Barley markets continue to hold steady on both old and new crop pricing. Old crop values, although sensitive to freight costs, generally range from $5.25 to $5.70/bu FOB farm, with delivery windows extending from June to July. New crop indications are seen around the same range. Given the recent rains across the prairies, locking in a portion of expected production at these levels seems sensible, while holding onto tonnage in the bins until fall does not appear to be advantageous. With new crop and old crop values virtually on par, if yields return to a state of normalcy, on farm bids will likely show some weakness. The malt barley market remains quiet, with buyers seemingly comfortable with current tonnage and production contracts, leading to subdued demand. That said, given the time of year, it is not surprising to see a decline in quality and ultimately rejected malt. Having your bins retested and specs on hand could be advantageous, creating an opportunity should malt buyers look to replace tonnage.

May rainfall across the prairies has given the flax crop a strong start, with seeding well underway. The latest reports on grain tariffs for Russian product headed to the EU remain unclear. However, some experts suggest that the duty on flax will increase incrementally, possibly starting at 10% on July 1 and rising annually until 2026. This gradual increase may not create the surge in demand we hoped for in Canadian flax, but there could be gradual improvements. Demand from the US is expected to rise slightly due to smaller domestic production. Flax production in Kazakhstan is anticipated to increase as acreage expands, however, while it is too early to determine yield prospects, some weather reports indicate a wet spring. Brown flax bids for both old and new crop hover around $17.00/bu picked up. Indicated pricing on yellow flax also continues to be seen at $21-$22.00/bu picked up.

The Canadian pea crop is off to a promising start due to recent moisture, but it is still early in the growing season, making any yield estimates premature. Meanwhile, the Black Sea region has been experiencing adverse weather, including frost and drought, leading to reduced yield estimates. This could result in less competition in Chinese markets if these anticipated reductions materialize. Current pea prices have softened as old and new crop values start to converge, something not uncommonly seen this time of year. Yellow peas are generally bid at $14.00/bu delivered, with opportunity for stronger bids in Southeast Saskatchewan. Green peas are priced at $18.00/bu picked up, while maple peas might still fetch $26.00/bu picked up, though some buyers are beginning to pull back. New crop values show yellows at $12.25/bu delivered, greens at $13.50/bu picked up, and maple peas at $20-21.50/bu picked up, all with an Act of God clause.

In Australia, canola crops might suffer due to dry conditions in key growing areas. Anticipating decreased yields, some farmers have switched from canola to barley and wheat. However, weather conditions can change rapidly, so the situation remains fluid. In Canada, flea beetle pressure is already affecting oilseed crops, warranting close monitoring. Canola futures dipped yesterday but have shown a slight rebound this morning, with July futures at $673/MT and November futures at $694.50/MT. Current local cash bids for canola are seen as high as $14.00 to $14.50/bu picked up. Contact your merchant for specific pricing details in your area.

This week, the canaryseed market showed a slight uptick, with spot and production values both increasing one cent from last week’s levels. This rally offers growers another chance to secure contracts at robust values for both spot and production. Current old crop bids are at $0.44/lb picked up on the farm, with buyers willing to take partial loads at a marginal discount. Fall prices with an Act of God clause are now up to $0.36/lb picked up on the farm, an increase from last week’s $0.35/lb. Production contract purchasers typically aim for the first 10 bushels per acre, though sellers might be able to negotiate up to 15 bushels/acre. End-of-year stocks are tightening, but the projected increase in seeded acres this year should help balance the supply, weather permitting. As always, tighter stocks can lead the market to lean more on weather events for short-term price rallies or slides, something to keep in mind if you are sitting on unsold old or new crop inventories.

Chickpea planting progress is slightly behind an average year due to intermittent rains, which, while beneficial, have delayed seeding. Despite these delays, values remain unchanged. If the weather continues to cause delays, some growers might opt to plant other crops, potentially reducing chickpea acreage further. Both new and old crop bids have stayed steady, even as Mexico reports increased production. Mexico remains a major force in the global market, so we will continue to watch for their lead in market dynamics. Given the current favorable growth conditions and existing stocks from previous years, North American chickpea supplies are expected to be sufficient, leading to expected stable market values in the coming months.

