Mustard continues to be a pretty remarkable story as it continues to show strength, especially now with the issues in Ukraine and the shipment of mustard being basically stopped out of that region. How long this continues is a guess at this point, of course. Spot yellow is being quoted around the $1.85/lb FOB range, while brown has popped and now sees bids above the $2.00/lb range. These are remarkable prices! Oriental is quoted at $1.00-$1.10/lb FOB farm depending on variety. New crop brown mustard now sits firmly in the 75 cent/lb range with yellow being bid as high as 85 cent/lb FOB farm today. Oriental remains unchanged, still bid around 75 cent/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, and 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. Be sure to be in touch with your merchant during these volatile times!
There has been little pricing change on peas this week. We continue to see maples trade around $16-$18/bu depending on variety with yellow peas trading around $16-16.50/bu. There was a spark of life in the green pea market with some buyer demand and grower selling interest at $14-$14.50/bu. If you are looking for a home for some feed, buyer bids are coming in around $11-12/bu for pretty quick movement. New crop green pea pricing has finally made an appearance with $12/bu FOB trading on 10bu/ac with an act of God. New crop yellows continue to trade around $12.50-$13/bu FOB farm with stronger pricing in SE Sask. New crop maples are a bit elusive right now as buyer bids remain quiet. So, if you have a firm offer on old or new crop let your Rayglen merchant know.
New crop red lentils jumped out of bed this morning gaining 3 cents with an AOG included. Old crop reds have been slowly climbing back to 40 cents delivered this week. Large green lentils have trade as high as 56 cents for a #1/X2 delivered and 53 cents for a #2. New large greens are priced at 38 cents FOB farm with an AOG. We have had a couple buyers looking for small green lentils this week, asking for firm offers on new crop and old tonnage. One Eston firm bid was at 50 cents FOB farm on #1 quality. Medium green lentils have also gained some strength this week. Overall, lentils have had a better week than they have seen in a while. There has not been much information as to what is driving this lentil market as not much has changed in demand. It may be as simple as the lentil markets are just following the other commodities like canola and wheat this week, but only time will tell if this is going to be short lived or if these prices will continue to strengthen as we get closer to seeding.
Canola has taken a bit of a breather here this morning from yesterdays strong trading at $1079.80/mt with some $25/bu delivered in targets having been triggered. The epicentre of the market’s volatility continues to circle around Russia’s invasion of Ukraine. A price hike in global crude oil has elevated edible oils further pushing the markets. Continued diligence is required when marketing as it begins to feel like a pendulum. At time of writing, canola is trading down to $1060/mt for May hitching a ride down with soybeans. November futures are looking fine at $881.40/mt with $20/bu new crop within striking distance.
Soybean prices are slightly down today after rising throughout the week. This feels like a much-needed break in upwards price action for a commodity that has been on a tear over the past few weeks. With crude oil still rising today and expectations of South America’s crop size to continue to be decreased moving forward, this bullish run may not be over yet. Canadian old crop bids are few and far between due to our low supply, but indications are around $16.50-$17/bu. Dry bean bids for new crop are staying flat in Canada. We do have some options with an AOG at the $50/lb delivered mark so call for more information. There is little movement in Faba bean bids with old crop #2 faba beans trading for $15/bu and feed faba beans around $13/bu. New crop bids are available at $8/bu FOB farm with an AOG.
Canary seed markets continue to be one of the least discussed commodities around, despite historically high prices still being on the table. Old crop bids have stayed at 45 cents/lb over the past few weeks, with very little selling taking place. Unless new demand pops up in the near term, one would expect that price to fall off if any significant tonnage starts getting booked. Looking out to new crop, contracts are available at 35 cents/lb FOB farm with an AOG on the first 10 bu/acre. Current values continue to be a great starting point for next year’s canary seed crop.
The barley market continues to still kick around both on the new crop and old crop side of things. Old crop values range around that $8.00 – $8.50/bu FOB farm price with the later being more difficult to find. Delivery on old crop feed barley is pushed out but still a great sell. New crop feed values sit anywhere from that $6.50 up to $7.00/bu FOB farm pricing depending on delivery timeframe and location. Malt quotes still seem quiet, however that does not mean maltsters aren’t interested. For anything you are sitting with we highly suggest calling in with what you have and letting us work our magic on it. Firm offers still remain a great way to grow interest.
Wheat markets remain to be “hard to read” in the last couple days & weeks given the ongoing tensions between Russia and Ukraine. With lots of wheat being produced and exported between the two countries many are left with questions on whether it’s going to be at a halt for weeks, months or even longer. Old crop milling values range in that $13.00/bu fob farm pricing depending on area and time frame of delivery. Feed wheat seems to still have some interest as well around that $12.00/bu FOB farm pricing but pushed into May – July delivery timeframe. There is interest on the new crop side of things as well but give us a call, show us what you have and let us do the work for you.
Chickpea markets see a bit of a bump this week with bids for old crop #2 Kabuli going to $0.44/lb FOB farm with sample quality bidding at $0.30-0.33/lb FOB farm. This could be a reaction to the Russian/Ukrainian situation as Russia tends to offer “cheap chickpeas” into the market and for the unforeseeable, that will be on the back burner. In the end, Russian product will find a way to market but between now and then, it could translate into business for North America. The Indian market has rumored a new record of production at 13.1mln tonnes and Australian production is the highest in 5 years. The current political climate has not affected the new crop bids. They are still sitting at $0.35/lb FOB farm on the high end with an AOG and as low as $0.30/lb. If you are in the market for chickpea seed, look no further and give us a call.
The oats market has quietly hummed along lately with bids remaining north of $9/bu picked up on farm in most areas of the province for #2 quality milling oats. Buyers are not overly aggressive as many have covered needs currently with some talk that they may need to belly up to the trough again before summer is through but are content for now. Posting firm targets has been an effective way to throw up a flag that you’re looking to sell and find the best bid available on the day. Feed and poor quality (some heated) oats have found a home at $5 to $6/bu range depending on quality and location around the province which, hardly needs to be said but, is an unreal value to get for low quality product. If you are looking for a sale for this summer’s production, we should be able to track down some buyer interest near and around $6/bu range as buyer interest has still been middling on that range.
Flax exports from Russia are up 14% compared to last year and availability doesn’t to seem to be of concern. However, with conflict happening in Ukraine, there may be some trade disruptions, that could affect product going into the EU and Turkey. Exports to China would probably continue as normal while the EU will likely turn to Kazakhstan or Canada for flax. While both countries have a smaller supply, Kazakhstan would have enough to offset what Russia is not able to export. In December, there was some flax moved from Russia to the US. If the crushers to the south of us are counting on more flax from overseas, we could see some scrambling happening to cover those requirements. There could be some short-term demand if the trade flow needs to adjust. For those with flax in the bins, $32.00/bu picked up is available with new crop still hovering around $25.00/bu picked up, act of God.
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.