Chickpeas continue to hold their steady price trend seen over the past several weeks. Old crop No. 2 Kabuli’s are being indicated around $0.26/lb FOB farm for standard sizing spec, though a firm offer may help capture slightly higher values in the right area. There are still a few buyers willing to purchase feed chickpeas, though bids remain capped near $0.10/lb. With a large volume of old crop still sitting on farm domestically and globally, pricing remains sluggish and buyers are not showing aggressive demand. New crop chickpea indications are sitting in the $0.25–$0.26/lb FOB farm range, including an Act of God clause. At these levels, the market feels somewhat stalled, with sellers hesitant to commit and buyers unwilling to move higher. The expected carryover from the 2025 crop will likely continue to weigh on new crop pricing, but it is of our opinion that domestic planted acres will see a decrease this coming season. Time will tell if it is significant enough to influence pricing trends.

We have seen a slight uptick in old crop brown flax activity this week, with buyers stepping in to fill April–May and Jun/Jul shipping positions. Trades have hit the books in the $17.00–$17.25/bu FOB farm range, largely pushing into the summer months, but there is still interest in securing nearby coverage. New crop flax indications are not far behind, with values quoted around $16.00–$16.50/bu FOB farm including an Act of God clause in strong freight areas. General discussion suggests 2026 flax acres could increase modestly, though not to record levels. Locking in a portion around $16.00/bu may be a practical strategy to generate early movement and harvest cashflow. Yellow flax continues to command a premium over brown. Old crop is being indicated around $22.00/bu FOB farm, with opportunities reaching up to $24.00/bu in select areas. New crop contracts are currently in the $19.00–$20.00/bu FOB farm range, including an Act of God clause, although some buyers remain selective on variety. As has been the case, firm offers and target pricing continue to be effective in attracting buyer interest.

The feed barley market showed some strength over the past week, with bids ranging from $4.75–$6.00/bu picked up. The higher end of that range is largely reflective of proximity to feedlot alley in southern Alberta. Most movement is being pushed into the summer months, although there are still occasional opportunities for April movement if you are able to load primary weights. New crop values are being indicated around $5.00/bu FOB farm. Supplies still appear to be on the heavier side, so booking some tonnes now for July movement to create space ahead of harvest is a strategy worth considering before the spread between old and new crop narrows further. For any last-minute seeding decisions, there are still options available for various barley seed varieties—reach out to your merchant for details.

The mustard market remains relatively flat, with demand and export activity staying quiet. Statistics Canada has projected a notable increase in 2026 mustard acres, though those estimates may be overstated given the recent strength in canola pricing, which could pull acres away from mustard. Current spot pricing is around $0.37/lb for yellow, $0.30–$0.32/lb for brown, and approximately $0.38/lb for oriental mustard, all based on No. 1 quality. For lower grade product, it is worth discussing picked up pricing with your merchant. New crop values are trading at $0.40/lb for yellow, $0.35–$0.37/lb for brown, and around $0.36/lb for oriental mustard, all with an Act of God clause included.

Canaryseed markets remain unchanged this week, with spot prices trading in the $0.18–$0.19/lb FOB farm range across most areas. While some buyers have deliveries booked into the summer, there have been occasional prompt movement opportunities for those looking to move product ahead of seeding. New crop values also held steady, with production contracts around $0.20/lb delivered to plant with an Act of God clause and early fall delivery. The primary concern for the market continues to be the heavy carryover from the strong 2025 crop. Statistics Canada is projecting a slight decrease in 2026 acreage; if that holds and yields are strong again, the carryout could remain burdensome. The market will be looking for a shift in demand to help support prices and provide clearer direction as seeding approaches.

Pea markets started the week unchanged with purchase indications flat. Old crop yellow peas continue to be indicated at $8.00–$8.50/bu delivered to plant, with premiums in some cases for glyphosate-free status. New crop values are posted between $7.00–$8.00/bu FOB farm depending on location. Green pea markets have softened slightly, with old crop values around $10.00/bu FOB farm and new crop near $9.40/bu delivered plant in northern Sask. Maple peas remain sluggish and in limited trade, though mosaic varieties have found footing around $12.00/bu FOB farm contingent on location. New crop maple values are generally about $1.00/bu below current spot levels, depending on variety. All new crop contracts continue to include an Act of God clause with fall delivery options. On the global front, pea markets continue to feel pressure from the Middle East conflict, as shipping disruptions persist. Attention is also turning to India as the end of March approaches, with uncertainty around whether tariffs on imported peas will be extended, maintained, or removed. If peas are part of your cropping plan this year—whether for rotation or to manage higher fertilizer costs—it is worth discussing seed availability and marketing options with your merchant.

