Pea markets remain relatively quiet again this week, with no major price swings across varieties. Old crop yellow peas continue to be quoted between $8.00–$8.50/bu delivered, although demand at these levels appears limited. New crop contracts have traded and continue to move within a $7.00–$8.00/bu FOB farm range, depending on location, delivery timing, and whether or not they are glyphosate-free. Green pea demand has softened slightly this week, but good quality No. 2 product is still able to achieve $10.00/bu FOB farm. New crop values are indicated at $8.00–$8.50/bu FOB farm with an Act of God clause. As with most markets right now, putting out firm offers is recommended if you have a target in mind. Maple pea activity continues along sluggishly, though the market remains dependent on export movement into China, with buyers waiting for stronger demand to emerge. Old crop values range from $10.00–$12.00/bu FOB farm depending on variety, with new crop bids typically about $1.00/bu below current spot values.

The barley market remains firm this week. Old crop values are ranging from $4.75–$5.25/bu picked up on farm for spring and summer movement, with stronger bids attainable closer to Feedlot Alley. New crop values have traded around $5.00/bu for October–December delivery on deferred delivery contracts (no AOG). Buyers continue to show interest in firm targets, so communicating your pricing ideas to your merchant remains a good strategy. Malt markets remain quiet on both old and new crop with virtually no bids to show at this time. Certified barley seed is still available for those considering new varieties and/or updating seed stock

Mustard pricing continues to trend sideways. Canadian exports in January were softer, coming in just under 7,000 tonnes. Shipments to Europe are running ahead of last year, while movement into the U.S. is trailing. Old crop yellow mustard is holding around $0.36–$0.37/lb, with new crop values stronger at $0.40–$0.42/lb. Brown mustard is at $0.30–$0.31/lb spot, with new crop at $0.32–$0.34/lb. Oriental mustard is trading around $0.40/lb FOB farm on old crop, with new crop slightly lower at $0.36–$0.38/lb. All new crop contracts include an Act of God clause. Spot supply feels heavy due to slower buying interest, although high-quality product is not overly abundant. The 2026/27 new crop outlook appears more balanced overall. Certified seed remains available, with deliveries expected over the coming weeks.

The Canadian chickpea market remains weighed down by large supplies, though the impact at the farm level is more nuanced than outright bearish. Lower expected 2026 production has not been enough to offset a significant carry-in, with projected carryout near 275,000 tonnes. This leaves many farms holding unsold 2025 inventories and facing tighter cash flow. Old crop No. 2 Kabuli bids are around $0.26/lb FOB farm, with new crop indications near $0.25/lb, keeping values near multi-year lows and limiting revenue potential. That said, export movement to the United States, EU, Turkey, and Pakistan continues at a steady pace, helping clear volume. Overall sentiment remains cautious but stable, with large global supplies—particularly in India—keeping a lid on prices, while steady demand and reasonable relative economics prevent a significant pullback in production.

Lentil exports were down 34% in January compared to December, leaving the crop year-to-date pace sitting 2% behind last year. As noted previously, conflict in the Middle East continues to disrupt key shipping corridors for pulses, with added pressure coming from higher insurance costs and rising container rates. At the same time, increasing fertilizer prices may encourage a shift toward lentil acres this spring as growers look to manage input costs. Local pricing saw little change this week. Large green lentils are trading around $0.24/lb FOB farm for old crop, with new crop values near $0.25/lb delivered plant including an Act of God clause. Small greens are trading at $0.18–$0.19/lb FOB farm, with new crop values at $0.20–$0.21/lb FOB farm with an Act of God. Red lentils are currently $0.25–$0.255/lb delivered plant, with new crop around $0.21/lb FOB farm with an Act of God clause. For specialty types such as French greens or belugas, opportunities continue to arise, and it is worth reaching out to discuss current bids.

Canola remains under close watch as tensions in the Middle East continue to influence global markets. At the time of writing, May futures are at $731.60/MT and July at $743.40/MT, with basis levels around -43 for both May and November. New crop futures are near $731.80/MT. In the local market, nearby bids are generally in the mid to high $15/bu range delivered, with new crop values in the high $14 to $15/bu range depending on location and timing. For FOB farm opportunities or movement of heated product, connect with your merchant for area-specific options.

Soybean futures remain closely tied to crude oil markets. Trade uncertainty with China is limiting upside, while expectations around biofuel policy continue to provide support. Large Brazilian production and ample global supplies are capping rallies despite periodic strength. Local soybean bids are currently in the $12.75–$12.90/bu FOB farm range. Dry bean markets are recovering from multi-year lows, with lower prices supporting exports and gradually reducing black and pinto bean supplies. However, ample inventories continue to limit upside potential. Local bids have improved and are now hovering in the mid $0.30s/lb delivered range. Faba bean exports are showing some improvement despite a smaller Canadian crop, though large Australian supplies and expected export pressure are likely to limit price gains. Farm gate bids are around $8.00/bu for No. 2 export quality, with feed values closer to $7.00/bu FOB farm.

Flax prices remain steady, with spot bids holding around $16.00–$17.00/bu picked up on farm depending on location. Some targeted offers slightly above these levels have generated interest in freight-sensitive areas. New crop values are around $16.50/bu picked up on the first 10 bushels with an Act of God clause. Yellow flax continues to command a premium, with spot values closer to $22.00/bu picked up, and occasional higher trades occurring as sellers hold firm. New crop interest has slowed, though some buyers are indicating around $19.00-20.00/bu with an Act of God clause, depending on variety.

Wheat markets ended last week on a strong note but followed soybeans and canola lower to start the week, largely due to delays in U.S.–China trade discussions. Milling wheat remains in the $7.20–$7.40/bu delivered range, with variation across the province. Feed wheat is steady at $6.00–$6.75/bu depending on movement timing and freight. Wheat exports are currently running 9% ahead of last year’s record pace, though attention will be on whether Middle East disruptions begin to slow shipment flow. The recently released Saskatchewan wheat midge map highlights the highest-pressure areas southeast and north of Regina, along with smaller pockets near Kindersley, Rosetown, and Saskatoon. Producers in these regions may want to consider midge-tolerant varieties.

The oat market remains unchanged from last week. Milling oats are trading around $3.00/bu FOB farm for summer movement, though volumes at that level are limited and buyer interest is relatively thin. New crop pricing is indicated around $3.25/bu for fall delivery and up to $3.50/bu for movement through March 2027 into eastern Saskatchewan. The market appears well covered on both old and new crop, but firm offers continue to be an effective way to generate additional buying interest.

Canaryseed continues to struggle, holding flat within its current trading range. Old crop values are sitting around $0.185–$0.19/lb FOB farm. Prompt movement remains difficult to secure, as buyers have largely covered their nearby needs and overall supply appears ample. That said, showing firm offers is still encouraged to help generate interest. There are some new crop opportunities being indicated around $0.19/lb FOB farm with an Act of God clause, though these will likely require firm offers to secure tonnage. If canaryseed is part of your rotation this year, locking in a portion at these levels may make sense to establish some pricing and help ensure fall movement and cash flow.

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.