The canaryseed market remains fairly stable, although some of our buyers have stated end users are starting to shy away from 30 cents. Today, bids range from 28c/lb to 30 c/lb FOB farm and for the most part, 30 cent bids are quoted for early 2020 movement. If you need to clear some bin space, 28-29 cents should get it out by Dec. 31, 2019. We hope to see these types of bids for a while but are unsure what the future holds in light of this recent buyer comment. There has not been a lot of panic to buy canaryseed lately as was seen in September and October, so hedging your bets may be a good play at this time. As for harvest, it is almost safe to say its over and what is out there now, probably won’t get harvested until the spring… that being said, this is Saskatchewan; if you don’t like the weather, just wait 15 minutes.
Steady as she goes for chickpeas this week. The phones have certainly started to heat up since we are close to ending #harvest2019 and unfortunately, but not surprisingly, there is a lot of green and tough chickpeas on the farm. Feed values have ranged from $0.06-0.12/lb FOB farm depending on the range of quality. If you have tough or damp chickpea, in some cases drying them down is an option, but at a typical $0.20/bu ($0.0033/lb) per percent down you quickly get priced out beyond the lowest bid. It is hard to say where that market is going but consider quality when planning to store for a period of time. Mould and musty smell can quickly put that product below $0.06/lb. No change to #2 market bids ranging from $0.25-$0.27/lb FOB farm and we are always on the lookout for desi’s both old and new crop.
There has been a steady amount of pea trades happening this week. Green peas are trading at $10.00/bu FOB for a January – February movement, we also have movement for higher bleached greens. Yellow peas hit $6.60/bu delivered into North West and South West Sask plants and maple peas are trading at $7.50/bu FOB, unless your variety is Acer then $8.00/bu FOB is tradable. We have also seen movement on Dun peas this week at $8.00/bu delivered. Looking at seasonal tendencies we are expecting pricing to remain mostly sideways to slightly higher, therefore, if your target price is close speak with your merchant on putting in a firm offer. We will also have a supply of pea seed, let us know what variety you are searching for.
The Canola market still remains in the rut it has been in for a number of weeks with the futures seemingly tethered to the $450/mt market in the near term. The January futures carry a $10/mt premium to the November and the March almost the same to the Jan so there is some advantage to pricing further out at this time. Current basis levels puts most bids in the $9.50 to $9.75/bu range delivered, but the occasional short term cover catches closer to $10/bu. We are hearing lots of horror stories of heated canola around the country so if you have anything that went into the bin tough keep a close eye on it. Delayed Pricing options are around again on canola to get the storage risk off your plate but allow you some time for the markets to move if you’re of a bullish opinion on futures or basis levels. This market awaits some good news to get it out of the current sideways trend it continues in.
The large green lentil market is feeling a little pressure this week with price sliding between 1 cent to 2 cents per pound for a number 1 and 2 grades. We have a few buyers looking for X3 and #3 large green lentil prices at 15 cents to 13 cents FOB farm. Nothing has been reported for any significant reason behind this drop other than demand is slowing at the moment. Red lentils remain in the 18 – 18.5cent FOB farm range. India is still the biggest factor in how the red lentil pricing will go, at this time their minimum support price is increased which will help Canadian lentils look a little less expensive, but if they start importing too much then India could impose more tariffs. It will be a balancing act for the short term to keep this market climbing. Don’t expect huge changes in pricing, until the market gets a better handle on actual harvested tonnage and quality in Canada. Setting targets a half cent to a cent higher than the current going rate seems to be working for some to get a sale on the books.
The oats market remains quiet, but solid as prices continue to get interest from farmers across the province. Deliveries remain above pace when compared to last year and there aren’t any expectations of a dip in demand any time soon. Milling oats are trading between $3.40-$3.75/bu delivered to plant in Saskatchewan depending on delivery timeframe. On the feed side of the market, bids are available between $2.50-$2.75/bu FOB farm depending on location. All bids are based on heavy oats that are under 14% moisture.
Flax prices are holding steady this week as more and more acres are taken off. Quality is the biggest concern this year and buyers are all asking to see samples before giving much for firm bids. Top milling quality flax can trade between $13.50-$14/bu FOB farm for January/February movement. #1 quality flax is trading between $12.50-$13/bu FOB farm for November-January movement. While harvest delays are a main factor in prices holding strong, the belief is that Kazakhstan’s flax crop may be in trouble with low yields and a delayed harvest as well. Despite historical low demand for this time of the year, these quality and yield concerns should hold prices firm for the near future.
Soybeans values have been drifting sideways since the end of October. We will have new information on Friday from the USDA with many traders anticipating a bullish report due to a shrinking US crop. Still no new news on Chinese demand, thus US crop size continues to be the topic that is most apt to the move the market. Local soybean bids are trading in the range of $10.25-$10.50/bu picked up on farm. North American dry bean production has hit some stumbling blocks this harvest. This has kept the local market supported. Final quality and production numbers continue to roll in for this year’s crop. It seems that Canada will fall back into its more traditional position within global faba exporters, which means we take a back seat to Europe and Australia. Once again quality appears variable this year with top quality fabas trading as high as $8.50/bu FOB farm.
Barley seems to have a bit of life this week. Maybe the cold temperatures that have swept across the province have also brought better bids. Trucks still seem to be an issue for getting product to Lethbridge and back, which has jammed up buyers until the new year or at least until December. November is completely full for movement, so make sure if you need product moved by end of December you get some contracted before that month is filled as well. Prices this week on barley are between $3.50-3.75/bu FOB farm for December movement, but if you can hold until Jan-Feb a few offers have traded at $4 FOB farm, depending on freight of course. Malt seems to be a of a bit slower process on getting sample results and prices, but there are still buyers looking for some, so send us samples if you are interested.
Mustard prices have stayed in a similar range this week with no major changes. If you are ready to start thinking about next year’s crop plan, we have certified mustard seed available that can be treated and is all delivered to your yard. For new crop contracts, show us offers and we will bring them back to our buyers. Spot yellow mustard is firm at 38c/lb FOB farm for movement early in the new year. Brown mustard prices are still at 30c/lb FOB farm, and oriental, depending on variety, is bid between 23-25c/lb FOB farm. All pricing is based on #1 and is subject to sample acceptance.
Feed wheat continues to see a lot of trading again this week. Look for pricing in that $4.40/bu – $5.00/bu FOB range on dry heavy product, location dependent. The one issue though that seems to be hampering the price for both the buyer and seller is toughness. There is a lot of wet grain out there so make sure you’ve had your grain tested, so when it comes to marketing it you know where you’re starting at. On the milling side of things prices have inched higher. Watch for $6.40 – $6.50 delivered into plant on #1 13.5 pro red spring. Milling durum has been holding steady trading from $8.00 – $8.65/bu FOB depending on location.
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.