Pea markets enter the week with little change despite all the recent tariff talk. Tariffs between the US and Canada are not expected to significantly impact pea markets overall. However, if India imposes tariffs, we could see a pullback in Canadian pea exports to that market. Old crop yellow peas continue to trade around $10.00-10.50/bu FOB farm, with some buyers able to offer quicker movement if needed. New crop yellow peas are currently indicated around $9.00/bu FOB farm, including an Act of God clause, though we’ve had some luck with targets triggering higher in some locations. Green peas have softened slightly on both old and new crop pricing but remain at relatively strong levels. Old crop green peas with max 3% bleach are still catching $16.00 – $17.00/bu FOB farm, while new crop values have eased to around $13.50/bu FOB farm with an Act of God. Again, targets slightly higher on new crop green peas may gain some buyer attention. Maple peas continue to lead the charge, with old crop still quoted in the $20/bu range for all types, while new crop values still trade between $16.00 – $18.00/bu FOB farm including an Act of God. As always, these prices are variety-dependent — reach out today to get a specific bid for your farm.

Lentil prices held steady this past week. Current bids sit at 57-58 cents/lb for large greens, 50-51 cents/lb for small greens and 33-34 cents/lb for reds. New crop lentil margins remain some of the strongest available, keeping these pulses an attractive option for the upcoming season. There is chatter about red lentil acres being pulled back due to disease issues, while green lentil acres are gaining ground in many areas. Seed availability for green lentils is starting to tighten up — if you still need planting seed for the upcoming season, contact our office for options. Carryover stocks for green lentils are expected to be lower, and exports should remain strong into the 2025/26 marketing year. If Indian tariffs return, there could be some price pressure, but overall, analysts expect prices to stay mostly stable.

Flax prices remain strong as tight supplies are expected to persist well into the 2025/26 season unless seeded acres increase substantially. One wildcard is the US tariff dispute, as Canada exports a good chunk of its flax south of the border. Even with tariffs applied, these exports will likely continue — just with the tariff cost built into the price. However, Europe’s existing 20% tariff on Russian flax could help shift more demand toward Canadian product. Current old crop flax prices are sitting at $18.50 – $19.50/bu FOB farm, with the higher end reflecting summer movement. New crop flax is being bid at $17.00/bu FOB farm, including an Act of God. Yellow flax continues to see strong demand, with old crop prices at $22.00 – $24.00/bu FOB farm and new crop values indicated at $19.00 – $20.00/bu FOB farm.

Chickpeas will be one to watch closely given the US tariff situation. The US is one of Canada’s largest chickpea buyers, so if US access becomes restricted, Canadian supplies could back up quickly — especially with more acres expected this year. That could leave Canada leaning heavily on overseas markets, where it would face stiff competition from Russia and Australia due to their logistical advantages. Domestically, old crop chickpeas are trading in a wide price range depending on size, with high percentage of 9mm product fetching around $0.38-$0.39/lb FOB farm to close out last week. New crop bids have seen some interest at $0.35/lb FOB farm, including an Act of God, with specific sizing requirements varying by buyer. In this type of niche market, we highly recommend calling your merchant to get a tailored bid based on your product’s sizing and specs.

Canola took a sharp hit on Tuesday following the US tariff announcement. At the time of writing, May canola futures are up $5.60/MT, sitting at $627/MT. The US is Canada’s largest canola export market, so tariff news caused immediate concern across the industry. Both the Canadian Canola Growers Association and the Canola Council of Canada warned that a 25% tariff would ripple through the entire supply chain. With record-high volumes of canola oil and meal already shipped to the US in the 2024 shipping year, both countries have a lot at stake. Current Saskatchewan bids show $13.70/bu delivered in northwest SK, and $13.30/bu delivered in east-central SK. We also have FOB farm options available — contact your merchant for more info and tailored on farm bids.

