Oat markets continue to roll along with little to no change in pricing for old crop or new crop values as buyers remain content with tonnage they have on the books. Old crop pricing continues to float around the $4.50 – $5.00/bu delivered range, however there doesn’t seem to be any urgency to lock in product. New crop oats are close to the same value around $4.50/bu delivered, with a few windows of opportunity to get them moved in the fall. Movement on oats as always, is also a big factor as it does not take long for buyers to fulfill their needs, creating a bigger delivery window. With continued moisture throughout the prairies it appears the oat yield to date should be able to hit the average yield thus creating a supply vs. demand type market so don’t get caught holding out for $.20/bu more!

Soybean futures continue to show a bit of life as we push into the end of June but have yet to see any dramatic rises. Values range anywhere from $13.50 – $13.75/bu FOB farm, depending on location. US soybean planting is nearing the 100% complete side of things and suspect the market should be able to readdress itself and find where it needs to be once we can get a better handle on how the overall seeded crop is looking. Shifting over to faba beans and we continue to see much the same as we have in previous weeks. New crop and old crop values continue to almost mimic one another and indications are around the $10.00/bu FOB farm range. Much the same as soybeans, the overall seeded acreage is starting to push closer to being done. It will be interesting to see how the market reacts to bean world as a whole when reports of how the 2024 crop is looking. For pricing out of your area call in and speak to a Rayglen rep today to get some on the farm pricing.

Chickpea buyers are still on the lookout for new crop acres and old crop bushels. The old crop requests are often met with an understanding of knowing your size spectrum along with an idea of what you want to sell for. There really is not a lot of wiggle room or patience here as the buy and sell side try and find a happy medium for transactions to trigger. Old crop bids for a #2 or better Kabuli’s range from $.42/lb FOB farm to $.44 delivered for July / Aug movement. New crop values are at par and buyers are still willing to provide the AOG clause on the contract based on #2 quality only without specific sizing. It is unclear how many acres will be going in at this point but it sounds as though it will be same as or slightly increased from last year. This remains to be seen. Feed and off quality are always in demand but supply seems to be short. Call if you are looking for a value on some small size product, green or even a bin with mold.

Our pea market is still going to depend largely on weather. As of this week, the crops are still rating above average which is signaling larger supplies will be available for this coming year. However, with all the moisture we are definitely going to need some warmer weather to bring the crop along. Montana and North Dakota are also reporting good pea crops at this time.  Imports have been very quiet from China and India which could weigh heavily on pricing come harvest time. Prices have already begun to slip as we head towards new crop. Yellow peas are at $13/bu delivered on old crop and $11/bu FOB on new crop. Green peas are at $17/bu delivered on old and $14/bu FOB on new. Maple peas have come down on old crop to lower $20’s but there have been some offers still trading at $25-26/bu. New crop maple peas remain at $20-21/bu FOB.  All new crop values have an act of God clause on 10-15bu/acre.

Canola crop conditions are overall pretty good with some regions reporting slower development due to cool temps and excess moisture. AAFC’s June report put canola acres down 3% YoY at 21.4 million acres and production down to 18.1 million MT. Ending stocks are estimated to be 2.5 million MT. Market participants are still seeking clarity on the EU crop. There have been reports of challenging growing conditions in the EU. A better EU production picture is expected to be available in the coming weeks. New crop canola futures just recently bounced up from technically oversold values. Both old crop and new crop local bids are running in the range of $12.75 to $13.00 picked up on farm.

The lentil market continues to be relatively stable for this time of year.  Large green lentils continue to lead the way for old and new crop pricing. Old crop has traded this week at 75 cents for a number 2 and new crop deferred delivery contracts have trade 58 cents and new crop with  Act of God at 54 cents. Small green old crop pricing is getting tougher to find as most buyers have gone to no bid, but indications are low 60’s. Buyers are still locking in new crop at 49 cents FOB with and AOG. Specialty lentils remain quiet as buyers seem to be content to wait till new crop is available.  Red lentils continue to trade in that 36 fob farm range for old crop and new crop 33 with an Act of God, the deferred delivery contracts have traded in the 34-35 cent range.  Reports from producers suggest that the crops for the most part are in good to excellent condition. With the good start to the crop year, producers are starting to lock in a portion of this year’s yield.

Buyers report exports remain very slow for mustard. Rain showers also seem to continue in many of the mustard growing areas. There are some localized spots struggling with moisture, but generally the crop reports are fine. This continues to weigh on mustard 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 have slipped as well, with 50 cents/lb for yellow possible, but is getting harder to find. Brown and oriental sit in the mid to high 30’s, with full crop year shipping and an Act of God clause. A target with your merchant might be a good way to go, be sure to discuss option with them for old and new crop.

More buyers are stepping to the table on brown flax here this week. Buyer bids are holding down the fort at $16.50/bu for July movement and $17/bu picked up on the farm July-Aug, both subject to sample approval. If you are on secondary roads, you may run into a slight discount. Call your Rayglen merchant if you think this may apply to you and we’ll see what we can do. With less acres having been planted up here in Canada, this market may garner some interest moving forward as there are concerns with the Black Sea region being exposed to some production issues. That would entice buyers to turn their attention to Canadian product. With a late harvest looming there may be more interest to get some cover in the meantime.

With StatsCan seeded acreage report coming out this week, those in the canary market will be watching close as to how large the acre increase is, with some reports pointing to over 300,000 acres. With favorable conditions in many of the canary growing areas, the combination of the two could put some potential pressure on prices. In the past week, old crop prices have slipped slightly, with most of our buyers now in the $0.43-0.44/lb FOB farm range. New crop canary follows at $0.35/lb for fall movement with an Act of God. With opportunities to lock in acres at a strong price and timely shipping window, talk to your merchant on new crop options in your area.

As we see in many commodities, we are getting to the point in the year when buyers have begun looking to the new crop while they await harvest. With favorable conditions in many of the barley areas, barley prices have continued to see a slight pullback. Indications show old crop pricing around $4.75/bu in NE Sask, $5.00/bu in Central Sask and $5.25/bu in SW Sask, all FOB farm. New crop prices are in a similar range for fall shipping. Buyer bids south of the border continue to sit in a range of $3.00-3.60/bu USD FOB farm, depending on location. Malt remains quiet in the near term, but buyers have indicated there may be some renewed interest in the coming months. As we often see, opportunities pop up to empty the bins so if you are looking at emptying the barley bins before the next crop comes off, give your merchant a shout and consider placing an offer.

Wheat prices continue to struggle as of late, along with most of the relevant commodity markets to Western Canadian farmers. The Kansas, Minneapolis and Chicago boards are all showing wheat prices sub $6 right now as the last month and a half has been a brutal run for the wheat futures. Conditions close to home look good to start as moisture has been abundant but crops are late due to late seeding and low heat units so there is a lot of time left on the clock here and we will see how things unfold. Updated seeded acreage reports come out later this week and some are expecting to see a bit of an increase on cereal acres which will obviously further dampen the mood on wheat values but sometimes things swing in the wrong direction. Feed prices still maintain values in the $7/bu FOB to $8/bu delivered range for those looking for a price today.

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.