The soybean market has slipped a little in price from the strength we have seen in recent weeks with buyers down two bits paying $10.00 to $10.25/bu picked up in the yard on #2 quality with no minimums on protein. Movement will still occur before Christmas on the soybeans at this point, but we are pressing closer and closer to 2020 window. The faba bean market has not really heated up so far as samples have been slow to come in. We are hearing bid indications on #2 quality at as high as $8.50/bu picked up in the yard. Buyer interest has been lighter on faba as overseas markets are not as desperate for fabas as last year due to better supply from traditional markets.
Over the last few weeks, the oat market has not seen much change. For milling quality oats, there is a lack in supply this year due to poor harvest conditions. However, we do have options for movement on oats that aren’t making top milling quality. Our buyer is looking for samples that have been graded poorly in other places as they feel that much of this product is still useable, so it is worth checking out. On #2 oats we have seen pricing around $3.00/bu FOB and depending on location, might be able to get movement in before the new year. For feed oats, we have buyers looking at $2.65 – $2.75/bu FOB for a prompt movement. For this market, there can’t be a high percentage of sprouts as the oats need to be dehulled.
Lentil markets are moving through another week with little change and reports that India is finding weed seeds in bulk imports which has Canadian exporters concerned about doing business in what feels like a “witch hunt” environment. Large green lentils softened a little last week which has carried through to this week. Bids for #2 LGL FOB farm are hanging around $0.23/lb and offers are $0.24/lb. SGL #2 bids are at $0.19/lb with offers a penny above. With such close values between the seller and the buyer trading has been happening but not as fluidly as you might expect. Small red lentil markets remain quiet with several sellers setting targets at $0.20/lb but trades coming through at $0.19/lb FOB farm in a few areas. General comment is to piece meal out 2019 crop (and carry from last year) and not miss an opportunity at pops in the market.
Canary seed has been fairly flat the last few weeks. There are still trades going out at 30c/lb FOB farm on good quality, but the demand isn’t as strong as it was a month or two ago. There are some rumours that the end users are shying away from the 30c/lb but if you can wait until Jan-Feb you should be able to still find someone to take your product at 30c/lb. If you need product moved by year end 28-29c/lb FOB farm is where the price would be. The quietness in the market may be from buyers trying to figure out what kind of quality and quantity is out there, as the late harvest has extended normal timelines. Maybe getting a bit of sales on the books might not be such a bad idea, seeing 30c/lb FOB is a great bid. For new crop prices, we don’t have anything yet, but you could always get things going with an offer and see if someone will take it.
Canola is trading flat the last couple days presumably from the soybean markets downward pressure. Price for No.1 canola on the west side of the province is trading around the $9.72/bu mark for November movement and the East side is sitting $9.59/bu delivered plant. February movement pricing is $10.16/bu west side and $10.30/bu east side delivered to plant, so carrying product into the winter shows some promise. Buyers now seem to be comfortable with the supply of Canola as no one is showing concern with product still remaining out in the field. Some of the canola will now remain out in the field now until spring due to recent snow. If you have off spec canola give our office a call as we do have some homes for heated and damaged canola.
Strong green pea pricing has been around for a couple of weeks now and pricing is holding steady, anywhere from that $10.00 – $10.50/bu FOB farm with the later for Jan/Feb movement. There have been some offers recently, trading with a little quicker movement. So, don’t hesitate to call your merchant to post up an offer. There has been some suggestion that this may be due to China having difficulty sourcing quality green peas that they require, thus bolstering green pea pricing for the time being. Once they receive their fill, watch for prices to pull back. On the maple pea front, prices are starting to make some noise. We’ve seen prices rally from that $7.00 – $7.25/bu FOB to $8.00 – $8.25/bu FOB for Nov/Dec/Jan movement. Definitely a price to start looking at moving some of that product with an exorbitant amount sitting in the bins. In regard to yellow peas, trading is still holding sideways. With not much change you can look to see $6.60/bu delivered to plants in the North West and South West locations. Things have been pretty quiet this week on dun peas so if you are looking to market yours give us a call.
Feed barley prices have firmed up a little over this past week. Feed quality product has been trading between $3.75 to $4.00/bu FOB farm for January to February movement over the past week. Movement for November to December has been filled for quite some time. You would probably have to take a discount on price to get it moved in that earlier timeframe if needed, but those opportunities are few and far between. Finding heavy and dry barley this year has been proven to be very difficult, with the emphasis on dry, along with the issue of finding trucks going west into Alberta as there is a shortage of product moving back east. The malt barley market has been slow for quite a while, but there are some buyers who might look at some samples and give you a price. Please send in your two row Copeland or Metcalfe samples to us at Rayglen. Buyers may potentially be looking for a lot more malt in the not so distant future.
Quality remains to be the biggest concern among buyers and sellers of flax this year. The market has held on to strength price wise but oil content as well as damage and moisture are the most important grading factors currently. We recommend getting samples into the office so we can have them analyzed, getting you the best price possible. Milling quality flax is still trading around $14/bu FOB farm depending on location, with movement getting pushed into early 2020. #1 quality flax is holding between $12.50-$13/bu FOB farm with a November/December movement. We have markets for off spec flax as well so be sure to give your merchant a call with what you have.
The mustard market has shown some modest strength and along with that some seller interest. The market is still wrestling with what the available supply of each class will be, but early indications seem to tend to tighter yellow mustard supplies. New crop opportunities are present in the marketplace and represent attractive starting points for next year acres. Local bids for fall shipping are yellow mustard are in the range of 37-38 cents/lb fob farm, brown 29.5-30 cents fob farm and oriental (Forge/Vulcan) 24-25 fob farm. Thus far export demand has been pedestrian and therefore buyers don’t require a lot of coverage now. That said, firm offers to sell have had good success bringing the needs of the farmer and buyer together. Call your Rayglen merchant to discuss your mustard marketing options.
One of the hottest trades this week has been feed wheat and durum. We have had a pop in price again giving us the opportunity for us to trade in the $4.60/bu – $5.00/bu FOB range on dry and good weight product. It is very important though on your location in Saskatchewan or Alberta when working out an FOB price. How long this pop lasts is the question, as the market is being pushed a little from the US corn issues. We are still seeing a lot of high moisture grain though, and that of course will affect the price lower, but we are finding homes for some. Please make sure you have your grain tested, so when it comes to marketing you will know what we are working with. Milling quality prices have been stable at $6.30 – $6.50 delivered into plant on #1 red spring with 13.5 protein. Milling durum seems to be trading in a wide range as we had reports all the way from $8 for fairly prompt movement, to $8.50 delivered for spring movement.
Chickpeas remain a bit of an enigma as bids on good quality #2 range from 24 to 27 cents/lb with the occasional target at higher values getting triggered. The quality is overall not strong this year as late harvest due to rain/snow/the kitchen sink affected quality and quantity of large portions of our production. There used to be a robust market on the low quality chickpeas into pet food but recent reports of heart disease issues being linked to pulses quickly diminished the opportunities for the lower quality. In time we possibly could see this heart issue debunked but the damage is done and recovery would be a hard rock to push up the hill. Currently bids on the low grade range from 7 cents to 12 cents/lb depending on size and percent of damage. If you have high moisture product that is a significant storage risk we have a buyer with drying options to get that issue off your plate.
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.