Oats maintain a static presence in today’s markets, with both old and new crop values unchanged compared to previous weeks. Old crop bids for #2CW spec still hover around $5.00 – $5.25/bu delivered to plant, while firm new crop bids stand at $5.00-5.50/bu delivered for glyphosate-free production, contingent on shipping window. For those seeking FOB values, it is advisable to reach out to your merchant so they may work freight back to your farm gate. Additionally, if you have a specific “sell-now” value in mind, presenting a firm offer could potentially attract buyer interest and are always encouraged. Given the current stability and perceived comfortability of purchasers, it is unlikely we will see a surge in value anytime soon. Having firm offers available for any potential short covering or demand spikes is a good plan.
The canaryseed market has experienced stability over the past week, with prices showing no significant movement in either direction. Bids for canary in storage range between 40-42 cents/lb FOB farm, with higher prices carrying delayed delivery into the upcoming year. While new crop pricing is available at 35 cents/lb FOB farm, inclusive of an AOG clause, it has not garnered much attention from growers. Like various markets of late, canaryseed is grappling with decreased demand, so despite minimal grower selling, pricing remains unaffected. If you have a specific price in mind for both old and new crop, we suggest you contact your merchant and take advantage of our offer system, which allows you to showcase your grain to an extensive network of specialty crop buyers.
Pea markets are like the treatment of an ankle sprain—hot for 15 minutes, cold for 15 minutes, and the cycle repeats. Recently, yellow peas experienced a brief surge, prompting the trigger of multiple grower targets at $11/bu FOB farm. However, the momentum quickly waned, and current bids are now back down to levels seen previously, around $10.50/bu. A proactive and strategic approach to this market is having a firm offer available for purchase as this may still capture a premium. Green pea markets mirrored this pattern as well, with firm offers at $17/bu FOB farm triggering deals on smaller tonnages. Like yellows, having a firm offer in place for greens gives growers an advantage to capitalize on small program and/or one-off opportunities. Meanwhile, the spot market for maple peas remains at unprecedented levels, with buyers sealing deals at $25-26/bu FOB farm, contingent on area. If you are still bullish on maple peas, we advise you to exercise caution, as this is a very niche market, which can pose marketing challenges when bids dry up. Another topic of discussion this week is the heightened interest in forage peas, with numerous buyers actively looking to purchase. Call the office if you have any product available to sell. While options for new crop peas are limited at present, some buyers are willing to entertain firm offers, if you have a target value in mind, don’t hesitate to let us know.
Flax prices have shown a softer trend this month, with bids ranging closer to $15.50-$16.00/bu FOB farm. Export reports covering October and early November suggest subdued shipping activity, likely to persist into the new year. The shipment of Canadian flax to the US has increased compared to the previous year, attributed to a smaller 2023 crop. However, China’s flax supplies remain ample, minimizing any urgency for increased importing. The subdued demand is expected to restrain any significant price rallies in the near future. For those dealing with off-grade flax, it’s advisable to contact your Rayglen merchant for available options.
Discussions surrounding the upcoming chickpea crop are becoming increasingly common as producers prepare for another season. The prevailing sentiment suggests that there will be an increase in seeded acres year over year, driven by concerns of soil born disease and the need for crop rotation. Given the apparent trend of smaller-sized chickpeas this year, it may be beneficial to have product tested for seed spec and potential sales. Additionally, for those holding chickpeas from previous years, knowing their size before entering the market could significantly impact the sale value and swing bids by pennies per pound. Current indicated pricing for new crop chickpeas stands around $0.45 per pound CAD and $0.30-$0.32/lb USD, FOB farm with an act of God. As for old crop, Canadian values sit around $0.52/lb, while $0.33 to $0.35 USD is indicated in the States; both quoted as FOB farm and sensitive to sizing and freight. The feed and sample markets are highly active, with robust bids. Buyers are particularly interested in high green, high damage, and small-sized chickpeas, offering competitive prices, especially for a product largely destined for pet food—a market known for its strong consumer demand. It’s crucial to thoroughly understand your product and seize marketing opportunities, whether for commercial, seed, or feed purposes.