The oat market remains unchanged from last week, with buyers showing limited interest as most have already covered their summer requirements. Milling quality oats are quoted around $3.00/bu FOB farm, with slightly stronger pricing in areas with more favorable freight. New crop values are not showing much improvement over spot, with indications around $3.25/bu for fall movement and $3.50/bu for spring 2027 delivery. Early projections suggest oat acres could decline anywhere from 2.5% to 7.5% from last year, with acres likely shifting toward barley and canola. While higher fertilizer costs could temper canola expansion and keep some oat acres in rotation, current pricing does not offer strong enough returns to significantly increase oat acres.

Wheat markets continue to hold a modest risk premium tied to tensions around the Strait of Hormuz, though focus is gradually shifting toward Northern Hemisphere weather as the growing season approaches. U.S. crop condition reports will begin in early April, and dry conditions across key U.S. and Canadian growing regions remain a concern. However, spring rainfall will ultimately play a larger role in determining yield potential. Globally, 2026/27 wheat production is expected to ease slightly, with smaller crops projected in the EU, Russia, Ukraine, and Canada, alongside a modest tightening in ending stocks. European crops are generally in good condition, with minimal winterkill concerns. In Canada, wheat prices remain near multi-month highs despite a recent pullback, supported by steady—though slowing—export demand and consistent basis levels. Milling wheat bids are around $7.40/bu delivered with deferred movement, while feed wheat is holding between $6.00–$6.75/bu picked up for April–June movement depending on location. Prairie dryness remains a concern heading into seeding, with U.S. conditions notably drier than last year. Overall, the market is transitioning from geopolitically driven moves toward a more weather-focused trade, with upcoming precipitation expected to be the key driver.

Soybean prices are holding relatively firm despite recent weakness in crude oil, supported by expectations for increased biofuel demand and an upcoming U.S. agriculture policy event. However, rallies may face “buy the rumor, sell the news” pressure as funds maintain large bullish positions. Upside remains limited by expectations for a record Brazilian crop and a projected 5–6% increase in U.S. soybean acres this spring. Local bids are currently in the $13.25–$13.50/bu FOB farm range. Dry bean markets are recovering from multi-year lows, as lower prices have supported export demand and helped reduce black and pinto inventories. However, ample overall supply continues to limit upside potential. Local bids have edged higher, now averaging around $0.35/lb delivered. Faba bean exports are showing improvement despite a smaller Canadian crop, though large Australian supplies and expected export pressure are likely to cap gains. Farm gate bids are near $8.00/bu for No. 2 export quality, with feed-grade product trading closer to $7.00/bu FOB farm.

Canola prices continue to show strength, with Wednesday futures building on Tuesday’s rebound after a weaker start to the week. Delivered bids north of $16.00/bu are attainable in many areas for summer movement, and continuing to make incremental sales at these levels remains a prudent strategy. Basis levels have begun to widen as shipping periods fill up, so timing will be important when targeting movement. Vegetable oil markets are benefiting from the broader strength in the oil complex, which is supporting canola values. The key question now is how this price environment will influence acreage decisions. In Canada, canola acres have approached 23 million in past years but have not consistently pushed beyond that level. With current pricing offering some of the more attractive returns compared to other crops, it raises the possibility that seeded acres could expand further this spring. Whether that threshold is finally surpassed will depend on how growers weigh canola against other cropping options as seeding approaches.

Lentil markets continue to move slowly as ongoing issues in the Middle East weigh on trade flows, particularly for green lentils. Freight challenges and difficulties accessing the appropriate export ports remain a key concern. Large green lentils are relatively stable, trading around $0.24–$0.25/lb FOB farm for old crop, with new crop values in a similar range including an Act of God clause. No. 1 small greens are trading around $0.18–$0.19/lb FOB farm, with new crop values closer to $0.21/lb FOB farm with an Act of God. Red lentils are currently priced around $0.24/lb picked up on farm, with new crop values near $0.21/lb FOB farm including an Act of God clause. With fertilizer prices remaining elevated, lentil acreage will be something to watch as seeding approaches. If you are still looking for lentil seed, there are some options available—reach out to your merchant for details.

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.