Pea pricing has been sideways over the last week. Green peas bids range from $13.75 – $14.00/bu picked up, while new crop is sitting around $12.50-$13.00/bu delivered plant. New crop yellow pea demand remains lackluster with indications around $9.50-$10.00/bu (in light trade), while old crop hovers around $10.75- $11.00/bu picked up. Chinese yellow pea demand will dictate the outcome of supply for 2023/24 and we hope to see some strong demand, but as always, this will likely remain somewhat of a mystery until time of action. Pea prices are expected to show some downside until after harvest unless serious crop issues come into play. Maple pea purchasers are still indicating values around $16.00/bu FOB, so, for those with old crop in the bin, it might be a good play to get those moving before new crop arrives.
Wheat markets continue to try and find themselves and although the start of the week showed downward movement in the futures, at the time of writing, there appears to be some life. Milling wheat prices for a #2 or better grade have been indicated around $10.50/bu delivered to various locations this week, but with today’s futures trending upwards, there might be potential for bids to move higher. We suspect one of the best ways to go about putting a few more dollars in your jeans is to call in and place a firm offer to sell, if you have a reasonable price and shipping window in mind. Old crop feed wheat demand seems to have slipped a bit this week with indications around that $9.50-$10.00/bu FOB farm pending location, but these bids do not appear to be very deep. Moving onto durum, old crop values are indicated around $12.00/bu delivered plant, with new crop being shown around $10.75/bu delivered; generally, we are seeing a $0.25/bu spread per downgrade. Some buyers out there will consider attaching an act of God to the contract; however, this will likely carry a discount of around $0.50/bu.
It comes as no shock to once again report there is not much change in the barley world. Although we continue to hear about Australia and China settling their trade disputes, this resolution is slated to be a few months down the road and therefore, it will likely be a while before we see the full impact on pricing domestically. Old crop feed values remain anywhere from $7.25 – $8.00/bu FOB farm all depending on freight and timeframe of delivery. Switching to new crop, which seems to have softened a little, now indicated around $6.00 – $6.25/bu FOB farm on a deferred delivery contract (DDC). The malt side of things remains somewhat quiet, however, if you have some recent grade results on hand and are curious on value, please give us a call and we’ll do our best to track down some bids.
Despite StatsCan supplying outdated and unreliable information regarding mustard acres, there is no denying the fact that seed sales were exponentially higher for the coming crop year. Current crop market values have maintained a strong tone, but finding buyers for new crop is becoming more of a challenge. News from growers already seeding suggest they have, “excellent conditions,” to start. Keeping in mind this information is way too early to speculate on any kind of harvest, it does have buyers feeling cautious. Spot markets for yellow mustard are down a little, trading at $0.80/lb FOB farm, brown remains stable around $0.70/lb, and oriental sits at $0.68-$0.70/lb, pending variety. New crop bids with an AOG, 10bpa, and FOB farm are quoted as follows: yellow at $0.64/lb, brown at $0.60/lb, and oriental at $0.65/lb. These contracts would all be for Sept-July 2024 movement, with possible options for quicker shipping at a discounted value. If you are looking for mustard seed, there is still an opportunity to get some certified product through us with potential delivery to your yard.
Canaryseed prices have been running mostly sideways recently as sellers continue to move a bit into the market, but nothing overwhelming as far as tonnage goes to hinder the price. Spot bids of late are at 38 cents/lb picked up on farm, adding a penny or two more as a delivered to plant price for May/June movement. New crop prices remain at 34-35 cents on farm pick up with an act of God on the first 10 bu/ac. Seeded acres are expected to be a bit larger on canary this year as compared to last, up about 7%, as per StatsCan report, and an average expected yield would put supplies in a comfortable, but not burdensome position. The weather market may yet play a factor here, but as we move further through the summer, we expect the spot price of 38 cents/lb to intersect with the new crop price of 35 cents/lb. Of course, external factors will play a role and we will have to wait and see how exactly this unfolds.
