Barley markets can be compared to this year’s winter – just when you think it’s over, mother nature rears her head again. Despite speculations of further price drops for old crop feed barley, bids continue to hold steady in the range of $4.50 – $5.00/bu FOB farm this week, contingent on delivery window. Current pricing remains historically favorable, and the expected larger carryover into the 2024 crop year suggests that a sudden uptick in value is unlikely. New crop bids are indicated around the same level as old crop and given the relatively short period from now until August, buyers have enough corn and barley inventory to meet their needs without needing to increase bids. The malt segment of the barley market remains subdued, as reports suggest maltsters are still comfortable with old crop supplies and existing production contracts.

The pea market has remained relatively stable, despite the extension of the reduction in Indian tariffs until April 30th. Potential upward shifts may arise if there is further extensions made, which could provide support for new crop values. However, considerations must also be made for the possibility of reduced Chinese demand, stemming from increased interest in Russian peas and the US anti-dumping case imposing high duties on Chinese imports of pea proteins. This anti-dumping case might lead to heightened US demand for Canadian pea proteins, but the outcome remains uncertain. Old crop bids have mostly remained unchanged, or slightly softer, with yellow peas at $12.50 – 13.00/bu, green peas at $17-17.50/bu, and maple peas at $25-26/bu, all quoted as FOB farm pricing. New crop values hover around $10-10.50/bu for yellows, $13 – 13.50/bu for green peas, and $18-19/bu for maple peas (variety dependent). All production contracts are quoted as FOB farm with an act of God clause.

Buying interest in flax has shown a slight uptick this week, albeit for limited quantities. For those looking to sell, $16.50/bu delivered for April/May is achievable, delivered plant in central SK. New crop prices remain stable, ranging from $15.00-$15.50/bu picked up with an act of God clause. Reports indicate a lower-quality flax supply from Kazakhstan, coupled with a smaller inventory after their 2023 harvest. However, since Chinese demand remains subdued, exports have not been significantly impacted. Canadian supplies continue to meet export demand adequately, and a significant decrease in supply is not expected until later in 2024/25. If the US and the Black Sea region also experience smaller production numbers, we may see a shift in flax prices. Until then, it’s wise to capitalize on price rallies when they occur.

Chickpea markets have experienced further downturn this week, presenting challenges for sellers. It has become increasingly difficult to find buyers willing to purchase chickpeas, especially US bushels and the market will seemingly trickle in product until something more significant happens. Furthermore, feedback from the trade indicates that end users are generally unresponsive, leading to minimal trade activity at the moment. Old crop #2 large Kabulis are trading at $0.52/lb FOB farm with a 60-day window for movement, while new crop prices are around $0.40/lb FOB farm with an act of God clause and movement between September and December. There is a general belief that chickpea acres may slightly increase in the upcoming seeding season, but the current market conditions have left many wondering if this trend could change suddenly. Feed markets have also quieted down in recent weeks, prompting speculation about the reasons behind this shift. Whether it’s due to limited availability or a change in market dynamics is still uncertain. We remain available to discuss both new and old crop options.

The canary market remained mostly flat this week, with spot trades at 40 cents picked up on farm for movement in the next couple of months. Farmer sales have continued at a slow, but steady pace, without any significant waves of tonnage being sold that would overwhelm demand. Some analysts speculate that StatsCan’s projected seeded acres of 291,000 may be overstated, suggesting that actual acres may be closer to last year’s numbers. While we anticipate a slight increase in seeded acres, we don’t expect any significant jumps, though canary still remains a favorable option when compared to many other crops. New crop contracts are still available at 34 to 35 cents per pound picked up on farm, including an act of God clause covering quality and quantity.

Oats saw little change or activity over the past week, with most buyers indicating that their large needs are already covered. Old crop prices hover around $4.50/bu delivered to plant in Saskatchewan for milling quality, while new crop prices are quoted at $3.80/bu delivered. Feed prices remain quiet, with bids ranging between $3.50-3.75/bu FOB farm. For growers in Manitoba or southeastern Saskatchewan raising organic oats, posted bids sit at $10.25/bu delivered to Manitoba plants. We continue to encourage growers to utilize our offer system if they have a specific sell point in mind, especially for new crop. With the expected increase in oat acres this spring, having an offer ready could be a prudent strategy while waiting for buyers to engage in the market.

