Flax buyers remain cautious this week, largely due to uncertainty over potential U.S. tariffs on Canadian products. With the majority of Canadian flax exports heading south, the market has paused while awaiting clarity. Current bids sit around $17.00 per bushel picked up, with movement expected between December and February. There is potential for slightly higher prices on spring shipment contracts and growers are encouraged to discuss these options with their merchant. If export to the European market sees some recovery it would provide a welcomed window opportunity for Canadian product. However, large Black Sea region supplies, could limit demand for Canadian flax.

The pea market has seen little change. Yellow peas are in a holding pattern as the market watches for India’s potential reinstatement of import tariffs by year-end. Pricing remains between $10.50 and $11 per bushel FOB, with higher prices tied to freight advantages and spring delivery. Green peas show steady demand, with bids edging up slightly to $16.50 per bushel FOB in a few locations. Maple peas continue to attract buyer interest, trading between $20 and $24 per bushel FOB, depending on variety. The odd new crop maple pea target has triggered over the past couple weeks, and with acres expected to rise this coming season, this niche market could see bids/tonnage fill quickly. Call to discuss potential options including an act of God.

Barley markets remain stable, with feed bids ranging from $4.75 to $5.25 per bushel FOB farm, depending on region and delivery timing. While prices haven’t weakened noticeably, buyers are becoming more conservative in acquiring tonnage, with most movement pushed into late winter. Lightweight feed barley is increasingly challenging to market as most buyers have already secured their needs. The malt barley market remains quiet, with nearby purchases nearly nonexistent and interest focused on spring delivery. Given current dynamics, even high-quality malt barley might make more sense to sell into the feed market.

The oat market remains consistent, with milling quality product priced at $4.50–$4.75 per bushel delivered to plant, subject to delivery timelines. Buyers continue to accommodate lightweight oats; producers are encouraged to share details on weight and tonnage for tailored pricing options. As cropping plans for next season come into focus, production contract pricing remains quiet. Producers considering oats for their rotation might benefit from posting offers to test market interest early.

Wheat started the week with slight gains, influenced by tensions in the Black Sea region. Ukraine and Russia are escalating threats, adding uncertainty to the area’s grain trade. Reports suggest Russian farmers may reduce wheat acreage in favor of more profitable crops like lentils and sunflowers, which could have a long-term impact on global wheat supplies and pricing. Durum markets saw a boost from Algeria’s tender for 350,000–400,000 MT, which is expected to draw heavily on Canadian supplies. Turkish durum exports are down 75% compared to last year, with EU imports from Turkey and Russia also reduced, the latter due to an EU ban on Russian durum.

Local wheat values range from $6.50–$7.50 per bushel delivered to Saskatchewan plants, depending on type, quality, and protein levels. Feed wheat trades between $6.00–$7.00 per bushel FOB farm, with higher bids often tied to offers. Durum prices vary widely based on location, quality and delivery timing; reaching out with specific details will help secure the best bid.

Canola had a challenging week; downright terrible some would say. Prices are sliding due to broader weakness in the edible oil market compounded by ongoing tariff discussions. Uncertainty continues to weigh heavily on the market, driving prices lower. On the bright side, a significant portion of this year’s canola has already been sold at higher levels, which should help manage stocks heading into the summer. However, a prolonged downturn could risk building backlogs if movement slows. Futures have shown some mid-week resistance, with January contracts nearing $565/MT, which might indicate a possible bottoming out. Still, the spot market has dropped into the mid-to-low $12/bu range, reflecting the recent pressure. Turning the market around will be crucial to maintain momentum and avoid further strain on producer’s marketing plans.

The canaryseed market remains quiet this week, with no significant updates or shifts in pricing. Current bids for old crop are steady, ranging from 30-32 cents/lb FOB farm depending on location and contract delivery timelines. Holding off until February or March is likely necessary to achieve the higher end of this range. New crop bids have yet to emerge, but growers with a target price should connect with their merchant. Setting clear targets helps buyers engage with end users and could prompt market activity. Typical new crop contracts include a 10 bu/acre Act of God (AOG) clause, offering growers a chance to lock in profits with reduced risk.

The chickpea market remains subdued, with minimal activity on the buyer side as speculation and large positions are avoided. The uncertainty surrounding potential U.S. tariffs on Canadian chickpeas further complicates the outlook, as a 25% tariff could significantly impact cross-border trade and pricing. While discussions about the 2024-25 crop year in the U.S. suggest another year of increased acres, Canadian focus remains on clearing current stock and assessing bin quality. Should a tender or buying opportunity emerge, ample supply and eager sellers are expected to respond quickly. Conversations about new crop values are just beginning, with no concrete figures yet, but the dialogue is starting to take shape.

Soybean futures are trading near bottom support levels, influenced by expectations of a substantial South American crop in 2025 and concerns over trade disputes potentially impacting Chinese exports. To counteract these trade challenges, China has increased U.S. soybean purchases. Current local soybean prices range from $10.80 to $11.25 per bushel FOB farm. In Argentina, adverse weather has severely impacted dry bean production, with Mexican demand for dry beans this year expected to fall below last year’s levels. Bulk dry bean classes are selling for 45¢ to 50¢ delivered, while smaller specialty classes fetch 55¢ to 59¢ per pound delivered. Export interest in faba beans remains limited due to robust production forecasts from Australia and the UK. However, frost damage in Australia may still influence yields. Export bids for faba beans are currently around $9.00 per bushel FOB farm, with feed-quality fabas priced at approximately $8.00 per bushel FOB farm.

The lentil market remains flat, with no new developments impacting prices this week. Red lentils continue trading at 33-34 cents per pound FOB farm, while large green lentils sit at 61-62 cents for #1/X2 grade and 58-60 cents for #2 spec. Small green lentils are trading at 53-55 cents FOB farm for a #1, with some new crop offers closing at 45 cents FOB farm under Act of God terms. French green lentils trade within the 45-47 cent range. Pricing for lower-grade lentils remains more elusive. While small greens have seen some new crop activity, other varieties are slow out of the gate, and it appears pricing may not emerge until the new year, though targets are always welcome! Producers looking to upgrade lentil seed should act quickly, as supplies of popular varieties like CDC Jimini (small green, Clearfield), CDC Grimm (large green, Clearfield), and CDC Lima (large green, Clearfield) are reportedly tight.

The mustard market remains steady as December unfolds much like previous months. Buyers seem content to fulfill production contracts with minimal spot activity. Brown mustard shows slight demand, with bids at 31-32 cents per pound for January/February movement. Yellow mustard continues at 41-43 cents per pound, while oriental trades lightly at 30-32 cents, though a firm offer at 33 cents might garner interest. Off-spec mustard options remain sporadically available for lower-grade product. Seed sales have been active, with various planting seed types ready for farm delivery. If you’re planning next year’s crop, now is a good time to secure your seed.

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.