As we step into March, the oats market remains unchanged, with no significant developments on either old or new crop fronts. As we’ve been highlighting for some time now, buyers are satisfied with their current inventory levels, making aggressive market pushes less appealing from their perspective. Recent moisture across the prairies hasn’t spurred significant market movements either. Old crop values continue to hover around the $4.50 to $4.75 per bushel range, but even these prices don’t seem particularly firm, with delivery windows extending into the summer months. New crop oats are indicated around the $4.50 per bushel range, but again, this value lacks depth. Nevertheless, when you crunch the numbers, oats still emerge as an attractive cereal crop to consider growing.

There’s not much new to report in the pea market that hasn’t already been covered in previous weeks. Even if the zero-import tariff in India isn’t extended, Canadian ending pea stocks are expected to remain low which could provide continued support. However, if the tariff is extended, we might see further strength in pricing that carries over to new crop. Currently, yellow peas are trading at $13.00 per bushel picked up, with new crop values ranging from $10 to $10.50 per bushel picked up with an Act of God clause. Green peas are priced at $17.00 per bushel picked up, based on a maximum 3% bleach spec. Higher bleached pricing is available, so please call our office with your spec. New crop green peas have been trading at $13.50 per bushel picked up with an Act of God clause. Old crop maple peas have been quiet due to limited supplies, but if you have product in inventory, bids sit at $25 to $26 per bushel on farm. New crop maple peas are priced at $18 to $19 per bushel picked up with an Act of God clause, depending on the variety.

As with most special crops, chickpeas have seen a downward trend over the past 7 days, succumbing to market pressures. This decline primarily affects old crop, while new crop prices have remained relatively steady. The active buyers may vary from week to week, but there’s consistently someone at the table looking to make purchases. Old crop #2 Kabulis are currently valued around $0.52-$0.55 per pound FOB farm, with pricing dependent on sizing. As you’re cleaning your seed, consider taking a sample for sizing, as larger chickpeas can lead to increased value. Making offers has proven to be a successful strategy for securing additional value from the market, and although the increase may not be huge, every bit counts in the end. Turning to new crop bids, contracts for #2 large Kabulis are approximately $0.45 per pound FOB farm, with an Act of God clause covering 10 bushels per acre. These contracts typically include clauses specifying Max 10-15% 7mm sizing, varying from buyer to buyer. Feed markets have recently quieted down, but if you’re seeking value, don’t hesitate to reach out. Whether you’re in need of seed or want to discuss chickpeas’ profitability compared to other crops this year, feel free to give us a call.

Barley prices have remained relatively stable this week, with some areas of the province still fetching around $5 per bushel. The highest values are seen in the west, with bids in locations further east are slightly lower, nearing $4.50 per bushel. Despite consistent sales on barley week to week, on-farm stocks have not decreased significantly enough to stimulate price movement. Additionally, the prevalence of cheap corn moving northward has further dampened expectations for any significant changes in the barley market this spring. While barley prices often trend upwards heading into the summer months, it doesn’t seem likely to be the case this year. While there’s always the possibility of unexpected developments bolstering prices, relying on wishful thinking alone won’t put money back into the farm.

The soybean market is poised to take direction from Friday’s USDA report, with analysts closely monitoring Chinese demand and South American production estimates. Bids are currently ranging from $14.00 to $14.50 per bushel, depending on the farm’s location. Anticipation surrounds the uptick in new crop Canadian faba acres, reflected in bids for #2 quality tannin varieties hovering around $10 per bushel at the farm gate. For old crop, #2 faba, bids are in the range of $11.50 to $12.00 per bushel, with feed quality values ranging from $10.00 to $11.00 per bushel, again contingent on the farm’s location. The market has seen a boost from dry bean exports to Mexico, particularly in pinto and black beans, where attractive bids are prevalent, with black beans leading the way. Additionally, new crop opportunities for great northern beans are available in the mid-50 cent range, picked up on the farm with an Act of God clause.

The wheat market continues its steady pace with minimal excitement. Old crop values for CWRS 13.5% protein are holding steady around $8.50 per bushel for delivery into central Saskatchewan, with a decline of roughly $0.50 per bushel for CPSR. SCIC numbers aren’t exactly instilling optimism in this market; rather, they depict a battle for acres. However, the direction in which to push remains unclear, particularly for those whose rotations consist of cereals and canola. This pricing and planting dilemma isn’t unique to us; the US is also witnessing a pullback in new crop pricing, which may lead to increased bean acres. Keep an eye out for March 28th, when the US planting intention report will be released along with the quarterly stock report. Shifting focus to durum, old crop values are holding steady around $10.75 per bushel, while new crop values hover at $9.75 per bushel. The SCIC value for durum presents the only favorable cereal outlook, at $10.86 per bushel for a #2 grade. Perhaps this will encourage a few more acres to be planted.

