Chickpea pricing is sideways this week with old and new crop still bid in the 44-46 cents/lb picked up range. New crop contracts carry an act of God and cover about 10bu/ac, making this a safe play to lock in some expected production. The latest export business seems to come from new, price sensitive buyers, which combined with reluctant farmer selling, is keeping sales sluggish. Some analysts are reporting Canadian seeded acres around 250,000, up 35% compared to last year. However, the sample size is likely small and even with conservative yield estimates, this would put supplies at the lowest since 2017/18. The world market is expected to increase exports in 2022/2023 meaning demand for Canadian chickpeas could be pushed off to the side. The US will play a key role as they are the largest importer of Canadian chickpeas.

Flax prices remain solid this week. Although prices are down from their record-breaking highs, there are still great opportunities around $36.00/bu picked up to get the remainder of your flax moving. New crop pricing is also historically high at $25.00-$26.00/bu, picked up with an act of God. The conflict overseas has created some uncertainty in the 2022/23 outlook. The Russian crop is expected to remain fairly large, however there could be some trade flow interruptions that have Europe looking to Canada for supplies. On the other hand, if the US has a recovery in flax production, there would be reduced demand coming from our neighbours to the south. While there could be increased exports of Canadian flax, the supply outlook also increases slightly. Ending stocking in 2023 are expected to be similar to this year.

Unfortunately, the pea market doesn’t seem to be keeping up with other commodities that are showing price strength this week. Old crop yellow peas are still bid at $17.00 – 17.50/bu picked up with the latter seen heading into the glyphosate free market. Green peas have seen some early $15.00/bu trades this week, only to pull back to $14.25 – 14.50/bu at the time of writing. Maple peas remain unchanged at $16.50 – 17.00/bu FOB, depending on variety and location with a small chance at $18.00/bu for very particular spec product – call for info. New crop pricing remains unchanged, however we do have a few more buyers coming to the table looking for acres. New crop yellows are priced at $12.00 – 13.00/bu and green peas are indicated at $12.00/bu, both picked up with an act of God. War tensions haven’t affected the pea market yet, but we may see China working on agreements to accept Russian peas into their feed market, which could affect local pricing.

Barley markets remain strong across the board this week and we continue to recommend growers make sales on both old and new crop. Spot values for feed barley sit around $9.00 – $9.25/bu FOB farm pending location and delivery timeframe. The slight uptick in values has been attributed to concerns over a potential CP strike and the increasing cost of corn. Old crop malt remains somewhat quiet, but it seems maltsters want sellers to bring them firm offers so they can work to get it traded. On the new crop side of things, feed barley comes with some very strong values, still indicated around $7.00 – $7.75/bu FOB farm based on location for a DDC (no act of God). Locking in 5% – 25% is a great starting point pushing into the 2022 crop year. New crop malt sales are slow, but there are rumblings of $8.00- $9.00/bu FOB farm contracts available with an act of God. If your selling points are slightly above these values, we highly suggest calling in and putting in a firm offer.

Strong pricing continues to be the theme with all mustards again this week. The war in Ukraine continues, bringing a very real uncertainty to the market in terms of available product to ship out of the region. Planting and trade sanctions are now also being thrown into the mix. We will see how this plays out in time.  Spot yellow is being quoted around the $1.85/lb FOB range, while brown has seen a little bit of pressure with bids dipping slightly to $2.00/lb for April-May type movement.  Oriental is quoted at $1.00-$1.10/lb FOB farm depending on variety with cutlass again showing signs of a marginal discount. New crop bookings have been steady again this week as pricing remains in record territory. We continue to think planted acres will be up this year. New crop brown mustard now sits firmly in the 80 cent/lb range. Yellow is up today, being bid as high as 90 cents/lb FOB farm, an incredible record for new crop yellow mustard. Oriental remains unchanged, still bid around 75-80 cents/lb FOB farm. All these contracts have an Act of God on up to 10 bu/ac. Please call for information on all types of certified seed, treated or untreated, with options of being delivered to your yard. We are getting very short on yellow seed supplies, so call as soon as possible if you have not booked. Supplies of brown and oriental remain available. Keep in touch with us to come up with strategies to market your mustard in these volatile times.

