lower carry outs than last year. This would be supportive for bids and in large part that is what the market is currently reflecting. Local spot bids are 27-28 cents/lb picked up location dependent and new crop bids are in the range of 25 cents/lb picked up.
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.