The flax market remained relatively stable over the weekend, with old crop brown flax trading in the range of $15.00-15.50 per bushel FOB farm for summer shipping. New crop brown flax is being offered in a wider range of $14.00-15.50 per bushel FOB farm. Old crop yellow flax saw some slight trading last week between $19.00-23.00 per bushel FOB farm, depending on the shipping timeframe and quality. New crop yellow flax is currently bid at $18.00 per bushel FOB farm, with this value likely tradeable for producers in Alberta or the western side of Saskatchewan. Flax shipments continue to move domestically and into the U.S., with limited additional export demand. Analysts are hopeful for additional spring demand into Europe with the warmer months approaching and the reopening of the St. Lawrence Seaway in April. Provincial crop insurance prices have been released, with Saskatchewan flax pegged at $13.85 per bushel for #1CW, falling between Manitoba’s price at $12.57 per bushel and Alberta’s at $13.97 per bushel.

Has the canola market managed to find the bottom? Only time will tell, but the market has been holding steady over the last week, which is seen as a positive development for producers after experiencing a general downtrend in the past couple of weeks. May futures are currently at $596 per metric ton, slightly higher than the previous week. The key factor influencing this market is determining the price point that countries like China are willing to buy at. While domestic crush has been active throughout the year, reducing stock levels through exports is essential to stabilize prices. Producers should keep an eye on local basis levels if considering sales, but crush facilities are likely to remain the best option for the time being.

Mustard prices have remained relatively flat this week, with growers still digesting crop insurance numbers for Saskatchewan, which were recently released. Initial impressions suggest that the coverage for yellow mustard is decent, while brown and oriental seem to drag a bit. Current spot pricing for yellow mustard is holding steady in the $0.50 per pound FOB farm range for both old and new crop, including an Act of God. Brown and oriental varieties are generally priced at $0.40 per pound for spot and production as well, though there is currently a small opportunity to secure higher values on oriental this week; call for details. We still have a good supply available of all types of certified mustard seed with free delivery to your yard. It’s crucial to start each mustard growing season with new certified seed to avoid significant downside risk associated with cleaning your own. Mustard seed can lose grade easily, especially with inseparables. Feel free to call our office to discuss further.

Canaryseed prices have been and look to continue trading sideways for the time being. If you’re interested, it might be worth contacting us to try out targets for both old and new crop. There could be an opportunity to squeeze an extra penny from this market if growers are in good freight areas and/or small “one-off” opportunities arise. Old crop bids are currently at 40 cents per pound picked up, while new crop bids sit near 34-35 cents per pound, on farm, with an Act of God clause. It’s possible that an offer at 41 cent FOB offer may trade, reiterating the suggestion to use firm targets as a part of your marketing. Canaryseed has become a more viable option this year when comparing returns to other cereal crops, so if you’re in need of planting seed, give us a call! Those already planning to sow canaryseed, consider locking in 10-15bpa under production contract with an act of God to protect yourself against possible market downturn as we suspect acres could be up this coming season.

Lentil markets have seen a slight softening in new crop pricing, while old crop prices remain relatively stable. Following the release of crop insurance numbers last week and consistent new crop grower sales, the price of new crop large green lentils has seen a dip, now trading at 55-57 cents delivered at the top end with an act of God (AOG). Some deferred delivery contracts (DDC) are still available at 60 cents, though this offers a lot of risk if this market manages to make its way back to 80 cents next season. New crop small green lentils are trading in the range of 50-52 cents with AOG and although contracts are available, demand doesn’t seem to be as strong this week. New crop red lentils are currently in light trade at 30-31 cents with AOG. Old crop prices for Large Green Lentils (LGL) continue to hover around the 81-82 cent range for a #2 or better for March to May movement. Small green lentils are trading at 74-75 cents generally, though 80 cent indications have popped up from time to time – keep a close eye on this market. Red lentils are in the 32-33 cent range, with the occasional offer still being picked up at 34 cents. With fall contract pricing showing an improvement over crop insurance values, it is advisable to consider forward booking.

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.