Rainfall has brought a favorable start to this year’s crop, though it has caused planting delays in some areas. The recent moisture has specifically softened new crop green pea prices, now quoted around $13.50-$14.00/bu, as buyers are less concerned about yield at this stage. New crop yellows are indicated at $11.00/bu, while maple peas still find support at $20-$21/bu, all FOB farm and with an act of God clause. We will likely start to see old crop values converge with new crop as is typical for this time of year, but a softening in spot pea bids could be minimal due to the lack of supply. If you still have peas to move before harvest, current prices are as follows: yellows at $14.00-$15.00/bu, with stronger values in eastern SK, greens at $18-$19.50/bu, and maples at $25-$26/bu, all quoted as FOB farm and location-dependent.

Barley markets maintain similar values as seen in recent weeks. Old crop feed bids still range from $5.00 to $5.50/bu FOB farm, depending on area and delivery timeframe. With talk of supply carryover heard throughout the prairies, a significant price increase from now until harvest is unlikely. New crop values are quoted at similar levels, and recent rains should offer this crop a decent start. Locking in a small percentage of your expected tonnage from this year’s harvest is advisable. Although new crop feed barley contracts are quoted as a DDC (no act of God), committing up to 20% of expected yield could be a smart move to hedge against further market downside. Malt barley remains quiet on both old and new crop fronts, with most maltsters having completed their new crop programs in house. However, some maltsters might seek more coverage in mid-June should their previously purchased product have fallen out of spec. On that note, it’s best to resample your bins and ensure quality before finding a market.

Chickpea production is expected to increase this year, reflected in higher seed sales as growers commence pick up and planting pace. From a marketing perspective, growers are open to discussions about where this market is, was and is headed, but few production contracts have been written to date. Buyers are not pushing to secure acres either, and bids have been stagnant for weeks or months, with little interest on either side. Old crop values for #2 large Kabuli’s hover around $0.44/lb FOB farm with up to 10% 7mm, though the buying pool is limited. New crop #2 or better is being bid at $0.42/lb FOB farm with AOG on the first 10 bu/acre. More buyers are interested in new crop, but it often requires a firm offer to show serious intent to sell rather than just “feeling out the market”. Feed markets have been quiet due to the lack of poor-quality product in the bins, leading buyers to seek alternative options.

Flax prices remain generally stable this week despite purchase interest coming from a smaller number of buyers than previously seen. Bids continue to hover around $17.50/bu delivered to select areas and with freight varying vastly, we encourage growers to contact our office for a firm FOB farm value at your location. Only small quantities of Canadian flax have made their way into China and Europe as we await increased demand from the US, although the outlook may be less optimistic in the short-term as 2024 plantings begin. There remains a significant price disparity between domestic and overseas values, though the impact of substantially reduced acreage on these markets remains to be seen. Yellow flax continues to hold steady at $21-$22.00/bu for both old and new crop, in light trade. We suggest growers utilize our firm offer system for the best shot at trading yellow flax.

Canola values are up at the time of writing on Wednesday, supported by strength in the soybean market and gains in the edible oils complex. Despite recent news of higher old and new crop ending stocks, prices remain unaffected. The 2023-24 ending stock is 550,000mt higher than last year but still near the five-year average. The stock adjustment, due to weaker exports, is partially offset by an increase in projected domestic crush. Canola prices for summer delivery sit between $14.55 and $14.88/bu delivered plant, with fall prices rising to $15.12-$15.62/bu as of this morning (Wednesday). Increased domestic crush should lead to canola buyers being more competitive, so setting a firm offer slightly above the market may attract attention. Consult your merchant for more details.

Soybean futures are up due to planting delays in the US Midwest and, to a lesser extent, past flooding in Southern Brazil. Soybean bids range from $14.00-$14.25/bu FOB farm, depending on location. New crop Canadian faba acres are expected to increase with new crop bids for #2 quality tannin varieties are around $10/bu FOB farm. Old crop #2 faba bids range from $10.00-$10.50/bu FOB farm, with feed quality values near $9.50-$10.00/bu, location dependent. Dry bean exports to Mexico have strengthened the market, with black beans leading and pinto beans slower to respond. New crop great northern beans continue to see opportunities in the low 60¢ range, picked up on farm with AOG. Growers with irrigated acres are encouraged to look at beans as a possible fit for their farm – call your merchant for details!

