The pea market holds flat for another week, a typical theme this time of year with Christmas right around the corner. Buyer interest on yellow peas has diminished in recent weeks as a pretty heavy stream of product was booked previously, and now fills a good chunk of the pipeline. Today, bids range around $12-$12.50/bu picked up on the farm with movement quoted as Dec – Feb. Buyers continue to show more interest in green peas, which hold their premium to yellows, with pricing sitting around $13.50-$14.00/bu picked up, the higher end trading sporadically on firm target. High bleach, feed and sample grade greens are attracting interest again this week with bids sitting in the $12/bu FOB range, give or take 50 cents/bu pending spec. Maple peas continue their reign as market leaders with product trading fairly consistently at $15 to $18/bu pending variety and farm location. Producers have had success putting out firm offers so call your merchant today.
Canaryseed remains unchanged from previous weeks with top end bids coming in at $0.41/lb FOB farm for new year shipping. Quicker movement options may be available with slight discounts, but generally, posted bids do not seem to be deep at any level, so those windows may fill up should growers start selling a little more consistently. We seem to be caught up in a game of push and shove; buyers not anxious to purchase and producers not searching to sell. With StatsCan set to be released on Friday this week, it will be interesting to see how canary stats pencil out. Although many growers seem to be sitting on bushels and expecting a rally to come along, word from the buy side is that they don’t anticipate this. The million-dollar question is: who will be right? The ones holding onto stock for a rally, or the buyers hesitant to purchase, expecting the price to drop further. All in all, current markets and posted bids are a great value to get some canaryseed sold into if you’re sitting on the fence.
Feed barley trades have thinned out recently due to US corn being railed up to Canadian feed lots. Despite this, pricing is still historically high with FOB farm bids ranging between $7.50 –$8.40/bu FOB pending location. Growers in Alberta may see slightly stronger bids due to freight advantages and are encouraged to show targets. New crop feed barley contracts have popped up this week with bids indicated around $6.00 – $6.50/bu FOB farm; potential for stronger values as you head into Alberta. These are once again historically strong numbers and growers should consider getting a few bushels locked in. Similarly, to years past, new crop feed contracts do not contain an act of God. Malt barley prices have been quiet again this week, remaining a topic of little discussion. What does need to be discussed are changes to preferred varieties in the coming years. This is something growers need to be aware of as Metcalfe, Copeland, and Synergy are losing buyer interest. It has already been stated that demand for these varieties could be lacking next year, and it is recommended to get into some newer varieties like Connect or Frazer. We will have a limited supply of both Connect and Frazer, so speak with your merchant regarding seed costs and delivery options sooner than later.
Lentil markets seem to be fairly stable from last week, with no major changes. We have seen green and red lentil trades hitting the books at a steady pace this week as growers get product sold into dwindling high-priced markets, and before the inevitable Xmas slow down. Red lentil bids at 35 cents/lb delivered are becoming difficult to find now, but a few options are still available for Dec-Jan movement. Large greens are still trading in the 50-52 cent/lb range depending on grade, location, and movement date, but the higher end of that scale is getting tough to secure as well. Small greens lentils have caught a bid of 52 cents/lb FOB for very limited tonnage this week, so if you’re sitting on product, we suggest making a sale – next best values are quoted around 48-49 cents FOB at this time. Markets still seem to be patiently waiting for more information regarding Australian production numbers and grades. Be sure to start talking to us about new crop options on lentils. We don’t have firm production programs right at this time, but we believe growers should start showing targets as it’s getting to be that time of the year.
