Seeding is well underway, and as of last week, Saskatchewan Agriculture reported pea plantings at 31% complete. Export activity has been quiet into China due to tariffs and similarly subdued into India. Russia has continued to increase its supply into India, making current Canadian prices uncompetitive by comparison. Reports suggest that India is likely to reimpose its pea tariff, which will keep Canadian yellow pea bids under pressure. Old crop yellow peas are priced at $10.75/bu delivered, while new crop values range from $8.50 to $9.00/bu picked up with an Act of God (AOG) clause. There may be stronger new crop opportunities in southeast Saskatchewan and into Manitoba for glyphosate-free yellow peas. Green peas are holding at $16.50-17.00/bu delivered on old crop, with new crop values at $12.50/bu picked up. Maple pea markets remain quiet on both old and new crop.

Barley markets are mostly flat compared to recent weeks. Old crop feed barley is trading between $5.25 and $6.00/bu FOB farm, depending on location and delivery timeframe. These values are expected to narrow towards new crop levels as seeding wraps up across the Prairies and attention shifts to the upcoming 2025 harvest. New crop pricing sits around $5.00/bu FOB farm under a DDC (deferred delivery contract – no AOG). While securing an AOG on feed barley is nearly impossible, locking in even a small portion of expected production is recommended at these historically decent levels. Malt barley buyers remain elusive, and opportunities are scarce. While it’s tempting to hold out, given current feed values, producers should consider whether hoping and waiting is worthwhile. Having grading specs ready will offer an edge if malt demand ends up surfacing.

There’s been some chatter in the U.S. chickpea market this week, driven by government economic relief payments. These payments are based on planted and prevented planted acres for eligible crops—including soybeans, which are receiving equal or higher payments than chickpeas. As a result, some producers are shifting acres away from chickpeas into soybeans. Chickpeas are a smaller acreage crop compared to things like lentils and cereals, which means a shift in acres could potentially have an impact on the market. Despite this news, the substantial expected carryover continues to weigh on prices. The market has been stagnant for several months, only seeing sporadic trade. Without a significant weather event or a notable reduction in stored product or seeded acres, the market may remain subdued. Buyers are still looking for product, but bids are unchanged, with old crop #2 Kabuli chickpeas priced at $0.33–$0.35/lb, and new crop values in the same ballpark.

The canary seed market continues to trend sideways. Farm-held inventory remains significant, with StatsCan estimating on-farm stocks 58% higher than last year. This heavy carry into the 2025/26 season, coupled with expectations for increased seeded acres, is dampening any hope for near-term price gains. Old crop bids remain at $0.30/lb picked up, and most producers are sitting tight unwilling to part with their inventory. New crop bids are holding at $0.27/lb picked up with an AOG clause, though grower interest at that level has been limited. Buyers are seemingly comfortable at current new crop values without much interest in offers above this mark.

Wheat seeding is progressing across Saskatchewan. As of May 5th, 13% of spring wheat and 33% of durum had been planted, with further progress expected over the past week. Internationally, the U.S. and China have agreed to reduce tariffs for the next 90 days, sparking some optimism for the U.S. crop. In the Black Sea region, timely rains have improved yield potential. Australia and Europe are reporting mixed conditions, with southern areas seeing more precipitation than the north. Local feed wheat bids range from $7.50 to $8.00/bu FOB farm, depending on type and freight. Delivered Central Saskatchewan prices include CPSR at $7.50–$7.60/bu and CWAD at the $9.00/bu range depending on delivery month. In Alberta, May delivered values are indicated at $8.50/bu, while new crop is quoted at $7.70/bu delivered Lethbridge. For bids on other wheat classes or FOB farm values, reach out to your merchant.

May canola futures currently sit at $716.30/MT, with July down slightly to $721.70/MT. Tuesday’s gains were supported by news of extended U.S. biofuel tax credits through 2031, which also boosted soy oil futures. As of the May 5th Saskatchewan Crop Progress Report, canola planting was 10% complete, with favourable conditions encouraging progress. Local May–June bids across the prairies are ranging from $15.50 to $15.90/bu delivered, with FOB farm bids are available on request. New crop bids are sitting between $14.80 and $15.00/bu depending on delivery month. If you’re looking to clear out bins or market new crop, consider placing a firm offer with your merchant.