The oat market has remained largely static, aligned with the forecasted 20% increase in acreage to 3.1 million acres. Active demand is seen for “no glyphosate” production, with #2CW oats priced at $5.00/bu delivered in the summer months. Prices for glyphosate-treated production need to be adjusted downward, though opportunities to make sales are still available. New crop bids range from $4.50-$4.75/bu delivered to the plant with FOB farm bids available on request. Good planting conditions may lead to increased yields in addition to the increased acreage, so selling some new crop oats might be a prudent strategy.

It seems the lentil market is experiencing some stability in pricing this week. Firm bids show slight variations depending on factors like location, and delivery time, but here is what we’ve seen over the past seven days. Reds are still trading at 34-35 cents FOB farm for May – June delivery with new crop at $0.32-0.33/lb FOB with an AOG. Large green lentil old crop bids still in the range of $0.78-0.80/LB, while new crop is quoted at $0.54/lb FOB farm with an AOG. Small green lentils sit at $0.73-0.74/lb for old crop and new crop trades at $0.48-0.49/lb FOB Farm with an AOG. The specialty lentils like French green and Belugas have been relatively quiet in trade and quoted pricing, but we suspect interest may exist when product comes to the table. The lentil market seems to be closely monitoring the progress of the crop to come, especially considering that around 50% of lentils were estimated to have been seeded on the week of May 6-13. The upcoming crop report will likely shed more light on more recent progress, particularly showing the influence of recent moisture events. The early moisture and favorable start to the growing season could potentially lead to increased downward pressure on pricing in the coming weeks. It’s a dynamic situation that will likely require continued monitoring to gauge its full impact on the market.

The wheat market has been on a roller coaster, rising yesterday only to fall today. Concerns over weather affecting the Russian wheat crop provided a market boost yesterday. Estimates for Russia’s 2024-25 wheat harvest have been revised down to 83.5 MMT from the previously expected 86 MMT, a drop from last year’s 92.8 MMT. Additionally, drought concerns in Ukraine’s wheat belt have raised questions. However, this hasn’t had a significant impact at the local level. Bids for CWRS 13.5 protein have decreased by approximately $0.10/bu since last week, now sitting at $8.95/bu delivered in central Saskatchewan, with November values seeing about a $0.05/bu drop for new crop. Meanwhile, Canada’s largest buyer, China, has reduced imports by 11% compared to this time last year. On the feed side, bids have remained stable at $7-$7.50/bu picked up on the farm.

Canaryseed is experiencing decent demand this week. Currently a small program has arisen with a bid at 44 cents/lb FOB farm for May/June movement in most areas, which is quite aggressive given recent quoted values. Although not confirmed, it seems buyers may be looking to fill some cars for  short-term needs. New crop indications are strong, with a 36-cent bid available in some areas including an act of God clause. These spot and production contracts remain very attractive, with old crop sales offering good cash flow and bin space before harvest, and new crop sales offering a solid hedge, especially with an act of God clause. Contact us with any frim offers you may have; it could be a good strategy to squeeze a bit more out of the market.

There’s not much new to report on mustard this week as indicated values remain in the same range as the previous week. Rain continues to fall throughout many key growing areas, but so far, continued price weakness on anticipation of better yields seems to be subdued. Seeding reports suggest, despite the moisture, progress is steadily being made in most areas, which offers this oilseed a good chance at getting back to average (or above average) yields. Growers are reporting the best seeding conditions in a while in mustard-growing regions. We need to keep an eye on the EU’s plan to impose a 50% tariff on Russian oilseed imports starting this summer, which may potentially boost Canadian demand. Spot prices for yellow mustard remain in the low to mid 50 cent range, while brown and oriental varieties sit in the low 40 cent range. New crop prices are similar to spot pricing, with a 5 to 10 bu/ac act of God clause and movement being offered from September 2024 to the following July 2025 for the best pricing.