Canola markets have been climbing as the conflict in Ukraine continues to be the center of the world’s attention. Today, we did see old crop canola futures pull back slightly, but oppositely, new crop futures have increased. As we write, old crop futures are at $1086.60/mt, which has been achieving local FOB farm bids around $24-25/bu. New crop futures sit at $930.40/mt, with growers being able to lock in $20-20.50/bu FOB for fall of 2022; this one seems like a “no brainer”. There is volatility in this market due to Russia and Ukraine tensions, so it would be good idea to consider locking in old crop and new crop bushels.

The bumpy road continues as wheat has pulled back hard on the futures chart, dripping red today. The downward trend of wheat has been linked with speculation of positive talks between both Russia and Ukraine, the Black Sea region opening up shipping, and India looking to take advantage and move their wheat into the market. Take that with a grain of salt as we continue to see drought like conditions in the US Plains coupled with tight spring wheat stocks. By no means have things resolved between Russia and Ukraine, no matter how positively words have been spun. A #1 red spring with 13.5 protein is trading around $12.60/bu delivered in the central Sask region, while feed moves around $11.50/bu FOB give or take depending on farm location and secondary roads. Old crop durum remains quiet for another week with bids around $16.50/bu delivered in on a 2 CWAD or better with new crop trading around $13.75/bu delivered in on a #2 or better CWAD.

The oats market hasn’t shown much get up and go lately as things seem to drag along sideways. Currently, we have prices for fall oats at 6 bucks or a little better at the yard the further out you push movement, i.e. higher into April 2023. Most oats contracts would not include an act of God, but some buyers have offered rollover terms into the following year, which would be a solid risk lessening option. Many projections on seeded acres are showing a slight uptick in oats in the ground for this spring, but at this point we don’t look to be overrun. Oats project as the #1 cereal to seed this year for many, so the acres may yet sneak up a bit and offer a promising outlook for oats into growing markets and health opportunities. Spot prices are still catching the $9/bu mark in most areas of the province when we put them up on firm offer, so if you are looking to unload some product still in bin let us know.

Lentils had another good week of trading as large greens lead the way with trades as high as 60 cents/lb FOB farm for a #2 or better on offer. Although these trades are scarce and firm bids are closer to 58 cents, we continue to suggest using targets to try and push the market. Currently, we do not have many buyers looking for #1/x2/x3/#3 large greens, but there are a few soft indications floating around, so please reach out to your merchant for details. New crop pricing contracts for large greens are quoted at 39-40 cents on a #1, 37 cents on #2, 35 cents on X3 and finally 30 cents on #3, FOB farm with an AOG. Old crop small greens are trading at 51-52 FOB farm, with the odd bid seen higher pending location. New crop contracts for #1 small greens are quoted at 39 cents with a discount to 37 for #2’s. Contracts are indicated as FOB farm with an AOG on max 10bu/acre. A few buyers are still trying to find French Green Lentils at 92 cents FOB farm with new crop pricing at 39 cents FOB farm with an AOG. Old crop reds finally got back to the 40 cent FOB farm mark this week for a 2 or better, and sales are being made. Delivery windows are quoted as April/May, but some offers have triggered for quicker shipment. New crop reds are trading at 34 cents/lb FOB farm with an AOG.

Canary seed sales remain quiet, even though we did have more interest and some stronger bids to start the week. Trades on a few loads managed to hit in the 47-48 cent range this week, but those values were quickly dropped once tonnage was secured. New crop is sitting around the 35-36 cent mark FOB farm with and AOG today, virtually unchanged from previous weeks. New crop canary seed is at a historically high level, and growers are encouraged to take a good look at these contracts.

Strong global edible oil demand and prospects for a shrinking South American crop continue to prop up soybean prices. Local bids are location dependent and range from $16.00 -$16.50/bu FOB farm. Global dry bean crop production prospects are mixed. The Mexican pinto crop is reported to be larger than last year, whereas the South American crop now has some production concerns. Both old and new crop bean bids have recently received a small boost. There is healthy competition for acres from other crops as farmers finalize dry bean planting intentions. New crop dry bean prices are available and are positioned around 50¢/lb delivered. The 21/22 Aussie faba crop production number is firming up and is positioned at a 10 yr. high of 582k MT. New crop faba bids showing up around $10.00/bu FOB farm for a #2. Old crop domestic feed market is propping up feed faba bids in that $13/bu FOB farm and when old crop #2 demand periodically occurs it is often near $15/bu FOB farm.

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.