Demand for soybeans within the United States remains strong, fueled by strong domestic consumption. Unfavourable weather conditions in Brazil, characterized by persistent heat and dryness, have adversely impacted the planting pace, leading to a downward adjustment in previously recorded production forecasts. Current bids for soybeans range between $15.50 and $16.00 per bushel, contingent on the farm location. Furthermore, the dry bean market is expected to receive support later in the season from increased Mexican demand, driven by reduced production levels. In the fabas market, feed-quality varieties continue to enjoy support, buoyed by their significance in the pet food sector. Local bids for export-quality #2 faba beans range from $11.50 to $12.00 per bushel, FOB farm, while feed-quality values hover around $9.00 to $10.00 per bushel, contingent on the farm location.
The canola market experienced a slight decline in the past week; however, it has partially rebounded from a dip towards the end of last week, primarily driven by a significant surge on Monday. This upturn can be attributed to lower-than-expected rainfall in South America, offering some relief from the intense heat they have been grappling with. As Brazil anticipates a return to extremely high temperatures this week, this development warrants close monitoring in the short term. At time of writing, January futures are positioned at $711/MT. Local basis levels remain influential in pricing, but indications suggest bids fall within the $15.50-$16/bu FOB farm range for early 2024 shipment. For those planning ahead, November 2024 futures are similarly valued at $714/MT.
Spot mustard prices and demand are currently subdued, but there is a positive development this week as new crop production contracts on all types of mustard hit the market. Current crop bids are hovering around 80 cents per pound for #1 yellow, in the low 60s for brown, and oriental continues to face challenges to secure bids, but seems to have dipped to the mid-high 50s. Though obtaining firm bids has been challenging lately, if you’re interested in making a sale, be sure to reach out to your merchant for accurate values picked up at the farm. As mentioned, new crop has kicked off with yellow mustard quoted at 70 cents per pound on a #1, brown at 60 cents, and oriental at 55 cents. Values are quoted with a full crop year shipping period and include a full act of God to protect you against unforeseeable events throughout the growing season. Recent weeks have seen an uptick in sales as contracts are rolled out. Seed of all types and varieties are currently available, and we offer free delivery to the farm. Call us to inquire about pricing and secure your seed supplies. Feel free to get in touch for more information.
Barley continues to see the same trend as previous weeks with shipping timeline and freight costs being the focus on all barley offers hitting our desks. Australia continues to be competitive to China, and with local feeders using high corn rations, barley is facing pressure on more than one front. Opportunities continue to pop up every so often for quick shipping or a strong premium, but most barley pricing sees a spread as of late. While bids in strong freight lanes in Alberta and on the Western side of Saskatchewan were still being shown in the $5.80-6.00/bu range to start the week, bids further from feedlot alley have pushed downward to a range of $5.25-5.50/bu FOB farm. If you have a sell price in mind for feed barley, would encourage using the offer system to take advantage of any opportunities that might pop up. Malt continues to stay quiet but if growers have had samples graded and know quality, reach out to your merchant to explore the options available in your area.
The harvest quality of wheat is among the best on record this year, with over 95% of red spring graded #2 or better and boasting average protein content. Despite supply tightening by 6% to 28.5MMT, Canadian export pace has maintained its momentum, standing 15% above average. Even with lower supply and increased exports, markets have not been overly receptive, with bids still hovering around $9.10/bu and some reporting levels as low as $8.30/bu. Within this trading range, there are instances where the feed market may pencil out better, with bids ranging from $7.75 to $8.25/bu FOB farm, pending farm location. Growers who want to take advantage of these feed options should consider making sales sooner than later as feedlots are reported as being adequately stocked with corn and barley, preventing overwhelming demand for feed in general.
Red lentils remain subdued in the market, while green lentils show continued strength. Green lentils appear to stand alone on an island of resilience, contrasting with the general decline in most markets. The question arises: how much longer will this trend persist before buyers explore potentially more cost-effective options? The red lentil market maintains stability, with prices holding firm at 36 to 37 cents per pound FOB farm. Large greens, on the other hand, have seen a few firm offers trading at 72 cents per pound FOB farm, and new crop has reached as high as 50 cents FOB farm with an AOG. Small green lentils are currently trading at 65 cents per pound FOB farm, with new crop bids sitting at the 45-cent level, also including an act of God. The price spread between reds and greens adds an interesting dimension, raising the question of whether there will be an increase or shift in acres for either variety of green lentil. Factors such as seed availability and cost may hinder an overly burdensome increase in green lentil acres. This year could present an opportunity for growers using older varieties of red lentil seed to upgrade, given the lower seed costs and improved seed supply.
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.