Wheat markets moved higher this week as the bulls returned, driven by global turmoil and weaker U.S. winter wheat crop ratings. Showers have appeared sporadically across the western Prairies, but they’ve been inconsistent and insufficient in many areas. Much of the region remained too dry for too long and conditions continue to look poor for cereals, particularly earlier seeded product. We’ll see if the weekend brings additional moisture to the West. Feed wheat prices are mostly holding between $7.25 and $7.75/bu picked up on farm, though some western regions near feedlot alley have seen bids reach $8.00/bu. Durum bids remain around $9.00/bu, depending on location, with similar pricing expected into the fall.

Pea prices are largely unchanged from last week. Yellows are trading at $10.00/bu delivered, while green peas hover around $16.50/bu picked up for a max 3% bleach spec. Ending stocks for both yellow and green peas aren’t burdensome but are still sitting at comfortable levels. Looking ahead, exports for the 2025/26 crop year will be a more significant driver than new crop supply. Russia continues to supply China with feed peas, but unless the quality improves, we could see tightening from alternative markets. China’s buying activity remains uncertain following the March tariff announcement—trade has not been cut off yet, but that risk remains and could significantly affect pricing. In India, yellow pea prices have softened, and with potential tariff shifts, some of the held-back inventories may start to move. New and old crop yellow pea prices have essentially converged, while green peas still carry a spread.

Flax prices continue to hold in the $23.00 to $24.00/bu range, with new crop bids sitting comfortably at $20.00-$21.50/bu picked up. While a few buyers may still entertain slightly higher offers, the chance of a further rally feels like it’s losing momentum. As sales are completed, prices are expected to converge with new crop levels. EU flax values remain strong due to limited Canadian supply and ongoing tariffs on Russian flax. Despite the 20% tariffs, Russian flax continues to move into international markets, and Kazakhstan is expected to remain a key supplier in 2025/26. Increased Black Sea flax production will ease some global supply pressure, but Canadian flax prices should remain supported due to tighter domestic supply.

The oat market remained quiet again this week. Trade activity is slow, with buyers largely inactive and growers hesitant due to market uncertainty. End-user demand appears to be met for the time being, with only opportunistic buying happening. #2 CW oats are trading around $4.60/bu delivered to various locations, though demand is limited and timing is key for securing a sale. There is some ongoing interest in lightweight oats, with prices ranging from $2.75 to $3.50/bu FOB farm, depending on quality and freight. New crop contracts are already being booked into 2026, underscoring the oversupply situation. Buying interest is focused on small parcels, so if you’re holding a larger quantity, consider marketing it in smaller lots. Contact a merchant to explore your options.

Barley markets are beginning to show signs of softening in the feed sector, something that’s been anticipated for a while. Old crop values are trading between $5.25 and $6.00/bu FOB farm across the Prairies. However, corn is currently priced about $20/MT cheaper than feed barley, which could lead to feedlots shifting from barley to corn. Recent scattered rains and more forecasted precipitation may also prompt buyers to wait for new crop supplies, further softening demand for bin-stored barley. Moving what’s still on farm now may be a wise call. On the malt side, it’s still the same story: no firm bids, but there is hope that changes soon.

Chickpea trade remains flat. Old crop values range from $0.36–$0.38/lb for high-quality, large-caliber #2 Kabuli types from the 2024 crop, down to about $0.33/lb for smaller sizes. New crop bids are showing around $0.32–$0.33/lb FOB farm, but grower interest is minimal at those levels. The general sentiment is that there’s still a lot of time and weather to play out before harvest, which could significantly impact crop conditions. Canadian acreage is still uncertain, but there’s talk of an increase in U.S. chickpea plantings. With the U.S. being a key trading partner, their crop size will definitely influence prices as we move closer to harvest.

