The pea market is still reeling from the recent announcement of a 100% tariff on imports into China. Buyers are actively reassessing bids and working to determine forward pricing. As a result of these tariffs, we anticipate a shift in pea acres toward other pulse crops. However, overall supply is still expected to be heavy heading into the new marketing year. Prices have already softened, and if the decline continues, we could see increased demand from other Asian markets as Canadian peas become more cost competitive. Currently, yellow peas have some prompt movement opportunities around $9.50/bu FOB, while green peas may secure $16.00/bu on limited tonnage. For new crop pricing and maple peas, most buyers have moved to a “no bid” or “show offers” approach, with firm bids largely pulled. Producers should check with their merchants for available options.

Flax prices remain well-supported, sitting around $19.00–$19.50/bu FOB, depending on freight and movement timeframe, with some opportunities still available for March delivery. Tariffs continue to dominate market discussions, and potential trade restrictions could cap further upside. On the positive side, both the EU and China have shown signs of market strength, which may open additional export opportunities for Canadian flax, particularly as the Black Sea Region remains the primary supplier. For new crop flax, bids are currently $16.50–$17.00/bu picked up, including an Act of God clause. Yellow flax prices remain strong, holding between $22.00–$24.00/bu FOB.

Small-caliber chickpeas remain front and center when it comes to marketing discussions. Old crop prices have been hovering around $0.30-$0.33/lb FOB farm, though buyers are selective, unwilling to pay top dollar for product that is mainly 6 and 7mm size. Globally, India has been pressuring its producers to increase chickpea production, though this push is not primarily focused on Kabuli varieties. With India’s harvest on the horizon, the market is watching closely for updates on yield and quality, as this will influence Turkey, who’s harvest follows in July. If India’s production is average, chickpea prices are likely to remain stable. The U.S. still carries a large chickpea stockpile and is actively seeking demand. Additionally, from a rotation and crop insurance standpoint, more acres are expected to be seeded this season. New crop contracts are being considered, but in limited volumes, with values hovering in the low $0.30s/lb FOB farm, including Act of God terms, though no firm definition on sizing. Big Picture: Over the last 3–4 years, chickpea quality has been relatively strong, while yields have underperformed—an unusual trend for such a long stretch. This raises the question: Is this the year quality takes a hit.

To call a spade a spade—not much has changed in the barley market. Old crop feed barley values remain steady, ranging from $5.25–$5.50/bu FOB farm, with delivery indicated as April forward. There have been no major price rallies or drops in recent weeks. New crop feed barley continues to be indicated around $5.00/bu FOB farm, though as always, prices tend to strengthen closer to Feedlot Alley. Malt barley discussions remain quiet, but at some point, buyers will have to step in. Having your grades and specs ready may help capture malt opportunities when they arise.

Canola markets are showing green this week, offering a possible stabilization amidst ongoing tariff uncertainties. May futures have rebounded to $584/MT this Wednesday morning, after dipping as low as $555/MT last week. While current prices remain well below the $680/MT levels seen in February, tariffs and market uncertainty continue to weigh on sentiment. Lower prices could discourage canola seeding, but with limited attractive alternatives, the overall acreage shift may be muted. With time still left before final seeding decisions, market reaction in the coming weeks will be key.

The tariff watch continues for wheat, with U.S. wheat and durum included in retaliatory tariffs tied to Canadian steel and aluminum. With the April 2nd tariff deadline approaching, the market is on edge about potential additional grain trade disruptions. Meanwhile, Canadian durum exports remain strong, currently 72% ahead of last year at 3.2 MMT. As the old crop window closes, some analysts suggest that producers should be nearly sold out. Old crop durum is priced at $9.00–$9.25/bu FOB farm. New crop opportunities in SE Saskatchewan range from $8.75–$9.00/bu FOB farm, depending on shipment timeframe. For feed wheat, buyers are still actively looking for product. Red feed wheat is being bid at $7.00–$7.25/bu FOB farm, while soft white wheat is around $7.00/bu FOB farm. For all other wheat classes, check with your merchant for updated pricing.

Oat prices remain unchanged for another week as the market is satisfied keeping bids and demand flatlined. Current spot bids are hovering around $4.00/bu FOB or $4.50-$4.75/bu delivered plant for summer shipping. New crop bids for the coming season are available in most locations at similar levels, though shipping windows have stretched into 2026 in many instances.  March seeding intentions show little change for oats so far, aligning with the current lack of price movement. With continued trade war uncertainty and the sector’s reliance on U.S. markets, some producers may reconsider their oat acreage this season. While there’s still time to adjust seeding decisions, the coming weeks will be key in determining how the market evolves.

Following the “surprise”  acreage reduction in the recent StatsCan report, mustard markets have seen increased activity over the past week. Seed sales have picked up, so if you need seed, reach out soon as deliveries will begin in short order. Certified seed is available in all varieties, with options for both treated and untreated. Old crop yellow mustard is trading around 45 cents per pound FOB farm, with new crop values in the same range, potentially extending into the September–July shipping window. New crop contracts include an Act of God clause covering up to 10 bushels per acre. Spot brown mustard has moved higher, now at 35 cents per pound FOB farm, with new crop also indicated around 35 cents. Oriental mustard is trading at similar values to brown for both old and new crop. With improved pricing options for oriental, those holding onto stocks may want to explore marketing opportunities.

Lentil markets remain steady after a sluggish period due to global market pressures. New crop small and large green lentil pricing stabilized this week. New crop small greens are trading below 40 cents per pound FOB farm with an Act of God clause, while new crop large greens are at 43-44 cents FOB farm for September to December movement. Old crop large greens are trading at 55 cents FOB farm, with small greens at 48-50 cents delivered. The red lentil market continues to trade in the 31–32 cent range for old crop, while new crop is at 27-28 cents per pound on farm. Overall, lentil markets remain quiet for this time of year.

Canaryseed prices are under pressure despite strong export movement, as comfortable supply levels weigh on the market. The fact that prices continue to decline, even with good demand, suggests an oversupply situation. The drop in both old-crop and new-crop bids reflects this dynamic, as well as the seasonal trend of prices softening. StatsCan’s estimate of lower canaryseed acreage may seem questionable to some in the industry. If it turns out to be inaccurate, the 2025/26 crop could be larger than expected, extending the current environment. Some farmers are holding onto supply in hopes of higher prices, but with enough product moving to meet demand, bids remain under pressure. Current values for old crop are holding at 29–30 cents per pound picked up on farm, depending on location and spring movement timelines. New crop values sit at 28 cents per pound with a 10 bushel per acre Act of God clause.

The soybean market remains focused on harvest progress in South America, with Brazilian export estimates continuing to rise. Meanwhile, North American crush volumes have fallen below expectations, leading to an increase in soyoil stocks. Domestic soybean prices are currently hovering between $10.50 and $10.75 per bushel FOB farm. Dry bean processors are still working through old crop inventories. North American markets remain under pressure, but overseas demand is showing signs of strengthening. While exports have been decent, concerns remain about potential tariffs that could impact future buying activity. Dry bean bids are around 40 to 45 cents per pound delivered, with smaller specialty classes fetching 55 cents delivered. Export demand for faba beans remains weak, with bids sitting at approximately $9.00 per bushel FOB farm. Feed-quality faba beans are priced around $8.00 per bushel FOB farm. However, a recent surge in Australian faba bean prices could open up new opportunities for increased Canadian exports.

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.