The flax market remains as quiet as a mouse and with no big revelations or shake ups there remains little interest being cast on the buy side. As such, there is a plethora of product waiting for the right time to move. What does the right time look like? Bids of $15/bu have popped up in the odd spot, but the depth of the bids are shallow. If you scroll back to harvest, trades were sitting around $22/bu and since then, we’ve just seen a steady peel back on pricing. There has been little talk on new crop as shown values are on the softer side, not garnering grower interest. Should that change, we’ll keep you in the loop.
Chickpea bids seem to have slipped slightly this week. Spot values have seen a small dip by about a cent to $0.54/lb FOB farm in most locations. It has become much harder to track down bids in the $0.55/lb range, but we believe online offers are certainly warranted. In general, there is not much excitement seen from growers nor buyers, but prices are solid and still at values that should be looked at. Buyers seem to be content at these levels as we await a more definitive answer on how many acres are actually being planted this year. New crop is being booked at $0.47/lb FOB range farm with an AOG, which is also down slightly from $0.48/lb last week. Again, please talk to your merchant about posting a firm offer, as we may be able to get some business done at reasonably higher values. Let us know if you have any off-grade chickpeas as well, as we have a few purchasers looking for all types of quality.
Canola is showing some recovery this week with stronger futures values being posted. Currently, both May and July are up $6.50/MT at time of writing putting values at $764.90/MT and $715.90/MT, respectively. This positions July futures up $10/MT from the same time last week with a weaker Canadian dollar helping values this week. Demand and cash bids are pretty quiet and fluctuate pending local basis level and location of grain/processing plants, but options are available. Northwest Saskatchewan values are hovering around the $17.00-$17.10/bu landed mark, while Southeast and Northeast SK show bids around $16.30-$16.50/bu. Futures are one thing to watch when marketing your canola, but keep in mind the basis levels play a huge part in pricing. We have seen a range of $40.00/MT in the basis levels between Western and Eastern Saskatchewan.
The lentil market is starting to lose some ground on certain types this week as reds drop a couple cents down on both new and old crop. Spot reds moved to the 35 cents/lb FOB farm range, down from 36-36.5 cents/lb last week. New crop has also taken a hit, now quoted at 33 cents/lb FOB farm with act of God, down from 34-35 cents/lb last week. Luckily, #2 large greens seem to be a bit more stable with bids on old crop still indicated around 54-55 cents/lb FOB farm. New crop values also maintain tone, sitting near 47-48 cents/lb FOB farm with an AOG for #2 or better spec. Small green lentils continue their reign, still priced exceptionally high, with old still at 50 cents/lb and new crop quoted at 45 cents/lb FOB farm with AOG for #1 quality. Pricing seems to be all over the place this week and changing daily, so staying on top of this market has been a challenge. Markets seem to be looking for any reason to soften at the moment, and if you’re thinking on pricing product, this may be as good of time as any as this market will likely remain volatile until new crop acres are established.
Even with many questioning StatsCan’s methodology on last week’s field crop acreage report, nobody was surprised to see the drop in oat acres. The report pinned oats down about 880,000ac from 2022. The markets are quiet, with not much product moving at current prices. Opportunities have popped up in various areas at $3.60/bu FOB farm, but we have seen several indications between the $3.00-3.50/bu FOB farm range in SK. The best opportunity that has presented itself may be for Eastern SK/Manitoba growers, who might be able to sell a portion at $4.15/bu delivered into Manitoba for April-July shipping. For October movement in SK, we have seen values around $3.45/bu delivered to Saskatoon. With large carryover stocks, the feel is the trade is going to have to get through a large portion of these before prices bump back up.
Still no major reprieve for soybean futures. The Brazilian soybean harvest approaches completion, which may allow the market to turn the corner. Any hopes of a market uptick are hanging on the prospects of US crop progress and weather, along with domestic demand. Local bids are still holding up quite well at $18.00-$18.50/bu FOB farm location dependent. The dry bean market remains markedly unchanged. Channel inventories continue to off-set any potential production concerns. Some analysts feel that later production cycle support may emerge based on a reduction in planted acres and Latin American production shortfalls. It is largely accepted that the Canadian Prairies will see fewer acres of fabas planted this spring. Feed quality fabas continue to be supported by pet food values. Local bids with export quality #2 faba bids being in the range of $13.50-$14.00/bu FOB farm and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.
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