Soybean futures have gained momentum following the U.S. Environmental Protection Agency’s proposed biofuel mandates, which came in higher than expected, alongside the USDA’s Monday report showing lower-than-anticipated crop ratings. Tariff discussions have taken a back seat for now, as the recent exchange of attacks between Israel and Iran unsettled global commodity markets and shifted grain market narratives. Locally, soybean prices are hovering between $11.00 and $11.75 per bushel at the farm gate. StatsCan is projecting an 11% decrease in dry bean plantings, bringing the total seeded area down to 357,000 acres. Recent trade tensions have sparked renewed interest from international buyers. In Mexico, winter bean harvest yields are coming in lower, which may drive further import demand. Currently, dry bean prices range from 40 to 45 cents per pound delivered, with some specialty classes trading at 55 cents and higher. On the export front, interest in faba beans remains limited. Farm gate bids are around $9.00 per bushel, with feed-quality product priced closer to $8.00. However, a recent increase in Australian faba bean prices could open up new opportunities to boost Canadian exports.

Despite early weakness on Wednesday morning, canola has found strength this week, largely supported by gains in crude oil due to the Israel-Iran conflict, which has lifted the broader vegetable oil complex. As of writing, canola futures are sitting at $739/MT for July and $736.40/MT for November, with further strength seen into January. Tight supplies, with just six weeks left in the shipping year, combined with persistently dry crop conditions, are providing additional support. Locally, canola is priced around $16.15/bu delivered in northwest Saskatchewan for both summer and new crop. In east and central Saskatchewan, bids are in the $15.55 to $15.70/bu range, depending on delivery timeframe. FOB farm bids are ranging between $15.00 and $16.00/bu—reach out to your merchant to confirm freight rates for your area. For off-spec product, there continues to be buyer interest, so call in with specific details.

Lentil markets remain relatively stable this week, with little change in pricing. Red lentils are trading at 31 to 32 cents/lb for old crop and 28 to 30 cents/lb for new crop with an Act of God clause. Large green lentils have seen trades as high as 44 cents for old crop and 42 cents for new crop, though these bids are scarce and buyer interest at those levels is limited. Small green lentil bids are increasingly difficult to find for either crop year, with new crop bids around 34 cents and old crop in the 36 to 38 cent range. According to the latest Saskatchewan Crop Report, 8% of pulse crops are at the pre-emergent stage, 48% are at the seedling stage, and 44% are in the vegetative stage of development. Conversations with growers this past week confirm that moisture remains a concern for most crops, even in areas that received some rainfall. With showers and cooler temperatures in the forecast this week, crops may receive enough reprieve to hold on a little longer. Over the past few weeks, using our target offer platform has proven to be the most effective marketing strategy.

A weather shift has brought some relief to a few mustard growing regions this week. Increased humidity has scattered showers reported throughout southeast Alberta and southern Saskatchewan, with more rain in the forecast over the coming days. This could offer some much-needed support to mustard-growing regions. Buyer interest remains sluggish on yellow mustard, which continues to trade between 44 and 45 cents per pound on the farm, with the possibility of quick pickup available. Brown mustard bids remain steady at 34 to 35 cents per pound, but oriental has shown a bit of life with one purchaser looking for a few loads around the 38 cent per pound mark for relatively quick shipping. New crop yellow mustard values are being indicated at similar levels to current spot prices, although stronger targets—especially on yellow—may attract interest. Let us know if you’d like to place a target offer. New crop brown and oriental mustard values are aligned with brown mustard spot bids, and all new crop contracts continue to include an Act of God clause and on-farm pickup.

Canary seed continues to trade sideways for another week. The overall market outlook remains stable, supported by expectations of a decent-sized crop and adequate on-farm inventories, suggesting prices are likely to hold steady in the near term. Moisture conditions have been variable across key growing regions and could influence future pricing. Old crop bids are still sitting around 29 to 30 cents per pound picked up on the farm, while new crop is priced at 27 to 28 cents per pound with an Act of God clause.

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.