Barley continues to trend sideways, holding steady over the past few weeks. Old crop feed barley values remain strong, trading in the $5.25–$6.00/bu FOB farm range for May to July movement contingent on location. Buyers are still willing to bid lightweight barley, though discounts will apply to anything below the minimum 48lb test weight. New crop feed barley is still indicated around $5.00/bu FOB farm, though posting a firm offer slightly higher could attract buyer interest and prompt some trade action. The malt market remains quiet with rumblings of old crop being bid at $6.00/bu, but meaningful new crop pricing has yet to surface. As always, having your grades and specs ready may prove valuable if a window of opportunity opens.

The pea market remains sideways heading into the final weeks of May. Seeding is progressing well, with many areas receiving much-needed moisture in recent days. Old crop yellow peas are steady at $10.50–$10.75/bu delivered, while new crop values are around $9.00/bu picked up with an Act of God clause. Green peas remain unchanged from last week as old crop peaks at $17.00/bu delivered and new crop shows bid indications at $12.50–$13.00/bu picked up with an Act of God. The maple pea market continues to struggle, with both old and new crop values that are difficult to pin down. Soft indications are seen at around $12.00/bu picked up, but demand remains elusive. Resolution to Chinese tariffs will be needed to bring life back into this market.

Flax prices remain strong, with old crop values ranging from $22.00–$23.00/bu FOB depending on location and movement timeline. The spread between old and new crop flax remains significant, with new crop bids around $17-$17.50/bu picked up with an Act of God. New crop pricing has remained steady, while old crop values have steadily climbed over the past few months. Historically, old and new crop prices begin to converge by early July as old crop demand fades, and the market prepares for new supply. This year could be different, however, given the tight supply outlook heading into the 2025/26 crop year. It remains to be seen whether new crop prices will rise to meet old crop levels or vice versa.

The canaryseed market remains flat and unchanged. Old crop bids continue to hover around $0.305/lb delivered in, while new crop sits at approximately $0.28/lb delivered with an Act of God clause. Growers are encouraged to call in with tonnage and location for FOB farm bids. Trading activity remains light on both fronts, with many growers opting to hold out for stronger prices. That said, a decent-sized crop is expected to be planted, and reports suggest there is still a healthy amount of on-farm inventory. As a result, pricing may remain subdued in the near term, as buyers appear to be sourcing enough product to meet current needs.

Chickpeas are hitting the dirt across the U.S. and Canada, and growers are actively looking for bids. However, these bids remain elusive, as most buyers are hesitant to price the market without confirmed end-user demand. In many cases, they will only consider firm offers from sellers as a starting point for negotiation. Typically, chickpea bids stay steady from January to early April, then peak in late June before falling off in July. This year has followed that general trend to some degree, despite various headwinds, but current values aren’t attractive enough to secure new crop acres. The consensus is that new crop bids would need to reach at least $0.35/lb FOB farm with an Act of God clause to get growers to commit. Historically, old crop bids tend to drop in March, rebound in early May, and then decline again heading into July. That pattern hasn’t materialized this year, as the market has remained flat for months. Without a significant catalyst, we expect a decent carryover of supply into harvest. A shake-up will be necessary to reignite interest in this market.

Soybeans are benefiting from stronger new crop export demand and the potential for increased U.S. federal biofuels blending requirements. Planting progress is generally good, although some regions are either too dry or too wet, keeping weather as a key market variable. In South America, Argentina’s crop could be impacted by heavy storms in the northwest, adding further support to the market. Local soybean bids are holding between $10.85 and $11.00 per bushel at the farm gate. StatsCan is projecting an 11% decrease in dry bean acres, reducing the total seeded area to 357,000 acres. Global interest has ticked up amid trade tensions, and Mexico is seeing lower yields in its winter bean crop. Dry bean prices currently range from 40 to 45 cents per pound delivered, with certain specialty classes reaching 55 cents and higher. Faba bean export activity remains limited, with prices around $9.00 per bushel at the farm gate for higher-quality product and approximately $8.00 for feed-quality. A recent uptick in Australian faba bean values could present new export opportunities for Canadian product in the near term.