Spot mustard markets continue to be very strong, and trading is taking place. Old crop bids are indicated at $1.20/lb for yellow, $1.20/lb for oriental, and $1.15/lb for brown varieties. Shipping windows remain fairly close in, and if lucky, growers may even get some quick December shipping. If you have a target price in mind, just let your merchant know as firm offers continue to grab attention. Production contracts have seen a big slow down this week when it comes to pricing and some buyers have decided to pull bids all together. New crop bookings have been heavy, which is the main cause for the price slippage. Bids have pulled back to $0.88/lb for yellow mustard and around $0.80/lb for brown and oriental. All new crop contracts come with a full act of God on the first 10bu/ac, and we encourage you to speak with your merchant on movement options and firm pricing opportunities. We continue to offer a good selection of certified mustard seed with treatment options and free delivery to farm. Supplies aren’t tight quite yet, but that could soon be on the horizon if sales continue at the current pace.
The oat market is in need of resuscitation in growers’ minds, but unfortunately it doesn’t appear that will be happening anytime soon. Buyer bids hover around $5/bu, maybe a tad more, delivered to plant for March onward movement. With oats sitting at the buyers’ fingertips due to large production numbers, the excitement to purchase is low as most purchasers have their fair share already booked and are content to sit on current stocks. There is some interest in organic oats, though demand is not deep. If you happen to be sitting on some, give your merchant a call sooner than later. On the feed side, values hover around $4/bu picked up on the farm, unchanged from the past few weeks.
Chickpea markets spend another week coasting along with little activity. Buyer bids have been slipping a touch, but growers that do want to sell have been having success using firm targets. Trades are happening at $0.55/lb for a #2 large Kabuli max 10% 7mm, FOB farm with Dec/Jan shipping for those willing to show product firm. Sample and feed values are still sitting around $0.30-$0.35/lb depending on the downgrading factor. There has been some discussion around new crop prices, but buyers and sellers alike are not willing to show their hand quite yet when it comes to value. The general feel is that there will be a lot of chickpea acres going in this year, so if seed is something on your holiday wish list, best to not wait until it’s too late. Better yet, if you have supply, get it germ tested and let’s talk about marketing.
Wheat markets lost some ground early this week with a small rebound today. The markets have dipped to a price level that we have not seen since early September. The latest reports on the U.S. winter wheat crop condition are up slightly since the initial report at the end October; this is the second straight report showing an improvement. However, crop conditions are still below historical levels. The central plains are in the most need of moisture, while Michigan’s soft red crop is in good shape. Meanwhile here in Canada local values have slipped back with CPSR trading in the $11.30-$11.60/bu delivered range and CWRS trading at $11.10-$11.46 delivered for a number 1, 13.5% protein. Feed grains are trading in the $10.00/bu range to slightly higher depending on movement and location.
Soybean futures are up due to easing Chinese COVID restrictions, dry weather forecasted in Argentina and Brazil slowing export pace. Local bids are location dependent and in the range of $17.00/bu FOB farm. Dry bean prices are drifting sideways as export demand remains lack luster. Export quality fabas are showing strong bids as Aussie quality concerns get hashed out. Feed quality fabas are being supported by pet food values. Local bids on export quality #2 faba sit in the range of $13.00-$13.50/bu FOB farm, and feed quality values are near $10.00-$10.50/bu FOB farm location dependent.
The flax market has been softening over the past couple weeks with buyers having issues with selling overseas, and they are well supplied for the time being. Currently, we have buyers telling us that Europe sales are next to nil and product has not been heading east either (China). While local supply is not overwhelming this year, the slow movement early on creates a bigger pile for later. One of the main reasons prices will still be supported is grower reluctance to sell at lower values, which keeps sales slow and markets from getting overrun with product. Currently, we see bids at $17-$18/bu, but not much for trades as growers mostly aim for something that starts with a 2.
Canola markets show signs of life today with both January and March futures up roughly $10/MT at the time of writing. Support has spilled over from gains in the soy complex, European rapeseed, and Malaysian palm oil markets, which are also showing improvements on the day. Discussion of possible production cuts in crude oil supported veg oil markets as well, which in turn provided additional support for canola. Today, local cash bids sit between $19.00-$19.65/bu delivered plant, pending location and basis levels. Currently, January futures are posted at $845/MT and change, with March showing a marginal discount of approximately $2/MT.
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.