The canola market has continued its upward trend this week, marking roughly one month of positive movement for producers. At the time of writing, May futures are sitting at $646.70/MT, compared to last week’s $628/MT. The market continues to benefit from strong domestic crush activity and exports to China, along with robust performance in crude oil and vegetable oils globally. While the market direction remains uncertain, those holding a significant portion of their production should consider taking advantage of this strong rally and pricing some of their crop soon. New crop prices are also noteworthy, with November futures reaching $660/MT. Some marketing advisors are recommending making small new crop sales, with prices approaching $15/bu delivered into the plant in certain locations.

It was a relatively quiet week in terms of mustard price fluctuations. Stability in bids has become more typical and prices have become somewhat more predictable for the time being. This trend has persisted for a few weeks now, and occasionally, the odd “above market” bid for current crop emerges. While the quantities involved in these spot bids are small, it’s encouraging to see some demand. Spot pricing for yellow mustard remains steady in the range of 50 cents FOB farm, while new crop prices are indicated at 48-50 cents on the higher end, including an Act of God clause. Brown and oriental varieties continue to be quoted in the 40 cents per pound range for spot and production contracts, though we’ve seen some demand for slightly higher valued oriental sales. We still have a good supply of all types of certified mustard seed, although delivery schedules are being finalized. If you’ve been undecided, now is the time to act as the window for free delivery to the farm is quickly closing. Starting with high-quality seed increases the chances of achieving a #1 grade. Reach out to your merchant to discuss further.

The wheat market is facing some downward pressure today. Bids for #1 CWRS with a 13.5 protein content are currently around $8.50/bu delivered in central Saskatchewan. Additionally, new crop values have emerged, starting at $7, although most growers are hoping for higher prices. This market is experiencing pressure from oversupply, leading to a downward trend in prices. There appears to be a significant amount of wheat available domestically, which is expected to carry over into the upcoming marketing year, amounting to roughly 3 million tonnes, on par with 22-23 levels. While global stocks are anticipated to be tighter than the previous year, the abundance of domestic supply is dampening the outlook for this crop. Feed values are hovering around $7/bu picked up on the farm with limited demand. Given that most of this year’s crop was of good quality, feeders haven’t been actively seeking wheat, contributing to the subdued market conditions.

The lentil market continues to present favorable opportunities for producers. Old crop red lentils have seen some demand this week at 35 cents/lb delivered, while old crop large greens remain in the 80-82 cent/lb range and old crop small greens are quoted in the 78-80 cent/lb range. New crop reds have been quiet in trading so far, with prices remaining at 30-31 cents/lb for new crop with an Act of God clause, although higher prices are available for deferred delivery contracts. New crop greens lentils have slipped across the board with bids sitting around 50 cents/lb FOB farm for smalls and 53 cents/lb for large types. Old crop French green lentils have backed off to 60 cents for old crop and 50 cents for new crop. Beluga lentils have seen limited interest in new crop, but old crop has traded as high as 78 cents in the last couple of weeks. There are still great opportunities available for locking in new crop prices on large or small green lentils, so we encourage growers to get some product signed up as the new crop market is likely to continue softening as seeding approaches.

The soybean market is receiving a boost from traders buying back previously established short positions. With Brazil’s soybean harvest about two-thirds complete, export pressure will soon be felt on domestic bids. Local prices are in the range of $14.25-$14.75/bu FOB farm location dependent. Anticipated upticks in new crop Canadian faba acres are expected. New crop bids for #2 quality tannin varieties are in the $10 FOB farm range. Old crop #2 faba bids are in the range of $11.50-$12.00/bu FOB farm, while feed quality values are near $10.00-$11.00/bu FOB farm location dependent. Dry bean exports to Mexico have strengthened the market, with pinto and black beans fetching attractive bids, particularly with black beans leading the way and pintos showing a slightly slower response. New crop great northern opportunities exist in the low 60 cent range picked up on farm with an Act of God clause.

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.