Feed barley markets are a touch weaker over the past few days, but more sideways than anything. Current bids range from $3.70 to $4.15/bu depending on your farm location; the closer to feed lot alley the better. Spring threshed product has a market, but there are a few questions like bushel weight, moisture, mold, mildew or excreta. So, get a sample graded up so we can get a price to your farm. Corn prices in the US maintain at very low levels over the past few weeks and our weak Loonie is probably the one saving grace keeping a wave of US corn hitting our feeders and further diminishing our feed prices. Fall prices are relatively nonexistent right now but if you need to lock some product up, we can find an option to put on your plate.
StatCan numbers came out last week and as most expect, pulse acres are likely to see an increase from these first reported numbers. Pea acreages came in at 4.279 million, which is a decrease from last year, however pea prices remain competitive and are likely to encourage more acres. Current pea pricing on yellows is at $7.50 – 8.00/bu FOB and new crop values are at $7.00/bu FOB. Green peas are still a bit quieter from previous weeks and are trading at $10.50/bu FOB with new crop at $8.50 – 9.00/bu. Maple peas have remained stable into this week at $9.00/bu on both old and new. Yellow pea demand seems like it will hold steady further into the 2020 crop year. Green peas may see some small sales that need to be filled, but have more downside as the gap between old and new is closing in.
Saskatchewan is still seeing some canola acres being harvested this spring. We have buyers that can take spring threshed product and pricing ranges from $4.00 – 6.50/bu FOB, all depending on the percentage of green and damage. StatCan numbers came out last week and show canola down slightly from last year at 20.615 acres. As we see more acres going into pulses, this may pull away a few more canola acres. Canola futures ended higher yesterday and seem to be staying supported by domestic crush margins and stronger export demand, as per reports. This morning canola futures were up again, showing less than $1/mt gain.
The latest StatsCan report on flax acres remains unchanged from last year for the most part, but expectations were higher. The North American supplies are tight right now which has driven up nearby prices. Some spring threshed flax has also been coming off in the last weeks and quality does vary, so prices have been based on spec. The overall lack of good quality flax has hindered the export potential somewhat. Prices are likely to remain supported until buyers have coverage from new crop and 2020 acres are more certain. Some analysts are forecasting a 15% increase in 2020 seeded acreage out of the Black Sea region. This could raise the possibility of Black Sea region flax going into the US. Overall, this is a good time to price out any flax in the bins. We will help sort the quality you have into the appropriate market.
Soybean futures are a touch higher this morning – up 1-2 cents per bushel, taking back similar losses at close yesterday. Recent reports of new crop sales into China, expected to start in September, have provided some strength behind this commodity generally. A modest reported increase in US planted acres of 9.7% (total 83.5M acres) shouldn’t be too burdensome on soybeans as 2019 acreage was its lowest since 2011. Today, cash bids at the farm range from $9-$9.50/bu, virtually unchanged from last week. Faba export demand is limited with small opportunities at $9.00, while feed bids are still hanging on near $6/bu picked up. We still have a few acres of irrigated new crop dry bean production to fill. If you’re looking for a profitable, last minute option, please call your merchant for details.
Initial StatsCan reports showed a decrease in chickpea acres from 391k in 2019 to 254k in 2020. It goes without saying that the information gathered for this report was done well before the actual decision was made on what was going in the ground. Either way, the numbers are down which was expected and could shed some new light on the market. To date, there has been very few chickpea acres contracted for new crop which is another point that would breath new life into chickpea markets as buyers start to direct attention to new crop sales. Most growers and buyers will agree that the market feels like it needs to make a move but when and if that happens is still up in the air. Expect all eyes on the next seeded acres report as it will likely be more accurate to a realistic number than what was just released. Bids both old and new are unchanged and offers are still the best bet when trying to market your supply.
The wheat market has been fairly quiet this week with no real gains/ losses to speak of. According to StatsCan reports, wheat acres will rise ever so slightly and come in around 6% higher than the 5-year average. Wheat is expected to hit 768 MMT, an increase of about 4 MMT from last year, with China expected to have more than half of the world’s wheat stocks. Feed wheat prices have not really fluctuated over the last week either. Trading continues around $4.75 to $5.20/bu FOB the farm depending on your location and specs. As you move south and west, pricing will pick up due to freight advantages.
Oats have some renewed life this past week and although not abundant, bids on old and new crop have come back to the table in Sask. Old crop bids range from $3.75 to $4.25/bu delivered for a good quality milling oat. The higher $4/bu+ bids are destined for MB so don’t get too excited, but there are some options for high $3’s in Sask. New crop bids have also popped up in Sask and range from $3-$3.10/bu delivered, with earliest movement starting in Jan. Feed oat prices continue trading around $2.25 to $2.50/bu FOB the farm for heavy product. Discounts will apply on feed that is light or otherwise off spec. Although we are unsure how deep this renewed interest is, now is a good time to put in a pricing target if you have a specific reasonable price in mind. Please call your Rayglen merchant and they will be happy to help you out.
Splashes of canaryseed are trading in the market here and there on both old crop and new. Pricing continues to hold steady on old crop with the market ranging between 27-28c/lb FOB farm for May/June movement. New crop canary pricing is holding firm at 25c/lb for Sept – Dec movement with an act of God. Near the end of last week, StatsCan numbers came out and they project canary acres to increase to 300,000. This is a 57,000ac increase from the previous year which was expected due to strong pricing this past year coupled with a bunch of under reported on farm stock trading.
Lentils remain steady this week with little change from last. StatsCan released their intended seeded acre report last week which show lentil acres lower than last year. At the time the survey was conducted this was likely true as lentil prices where okay, but not superb like they were a month later. Most of the industry believes the new number will be higher more likely in the 4 million to 4.2-million-acre range. This will be an increase over last year’s acres. With the recent sell off of red lentils the ending stocks for this crop will a be lower than expected. Lower stocks are helping to stabilize spot bids as well as propping up new crop bids. Struggles in other parts of the world getting their product to market is also part of the reason bids remain stable.
This past week the Stats can numbers came out and mustard did not surprise us too much. 395,000 acres was projected, and we generally agree that will be the ballpark number. Some had been projecting far higher early in the year, but it did not come about. Pricing has stayed flat so far this week. A fairly bright spot is oriental. Spot mustard sits at 27 cents for Forge and 25 cents for Cutlass for summer movement now, June to July. New crop is sitting at 29 FOB for Forge or Vulcan and 27 cents now for Cutlass. Yellow mustard is fairly stable this week as it sits at 37 to 38 cents for spot and new crop. Brown trades at 27 to 28 cents FOB for spot and as high as 29 cents for new crop. Talk to your merchant about placing targets for new crop especially on brown and yellow. We still have open acres for an IP Brown mustard program at a premium to commercial markets. Certified seed has all been delivered this year but call us if you are short. We could possibly still find a way to get it to you or pick it up.
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.