Canadian flax supplies remain tight heading into the 2025/26 crop year. With acres expected to stay flat, the supply situation is unlikely to improve. Increased exports are keeping nearby prices well-supported. Old crop flax is trading at $22.00–$22.50/bu FOB farm, while new crop is at $17.00/bu picked up with an AOG clause. Overseas, Kazakhstan’s flax acres are projected to increase by 18% over last year, and early-season conditions are reportedly favourable. European prices have rallied due to tariffs on Russian flax, creating opportunities for imports from other regions. If you need flax seed for last-minute seeding changes, contact the office for availability.

Mustard seeding is progressing well, particularly in southern Saskatchewan and Alberta, where a large portion of acres are already in. However, dry conditions are becoming a concern and will be monitored as the growing season progresses. Prices remain unchanged, with both old and new crop seeing some trade activity this week. New crop contracts are still available with quicker movement option available and include AOG protection. Yellow mustard is quoted at $0.45–$0.46/lb FOB for both old and new crop, while Brown & Oriental mustard show bids at $0.35/lb, with some firm targets triggering at $0.36/lb. If you’re growing mustard, talk to us about setting a firm offer for our purchasers.

Soybeans continue to show a positive trend, bolstered by news of an extension to the Clean Fuel Production Credit. Additionally, soybean futures are likely to find further support following the USDA’s surprisingly low stock estimates from Monday’s Supply and Demand report. With a significant decrease in plantings, soybean supplies are projected to tighten sharply next year. Currently, local soybean prices are hovering between $11.25 and $11.50 per bushel at the farm gate. StatsCan is forecasting an 11% decline in dry bean acreage, bringing planted area down to 357,000 acres. Meanwhile, recent trade tensions have sparked increased interest from international buyers. Mexico is experiencing lower yields from its winter bean harvest, supporting current pricing. Dry bean prices range from 40 to 45 cents per pound delivered, with some specialty production fetching as high as 55 cents delivered. On the export front, interest in faba beans remains limited. Farm gate bids are holding around $9.00 per bushel for top quality, while feed quality faba beans are priced closer to $8.00 per bushel. However, a recent rise in Australian faba bean prices could open new opportunities for Canadian exports if the trend continues.

The oats market continues to feel like an afterthought. Buyer interest remains limited, as many have already secured their needs, and uncertainties around tariffs and trade constraints are still in play. That said, there are still a few buyers showing interest in #2 milling oats, with bids sitting around $5.00 per bushel delivered into facilities in Manitoba. Depending on freight, FOB farm values generally range from $4.00 to $4.50 per bushel. Fall pricing opportunities remain thin for now, but staying in touch with your merchant could be worthwhile, as conditions can shift quickly. As a reminder, having firm targets posted and available provides you the best shot at one-off purchases.

Lentil markets are moving at a slow pace with buyer interest in old crop large and small limited, while red lentils are seeing slightly more engagement. However, overall sentiment is still muted. New crop bookings for both red and large green lentils continue to trail last year’s pace, while small green lentil bookings are tracking more closely to 2024 levels. The lack of booking activity for large greens could prompt some buyers to step in ahead of harvest, but for the moment, most appear content to sit back and wait. It feels like a standoff—do buyers secure product now, or hold off in hopes that a good crop will bring prices down? For now, most remain cautious. Current pricing sits as follows: old crop large green lentils are trading between 45 and 47 cents per pound, with new crop in the range of 39 to 42 cents. Old crop small greens are priced at 40 to 42 cents per pound, with new crop bids between 34 and 36 cents. Red lentils are sitting at 33 cents per pound for old crop, and 28 to 30 cents for new crop. As of May 5, lentil seeding in Saskatchewan was reported at 34% complete. With continued favorable conditions, this week’s crop report is expected to show seeding nearing the halfway mark. We’ll keep a close eye on buyer activity and market direction as the season progresses and decisions around harvest approach.

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.