Oat prices haven’t moved much over the past few weeks. Spot indications for good heavy #2 oats still sit around $4.00/bu FOB farm, though tariff uncertainty has made firm bids harder to lock in. A large portion of Canada’s oat production moves south to the US, making oats one of the crops likely to be hit hardest if these tariffs are here to stay. How long this will drag on is anyone’s guess. Some analysts expect a prolonged battle, while others think it could clear up quickly. The truth is, no one really knows, and the reasons behind the trade tension remain murky — is this about trade imbalance, border crossings, drug enforcement, or something else entirely? For now, chaos seems to be the safest assumption. New crop oats are still being indicated around $4.00/bu FOB farm, though movement is already being pushed into 2026. Light oats continue to be a challenge to move, though there are homes available — pricing ranges from $2.00/bu on very light product to $3.00/bu for 38 lb oats.

Feed wheat prices held steady again this week, with bids across Saskatchewan still sitting around $7.00 – $7.25/bu FOB farm, a range that’s been in place for months. Bids improve in direct correlation to the proximity of feedlot alley and drop off the further you are from that area. Milling wheat bids remain wide-ranging — some elevators are bidding close to top-end feed values, while others are still posting delivered bids for #1 HRS starting with an $8. As always, it pays to check around and compare. Durum saw trades this week between $9.00 – $9.50/bu, with options available for both summer and fall delivery depending on location. However, unlike many crops, fall durum contracts do not come with an Act of God, leaving the grower exposed to both quality and quantity risk.

Barley prices are holding surprisingly firm given all the tariff uncertainty. Buyers remain cautious, trying to map out a plan in the face of shifting trade winds. One major factor to watch is corn moving north from the US. If this commodity gets hit with a tariff, that could sharply boost barley demand as feeders become forced to source more locally. This potential shift could also make barley a more attractive crop to seed this spring if the trade war drags on, as domestic demand could surge if corn becomes less competitive. For now, old crop barley is trading at $5.00 – $5.75/bu FOB farm, with the highest values seen closer to feedlot alley. New crop feed barley sits around $5.00 – $5.25/bu DDC (no Act of God).

The canary seed market stayed flat this week, showing little to no reaction to the tariff chatter/ implementation so far. As discussed last week, larger-than-expected supplies, paired with the potential for more seeded acres in 2025, suggest this market could see slight pressure ahead. Both old and new crop pricing remain on par at $0.30/lb FOB farm, with new crop contracts including a 10 bu/ac Act of God clause. If you’re unsure about the quality or consistency of your seed, this might be the perfect time to consider switching to a new variety. Contact your merchant to learn more about the benefits and options available.

Mustard prices have seen slight increases as expectations of a drastic cut in seeded acres across North America this coming season continue to build. Old crop yellow mustard trades are sitting around 43-44 cents/lb FOB farm for a #1 grade, while new crop values have been attainable around 45 cents/lb FOB farm, including an Act of God. Spot brown mustard continues to trade at 33 cents/lb FOB farm, with new crop slightly stronger at 34-35cents/lb FOB farm, also including and AOG. Oriental Mustard remains the quietest market, mirroring brown values  with old crop at 33 cents/lb FOB farm and new crop at 34 cents/lb FOB farm with AOG. Note that oriental bids can be variety specific, so make sure you know exactly what you have in the bin to get accurate pricing. As the mustard market picks up steam, firm targets could be a smart way to capture an extra cent or two, so consider getting those set with your merchant.

Soybeans have clawed back a little ground after yesterday’s drop, driven by tariff concerns and ongoing harvest progress in South America. Both factors are feeding into a bearish tone overall. Since early February, soybean futures have been on a steady downward trend, adding to the cautious outlook. Currently, domestic soybean bids are hovering between $10.50 and $10.75 per bushel FOB farm. The dry bean market has remained relatively stable, with processors and buyers still working through their existing production contract inventories. That cleanup process looks close to wrapping up, and once it does, we expect processors to cautiously re-enter the market. Export demand has been decent so far, but the threat of new tariffs hangs over the market, which could impact future sales activity. Current dry bean bids sit around 45 to 55 cents/lb delivered, with specialty classes pushing north of 60 cents/lb delivered. The faba bean export market remains quiet, with very little offshore interest right now. Current bids are around $9.00/bu FOB farm for export-quality product, while feed quality faba beans are fetching closer to $8.00/bu FOB farm. One bright spot — Australian faba bean prices have recently surged, which could open the door to increased Canadian export opportunities if buyers start shopping for alternatives.

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.