Soybean futures softened overnight as weakening export demand outweighed the impact of a slower-than-expected planting pace. As of Sunday, U.S. soybean planting was reported at 76 percent complete, just under the expected 77 percent. Progress varies significantly by state, with Iowa leading at 92 percent planted while Ohio trails at just 52 percent. U.S. soybean exports are expected to remain sluggish through the summer as global buyers shift to cheaper new crop supplies from Argentina and Brazil. Local soybean prices are currently hovering between $10.75 and $10.90 per bushel at the farm gate. StatsCan is projecting an 11 percent decrease in Canadian dry bean plantings this year, bringing the total area down to 357,000 acres. Recent trade tensions have sparked renewed interest from international buyers, and Mexico is experiencing lower yields in its winter bean harvest. Dry bean prices are sitting between 40 and 45 cents per pound delivered, with some specialty classes trading at 55 cents and higher delivered. Faba bean export interest remains limited, with farm gate bids holding around $9.00 per bushel. Feed-quality product is priced closer to $8.00 per bushel. However, recent increases in Australian faba bean prices could potentially create new export opportunities for Canadian supplies.

Flax supplies continue to tighten in Canada and overseas. Argentina is reporting heavily reduced acres and yields, which will likely restrict their export volumes. This lack of global supply has supported prices for both old and new crop. That said, old crop values are expected to soften slightly in the coming weeks to help close the gap between spot and production pricing as we approach the next marketing season. Current flax bids are between $22 and $24 per bushel picked up on farm, while new crop bids have edged higher this week to the $19 -$20 per bushel range, picked up with act of God. Buyers remain interested in firm offers on both old and new crop, so if you have a target price in mind, it’s a good time to speak with your merchant.

The wheat market sees little change to start the week. Hard red spring wheat is being indicated at $8.00 to $8.25 per bushel delivered to various locations for product with 13.5 percent or higher protein content. In contrast, feed wheat is trading in the mid-$7.00 range. Many growers with milling quality wheat remain hesitant to sell, while anyone holding off-grade wheat may find value in moving it into feed markets at today’s pricing. CWAD is still being quoted at $9.00 per bushel delivered, and much like spring wheat, both sellers and buyers appear to be in a holding pattern. With mother nature playing a big role in what happens next, we may remain in “market purgatory” until a significant weather event occurs. Still, firm offers may draw buyer interest, so putting a target on the table may help in securing a contract.

Mustard pricing has been relatively flat over the past week. Light trade is occurring as some growers make sales to free up bin space, but not moving aggressively. Yellow mustard has been trading between 44 and 45 cents per pound picked up on farm depending on area and load size, with partial loads generally fetching less. Brown mustard has been trading at 34 to 35 cents per pound on farm, with oriental mustard seeing similar values. New crop pricing is in line with old crop levels, and there are indications that buyers remain interested in firm offers. As always, new crop mustard contracts include an act of God clause, making them a solid option for managing production risk while locking in forward sales.

Pea prices remain steady this week as spot yellows trade between $9.50 and $10.00 per bushel, and greens see bids around $16.00/bu, both indicated as FOB Farm and contingent on location. Production contracts for yellow peas are quoted at the $9.00/bu range on farm with an AOG and in light trade, though potentially stronger values are available for specialty markets with certain restrictions and requirements. Make sure to ask your merchant about these opportunities. New crop green pea bids remain strong at $13.00-$13.50 per bushel delivered with act of God. Given the relatively large spread between old and new crop, moving product out of the bin now makes sense, especially for green peas. Historically, convergence between old and new crop pricing begins toward the end of July. China’s recent announcement of a 100 percent tariff on Canadian peas has contributed to bids remaining sideways to slightly lower and unless the tariff situation shifts, price surges at this time of year appear unlikely.

