Oat markets appear to be flat lined again this week and likely continue to do so up till 2024 harvest. Buyers have made enough purchases to fulfill themselves to the new crop year, which we typically see this time of year on oats. We do continue to see some sporadic buying around the $4.75/bu delivered range for July movement. Anything in August appears to be full and the switch flips over to new crop. New crop indications are roughly around the same value and anywhere from $4.25 – $4.75/bu but locking in tonnage window continues to get smaller and smaller. With rain through out the prairies buyers seem to be content on rolling the dice and hoping for some bumper crops to fill any extra tonnage they might require for the 2024 – 2025 season. Holding out today and hoping for some added love on price does not seem the move to make today. Emptying the bins and generating some cash flow just makes sense!

Yellow peas continue to slide back as demand seems to be quieting down for India and China. Old crop yellow peas are at $12-12.25/bu picked up with new crop values still seeing $11/bu FOB with act of God. Green peas remain to be a small market for old crop, we do have a couple options if you are needing to move a load or two, but values will be around $16/bu FOB. New crop green peas remain at $14/bu picked up with act of God, which we recommend locking in 10-15bu/acre. With crops looking good as of right now and acres up, it would be a good idea to get something on the books if you haven’t already. Maple peas haven’t had much change over the week. Old crop values are pulling back to new crop levels of $21-22/bu picked up.

Above average weather is likely to weigh on the canaryseed market as we already know acres will be up this year. With decent weather and more acres, it doesn’t take much for this canaryseed market to be oversupplied. We already saw prices slipping the last couple weeks as old crop pulled back to 43 cents picked up, with some buyers falling below that level. New crop values are around 34-35 cents picked up with act of God. It would be a good idea to get 10bu/acre locked in at these levels while they remain available.

Canola crop conditions in Sask and Alberta are 70% and 77% good /excellent respectively. Portions of Manitoba and East Sask have areas with excess moisture stress. StatsCan recently reported canola planted acres just north of 22 million, a 2.5-3.0% increase YoY. There is adequate debate within the trade as to the precision of the StatsCan forecast. There are substandard yields being reported out of the EU and Ukraine. Since mid-last week, domestic canola futures have staged a turn around. Additionally, MATIF rapeseed values also continue to trade upwards since mid-last week.  Local bids range from $13.50 to $14.00/bu picked up on farm.

Not a surprise to any, all lentil acres were up according to StatsCan seeded acreage report released last week. For all types, the increase was noted at 14.8% higher than 2023, with reds up 198,000 acres, large greens up 189,000 and small greens up 100,000. With 19% of the provincial lentils in excellent condition and 68% good. Many growers seem optimistic about this year’s crop potential.  With some lentil areas receiving too much rain in the past week and facing the risk of disease, and other areas needing attention to grasshoppers, like always, July becomes a crucial month to see how the crop truly develops. Locally, red lentils are trading at $0.36/lb FOB farm on old crop and $0.33/lb on new. Large greens are at $0.74/lb on old and $0.53/lb on new and small greens at $0.60/lb old and $0.48/lb FOB farm on new. In the US, richleas are trading at $0.36/lb USD for fall movement with an Act of God. With a number of buyers comfortable on their green lentil positions, some have shifted to no bid or are filling the last of their positions until new crop arrives. While the odd summer opportunity exists, bids are not deep and are changing on the daily. If you are looking to make a sale on lentils before the new crop arrives, best to get in touch with your merchant sooner than later.

Chickpeas still remain is a shroud of guessing when it comes to information on acres planted. While the acres were speculated to have been up this year, late seeding due to weather will leave that questionable. While the conditions started out wet, the main chickpea growing areas have been seeing less of the rain recently which means disease is not as prevalent as anticipated. Sask Ag is reporting 93% good or excellent for the possible production quality this year. The US is also reporting an increase in acres this year, up 35% from last year to 502,000 acres. All of these factors have had the market stale and values flat or nonexistent. Bids for #2 or better hover around $.40-.41/lb FOB farm with an AOG and the first 10 bu/acre. Not every contract is the same from buyer to buyer so call for information that might best suit your business.

Barley prices continue to pull back with this week’s bids for feed coming in around $4.30-$5/bu FOB farm in Sask. There’s a slight bump up in pricing due to freight to southern Alberta as sellers get closer to the majority of end users. Old crop prices are transitioning without much fluctuation into new crop with perhaps a nickel here and there for incentive to hold. Right now, buyers are looking for coverage into September and a handful of buyers pushing for spot contracts. Malt barley remains very quiet with growers looking for information on when that might change. All things considered; sellers are contemplating selling good quality barley into feed markets just to empty the bins as we are looking forward to a potentially big crop. Globally barley is going to be a large crop and the North American seller is ready to position themselves at zero to be ready for it.

Wheat markets have been mostly on a sideways run this week as there has not been any really big news to shake things up. Crop projections from the States and Canada both look fairly static in the recent reports compared to earlier ones and we are still waiting to hear Russian updates which comes later in the summer. Weather issues in Russia may lead to some positive news in the market but we will see where things shape up on that in time. Milling bids are weak with a lot of low to no bids but firm offers can be useful to give the buyers something to work off of on hand to mouth business. Markets will be closed for the American holidays to end the week so one will not expect much shake up for a few days.   Feed prices for now in Central Sask are very quiet showing mostly around $7/bu range but buyers and sellers are not aggressive on either side so things are lackluster to say the least.

StatsCan seeded acreage report is out and flax acres dropped 15%, roughly sitting at 518k acres, the lowest amount seeded since the 50s. Partner those acres with an average crop year and last years carry over, the expectation is that the market should be relatively covered. Sliding south of the boarder, the USDA lowered their seeded acreage by roughly 21% to 140k acres meaning they will be in the hunt for product to keep pace with the previous years crush program. The crop out of Kazakhstan is turning into a positive, compared to a month ago, due to favourable growing conditions. Russian flax has been nicked by the EU as they have now imposed a 10% tariff possibly sliding buyer interest to Canada and Kazakhstan product. Smash all of this together and current bids are sitting at $16.50-$17/bu picked up on the farm for both old and new crop. This year’s harvest looks to be pushed back in some common flax growing regions due to continued moisture and lower than normal temperatures. The sun has cracked through a bit and if we can get some sustained heat, the crops should really move, then we can start looking for all these flax acres.

We wish we had better news to report on mustard. Buying continues to be very slow in July as buyers continue to report very slow demand. Crop reports in Canada and the US show a good to excellent start to this year’s mustard crop. Far better than the previous couple of years, which has not helped a price rally. This combined with the StatsCan report, showing acres haven’t dropped as much as first thought is also weighing on prices. Current spot values for mustard are again slipping slightly, with old crop yellow maybe hanging on to 50 cents/lb, while brown and oriental varieties have now dropped into the mid 30’s.  It has become essential to discuss how to capitalize in this market with your merchant, as there are still small opportunities available. New crop prices seem to remain slow as well, with 50 cents/lb for yellow possible, but is getting harder to find with longer movements. Brown and oriental sit in the mid 30’s, with full crop year shipping and an Act of God clause. Maybe putting out a target in our system might be the way to go in July. For old and new crop

Soybeans are up $0.10/lb over last weeks market comments with a little rally before Independence Day market closure. Indonesia is threatening China with a hefty 200% tariff on all imports. We may not see anything come out of this as China could slap back opting to find palm and bean oil replacements. Either way, there is a tizzy in the market. Soybean prices are sitting round $13.75 give or take a quarter on either side depending on farm location. Faba beans remain unchanged with indications on both old and new crop sitting around $10.00/bu FOB.

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.