Canola futures remain largely unchanged from last week, with the July contract trading near $718 per metric tonne after some midweek volatility. Stabilization in the edible oils market has led to sideways movement in both soybeans and canola. Basis levels softened slightly last week, suggesting that crushers believe local supply may be more accessible than previously thought. Despite this, canola values remain strong, with many areas seeing $15.00 per bushel picked up on farm and some locations offering slightly better. Buyers remain interested in firm targets, so if you’re aiming for a number just above local bids, it’s worth putting in the target. Seeding progress slowed a bit this week due to widespread rain, but the added moisture is welcomed and should give the crop a solid start in most regions.

Wheat markets received a lift earlier this week due to worsening crop conditions in key growing areas of China and the Black Sea region. China’s major wheat-producing province is experiencing extreme heat, with temperatures reaching 40°C as winter wheat enters its fill stage. At the same time, a major Russian region has declared a state of emergency due to high temperatures and poor rainfall forecasts. In contrast, the U.S. winter wheat crop remains in decent shape, with 52% rated in Good to Excellent condition. Saskatchewan’s May 12^th crop report indicated that over half of both durum and spring wheat had been seeded, with further planting completed just before rains brought fieldwork to a halt. Locally, feed wheat is trading between $7.25 and $7.75 per bushel FOB farm, with premiums available in Alberta. CPSR is being bid at $7.75 per bushel delivered into Central Saskatchewan, while CWAD is offered at $9.00 delivered. In Northwest Saskatchewan, triticale is priced at $285 per metric tonne for May delivery. Alberta old crop wheat is trading around $8.40 per bushel, with new crop bids at $7.75 delivered Lethbridge. For other wheat types, consult your merchant for the latest details.

The oats market continues to be sluggish, with minimal buyer interest in both old and new crop. Most large milling companies appear to be covered for now, though some smaller players are still showing scattered demand. Number 2CW oats are trading between $4.00 and $4.50 per bushel FOB farm, depending on freight and quality. Lightweight oats are seeing weaker values between $2.75 and $3.75/bu. New crop interest remains low, and when contracts are offered, movement often ranges from January to March 2026 and even January to July 2026 in some cases. In such a quiet environment, placing firm offers can help position sellers to capitalize on any upward movement.

Lentil markets remain soft, with limited buying interest as overseas demand continues to be driven by immediate needs rather than forward coverage. With an increase in seeded lentil acreage and the recent rains across much of Saskatchewan, buyers appear optimistic that additional supply will put further pressure on prices. The latest provincial crop report shows that 79% of pulse crops are now seeded, setting up the lentil crop for a strong start. Current lentil pricing reflects this sentiment. Old crop large green lentils are trading between 44 and 46 cents per pound, with new crop bids sitting between 37 and 40 cents. Small green lentils are priced at 38 to 40 cents for old crop and 34 to 36 cents for new. Red lentils are holding at 32-33 cents for old crop and 28 to 30 cents for new. Looking ahead, lentil prices will be highly sensitive to weather developments rather than traditional supply and demand fundamentals.

Mustard growers finally received some much-needed rainfall across key growing areas, including much of southwest Saskatchewan and southeast Alberta. This rain provides meaningful short-term relief and should help the crop get established. For now, pricing remains unchanged. Yellow mustard continues to be quoted between 45 and 46 cents per pound FOB for both old and new crop. Brown and oriental mustard bids are holding at 35 cents, with the possibility of 36 cents if sellers present firm offers. New crop contracts are available with Act of God protection and are offering relatively quick movement in some cases. If you’re growing mustard, it’s a good time to speak with your merchant about setting a firm price target to help secure a deal.

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.