Oat markets continue to show lackluster demand with a preference for non-glyphosate bushels. This seems to be the only side of the market that has had any real depth of late and remains the primary area of focus for purchasers. Despite the benefits of using glyphosate, we encourage growers planting oats this season to review harvest practices, considering the already limited market demand. With an expected large carryover from 2023 and favourable growing conditions to produce strong yields this harvest, supply looks to be well positioned. Old crop #2CW (glyphosate free) oats are priced at $5.00/bu delivered, while new crop bids range from $4.50 to $4.75/bu delivered. These prices are unchanged from last week. FOB farm bids are available upon request.

Milling wheat elevator bids have gained some momentum, with old crop CWRS showing values around $9.60/bu delivered. New crop values are hovering around $9.00/bu, with higher prices expected towards the end of the calendar year. Market support comes from IKAR’s report indicating a further drop in Russian wheat production to 81.5 MMT, along with downgrades from Ukrainian and EU forecasters. These factors create some market turbulence, offering opportunities to capitalize on upswings. Feed wheat prices remain steady, ranging from $7.00 to $7.75/bu depending on location. Durum wheat bids are around $10.50/bu delivered for prompt movement, particularly in west-central Saskatchewan, with new crop indications around $9.75/bu.

Mustard prices remain relatively stable, though spot yellow mustard bids have softened slightly this week. Recent rain showers in mustard-growing areas are providing an excellent start to the crop, despite some reports of flea beetle pressure and re-seeding. Spot prices for yellow mustard have dipped to the low 50-cent range, while brown and oriental varieties continue to trade around 40 cents per pound. New crop prices are similar to spot pricing, with a 5-10 bu/ac Act of God clause and movement offered from September 2024 to July 2025 for the best pricing. We are closely monitoring the EU’s plan to impose a 50% tariff on Russian oilseed imports starting this summer, which could potentially boost demand for Canadian mustard. However, some buyers believe this may not have a significant impact. Time will tell.

The red lentil market is currently unsettled, with prices fluctuating between 34 and 36.5 cents per pound delivered. This 2-3 cent range may suggest that some companies may be trying to short cover and fulfill orders before the end of the year. Given the frequent market changes, setting a target price and posting a firm offer might be the best way to capture top-end values. The green lentil market appears stable this week, with prices holding at previously seen levels. Large green old crop bids range from $0.78 to $0.80/lb, while new crop bids are quoted at $0.54/lb FOB farm with an Act of God clause. Small green lentils are priced at $0.73 to $0.74/lb for old crop, while new crop trades at $0.48 to $0.49/lb FOB farm with an Act of God clause. With a good start to the growing season, we could start to see prices fade and spot values converge with production numbers. Growers holding product in the bin are encouraged to make final sales while the premium is still available.

Soybean futures have taken a bit of a week-over-week slide as planting progresses in the US and the South American harvest nears completion. US Midwest soybean planting progress varies by region and state, but on average is running close to 70% complete, a few percentage points ahead of the five-year average. The Brazilian soybean harvest is in its final stages in the flood-stricken southern growing zones, with about 10% remaining, while Argentina’s harvest is approaching 80% complete. Soy oil remains the bright spot in the greater soybean complex. Solid international demand for vegetable oils due to potential supply concerns has offered support. Soybean bids are in the range of $13.75-$14.00/bu FOB farm, depending on location. New crop Canadian faba acres are anticipated to increase. New crop bids for #2 quality tannin varieties are in the $10/bu FOB farm range. Old crop #2 faba bids are in the range of $10.00-$10.50/bu FOB farm, with feed quality values near $9.50-$10.00/bu, depending on location. Dry bean exports to Mexico have bolstered the market. Pinto and black beans are fetching attractive bids, with black beans leading the way and pintos a little slower to respond. New crop great northern bean opportunities exist in the low 60¢ range picked up on the farm with an Act of God clause.

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.