Canadian lentil planting is nearly complete, and recent rainfall in some regions has led to a more optimistic outlook among producers. However, there are still pockets experiencing dry conditions, which could impact yields. Red lentil exports are forecast to reach their highest level since the 2020/21 marketing year, supported by potential crop issues in both Australia and Turkey. These production concerns could tighten global supplies and lend strength to prices. In contrast, green lentil exports are also projected to hit a multi-year high at 775,000 tonnes. But larger Canadian production, combined with increased competition from the U.S. and Black Sea region, could put downward pressure on green lentil prices. Market activity overall remains quiet, with limited farmer deliveries and subdued bulk export movement. Green lentil prices continue to decline, largely due to oversupply concerns and reduced demand from India. Red lentil prices are holding more stable, with a firmer tone possible. Heading into the new marketing year, red lentils carry a more optimistic price outlook, while green lentils are facing more bearish conditions.

Barley continues to be among the more actively traded commodities, driven by strong feed demand in many regions. Feed barley with a dry, 48-pound test weight is fetching between $5.75 and $6.15 per bushel FOB farm in western Saskatchewan. On the eastern side of the province, bids are slightly softer, around $5.50 per bushel. Proximity to feedlot alley remains a key factor in pricing strength. For growers in the east, posting offers is recommended as buyers work to secure summer coverage. Activity in the malt barley space remains subdued, with occasional inquiries but no firm commitments. Buyers are still willing to handle off-spec product, including high-moisture or lightweight barley, but discount schedules will apply. New crop barley prices remain stable at around $5.00 per bushel FOB farm, while delivered fall bids into Alberta are sitting between $6.00 and $6.20 per bushel.

Chickpea trade has been extremely slow, with no recent transactions reported and only light inquiries from producers. Buyers are mostly sitting on the sidelines, and sellers appear content to wait for stronger pricing opportunities. The outlook for chickpeas remains sluggish, and if growing conditions are normal and seeded acres increase, 2025/26 ending stocks could climb significantly. Additional pressure comes from rising U.S. acres and ample supply in Turkey, both of which may keep markets flat for the foreseeable future. For those looking to sell, understanding your chickpeas’ size and quality is critical, as prices can vary widely based on these characteristics.

Canola markets are under pressure this morning, with old crop values taking the biggest hit and erasing much of the previous day’s gains. A combination of weakness in soybeans and European rapeseed has weighed on values. Additionally, uncertainty around the passage of the Clean Fuel Production Credit in the U.S. Congress is contributing to market volatility. Despite tightening Canadian supplies—likely tighter than what StatsCan is currently reporting—pricing is being tested. Although southeastern Saskatchewan has received some rainfall, many canola-growing regions are still in need of moisture, which could become a bigger concern in the coming weeks. As of this morning, July canola futures are trading at $722.80 per metric tonne, while new crop November futures are sitting around $690.00 per metric tonne.

The oat market continues to underperform, with limited trade activity and subdued overall demand. Most buyers appear to have adequate coverage for the near term, leading to only occasional purchasing. Number 2 Canada Western (2CW) oats are trading around $4.60 per bushel delivered in. There is some modest interest in lightweight oats, which are being valued between $2.75 and $3.50 per bushel FOB, depending on quality and freight costs. Interest in new crop contracts remains minimal, but when such contracts are available, they typically feature extended delivery timelines, with some deferring movement as far out as July 2026. In this quiet and oversupplied market, placing firm offers may help sellers stay competitive and better positioned to capitalize on any potential price improvement.

Canaryseed remains flat as seeding wraps up in many areas of the province this week. Old crop bids continue to show a value around the 30 to 30.5 cent FOB mark, while new crop sits at 28-29 cents/lb on farm with an Act of God up to 10 bushels per acre. Trading continues to be sluggish with both buyers and sellers are not overly aggressive. The story remains the same: a good-sized crop is expected to be planted, and inventory is showing a decent amount on farm. This leads to the likely situation of flat pricing for the near term as we watch the weather forecast. Call us with your any firm targets and location as bids can vary slightly.

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.