A lack of change in both old and new crop canaryseed values comes as no surprise again this week. Old crop bids maintain pace at $0.42/lb FOB farm for prompt delivery, typically dropping a cent for June and July shipping windows. Once buyers cover their short-term needs and the seeding rush subsides, bids will likely remain rangebound until the 2024 harvest. New crop contracts are indicated at $0.35/lb FOB farm, including an act of God clause, with talk of pricing going higher seemingly muted. It is anticipated that recent widespread moisture events across the prairies are further encouraging purchasers to play the waiting game in hopes of a return to an average crop year in terms of yield. Consequently, any hope for an increase in production contract values appears to be at a standstill as most buyers seem comfortable with their current positions at this stage.

At time of writing, canola futures show a slight decline with July and November sitting at $663/MT and $678/MT respectively. Recent rain across the prairies prompted speculation on how the market will react. The timely rain, coupled with ample time for planting, suggests there should be adequate moisture to kickstart the crop, which could put further pressure on values. Other factors contributing to market fluctuation this week include a downward trend in other tradeable oils. Despite this, spot trade and purchase interest persist, with some contracts reaching as high as $14.00/bu FOB farm for May movement in Southeast Sask – a number that should be tradable in many areas. Again, given the recent rains and higher expectations of moving back to an average crop, this is a strong price to consider. If you have a realistic selling price in mind, putting something on firm offer is likely to catch buyers’ attention, whether it’s old crop or new.

Leading up to this week the lentil market had been relatively steady, but is now showing signs of a slight pullback, attributed to an increase in new crop bookings and improved moisture conditions. While lentil stocks remain tight, as we approach the new crop season, we can anticipate a slight softening in old crop bids. Currently, old crop red lentils are trading at 35-36 cents picked up, while new crop sits at 33 cents picked up with an act of God (AOG) clause. Large green lentils command bids in the 80-cent range for #2 quality old crop, with new crop values pulling down to 55-56 FOB with an AOG this week. Spot small greens are priced at 78 cents for #1 quality, while new crop is quoted at 47-48 cents with AOG. If you haven’t already secured a new crop contract on your green lentils of any size, it’s highly advisable to do so now and lock in a grade spread.

It’s been another quiet week in the oat market with bidders remaining scarce despite expectations of tighter domestic stocks. Old crop #2CW bids were posted around $4.50 – 4.80/bu delivered last week, attracting some tonnage, though location and ultimately freight costs determined on firm on farm values. Production contract options are also proving difficult to track down, but we recommend growers contact their merchant with firm sale targets in mind. Continuing the theme, feed oat homes remain elusive, but options are still available for those looking to make sales. Purchasers will need weight and reasons for the feed grade before providing a bid. Contact your merchant with any feed spec product you may have in the bin.

Recently, chickpea markets have been notably quiet, with limited trade activity. Although there’s been some news regarding Indian tariff cuts impacting the world desi chickpea market, our market, primarily focused on kabuli types, remains unaffected, contributing to the ongoing lull. Spot market indications hover around 45 cents per pound picked up on farm, with bids varying based on quality and sizing. New crop values align closely with these figures and contracts are still available for the first 10 bushels, with an act of God clause. Indications sit at 45 cents picked up on farm, allowing up to 20% of 7mm sizing at contract value for limited tonnage. Historically, 45 cents is a reasonable number for chickpeas, especially considering an increase in Canadian acres this year, making it a viable option to hedge against market downside.

News in the wheat market shows a couple tenders from international buyers, with Canada aiming to secure some of the tonnage. StatsCan reports wheat stocks as of March 31st well below last year, down over 15%. While there’s still a significant amount of product to move in the last quarter of the 23/24 grain marketing year, wheat futures are expected to retreat over the next few weeks as weather conditions improve. Keep an eye on the market for sporadic price increases to fulfill train orders and the like. Interest in milling quality hard white wheat is evident, with indications around $10/bu picked up on the farm. Red spring milling wheat prices with 13.5 protein have sporadically appeared around $9/bu and up to $9.30/bu delivered, particularly in Alberta for limited tonnes. Feed wheat prices continue to fluctuate around $7-7.5/bu picked up on the farm generally, though we have seen stronger values near milling quality bids in southern Alberta. Given various interest in different wheat types, reaching out to your Rayglen merchant for on farm pricing inquiries would be prudent.

Mustard seed sales have concluded for the year, and acreage is largely set. Favorable rainfall across Western Canada and Montana has instilled optimism among growers for the ongoing seeding season. While beneficial for crops, these conditions typically exert downward pressure on prices. Mustard remains a less available commodity today due to a couple of years of low production and nearly exhausted carryover stocks, but end use markets seem to be mostly comfortable at this point. Growers may be concerned about a potential further decline in bids and are questioning where the floor may lie. Unfortunately, we don’t have that answer, but general stability in values over the past few months might suggest some sort of equilibrium in the market for now. Both old and new crop bids remain unchanged from last week, although slightly higher offers have triggered in spot markets, indicating some buyer flexibility when there’s a serious seller.

Barley prices have managed to remain unchanged for another week, still hovering around $5.00-$5.40/bu picked up in the yard with movement out to July. Despite reports suggesting fewer barley acres for 2024, the carry-over going into 2024/25 and continued corn usage is likely to offset any price rallies before the end of the crop year. New crop bids mirror old crop values, with a lack of any major enthusiasm from either buyers or sellers at current levels. Sideways pricing is largely influenced by readily available corn in the US, which has suppressed domestic feed use. Those looking to move barley before new crop arrives should consider locking in sooner than later, as movement continues to be pushed in summer with few prompt shipping options available. Malt markets remain just as quiet as previous weeks with virtually no trade hitting the books.

The pea market holds steady for another week, showing potential for great returns on crop still in the bin and/ or being planted. Spot yellow peas trade at $14.00/bu FOB farm or higher in most areas, while production contracts are widely available at $11.00/bu FOB farm with an act of God clause. Old crop green peas are trading between $19.00 and $20.00/bu, with new crop quoted between $14.00 – $15.00/bu with AOG pending location. Maple peas are still strongly sought after, quoted as high as $28/bu FOB farm on specific varieties, while new crop likely still finds interest at $20/bu or higher. There hasn’t been much activity on old crop dun peas, but a few new crop offers traded at $13.00 FOB farm with an act of God clause this week. Seeded pea acreage has seen a 15% increase over last year, with 23/24 marking the lowest seeded area in 10 years. Despite the increase in acres this year, pea ending stocks are lower than normal, which may help mitigate significant downward price swings. Based on new crop pricing, maple peas are expected to see the largest acreage swing, followed by greens and finally, yellow peas.

Flax prices have remained relatively stable this week. New crop bids on brown flax are around $16.50 to possibly $17.00/bu picked up in the yard with an act of God clause, offering a decent start on 5 or 10/bu per acre. Old crop bids are in the same range for pickup in July. New crop yellow flax contracts are intriguing this week, sitting in the $20 to $22 range FOB farm with an act of God clause. Spot yellow flax trades remain sporadic but have reached as high as $22/bu FOB farm in the right location (variety specific). Given the current trend of immediate need buying from buyers and slow overseas buying, it might be wise to discuss offers with your merchant to maximize returns on yellow flax. It remains to be seen just how market dynamics will develop as seeding progresses, but recent widespread moisture and continued overseas competition could exert some pressure on values. On the other hand, drastically lower domestic acreage may offer some support.

Soybean futures are taking a slide today after the recent run-up. The pressure is coming from good planting weather being forecasted for the Heartland this weekend and expectations that the Brazilian exporting issues due to flooding will be temporary. However, the concern remains for unharvested acres in southern Brazil. Next USDA report comes out Friday and some analysts are calling for a drop in the 2023/24 Brazilian soybean production number. Soybean bids are in the range of $14.00-$14.50/bu FOB farm, location dependent. New crop Canadian faba acres are anticipated to see an uptick. New crop bids for #2 quality tannin varieties are in the $10 FOB farm range.  Old crop #2 faba bids are in the range of $10.00-10.50/bu FOB farm and feed quality values are near $9.50-$10.00/bu FOB farm, contingent 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 opportunities exist in the low 60¢ range picked up on farm with AOG.

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.