As we move into mid-October, barley markets see little change from recent weeks. Buyers remain active but continue to show bids below $5.00/bu FOB farm – levels that were largely expected given this year’s stronger prairie yields. Adding to supply pressure is malt barley that failed to make grade, as well as corn and other feed grains becoming available to the market. As usual, values improve in correlation to the proximity of feedlot alley and nearby shipping opportunities are increasingly limited unless sellers are willing to take discounted values. The malt sector remains quiet, with maltsters showing little interest in product, while offering no firm bids. Having your grades in hand remains a key factor in securing bids when they become available.

The pea market remains subdued amid a heavy supply outlook. China has made no changes to import tariffs, and India has suggested it may introduce its own, which would significantly impact Canada’s two largest pea markets. Prices are steady from last week, with yellow peas at $7.00/bu picked up and green peas, max 3% bleach, ranging from $10.00 to $10.50/bu picked up. Maple peas continue to hover around $10.00/bu with a handful of interested purchasers. While small price bumps are possible, if export demand remains muted and domestic supplies high, pea values are likely to remain under pressure throughout the marketing year.

Canaryseed harvest is nearly wrapped up, and while final yield data is still forthcoming, production looks solid overall despite fewer seeded acres. Combined with last year’s carryover, total supply should comfortably satisfy export demand. In fact, available stocks are projected to be the highest in about 15 years, while prices remain near the lower end of that same period. Buyer bids have softened slightly, slipping about half a cent from last week, with current values around $0.19 to $0.195 per pound picked up on the farm, depending on freight and delivery window. With ample supply and limited demand, the market appears well-covered and likely to stay under pressure into the new year, making a meaningful price rebound unlikely in the near term.

Wheat harvest across Saskatchewan is nearly complete. The provincial Ministry of Agriculture estimates red spring wheat yields at 51 bu/acre, with durum averaging around 41 bu/acre. On the global front, the Black Sea region continues to see slower export demand, though several Middle Eastern and African nations have begun tendering for milling wheat. Strong production prospects in both Australia and Argentina are keeping international prices subdued for now, but with harvest pressure easing and new tenders emerging, many are watching for a potential uptick in values to trigger sales. Locally, CWRS 13.5 protein is priced around $6.75/bu delivered Western Saskatchewan for 2025 shipping, with a carry to $6.90/bu for January–March movement. CPSR is sitting at $6.55/bu delivered Central Saskatchewan, and CWAD is indicated at $7.50/bu with durum movement anticipated in March. Feed wheat values remain steady, trending stronger as you move west, with bids between $5.50 and $6.00/bu FOB farm. For off-spec wheat or triticale inquiries, reach out to your merchant for area-specific opportunities.

Oat harvest was estimated at 96% complete early last week, with provincial yields averaging 92 bu/acre according to the Saskatchewan Crop Report. Current bids sit around $3.70/bu delivered Central Saskatchewan, while Eastern Saskatchewan has seen offers up to $4.00/bu delivered for glyphosate-free oats with spring through summer 2026 shipping. Feed oat interest remains active, with bids in the $2.25–$2.50/bu FOB farm range depending on quality, freight, and buyer requirements. While overall quality appears strong, some feed-grade oats are expected to hit the market due to weather challenges during harvest. Producers are encouraged to have their oats graded or get a sample into the office to ensure they capture the best marketing opportunities possible.

Chickpea markets are already shifting focus toward next year, with current conditions shaping expectations for 2026. Exports remain solid, but Kabuli chickpea bids are roughly 30% lower than a year ago. These reduced prices appear to be both supporting current export demand and discouraging future acreage, as growers weigh profitability heading into next spring. If acres do decline and export demand holds steady, the large carryover from the past couple of seasons—combined with this year’s sizeable crop—may finally begin to draw down. Bids remain steady this week despite reports of variable green counts. For updated local values, reach out to discuss current bids.

Flax markets continue to show relative stability, though price spreads remain wide depending on delivery timing. To maintain current values, export strength into key destinations such as the U.S., the EU, and China will need to persist through 2026. Competition from Kazakhstan and Russia continues to pose a risk to Canadian export share. Domestic flax supplies are not excessive but are still higher than last year due to stronger yields. Current bids range from $16.00 to $17.50/bu, with the higher end reflecting deferred movement into spring 2026. With most major commodities facing heavy supplies this year, producers are encouraged to plan ahead for cash flow. Securing sales now for 2026 delivery may help avoid challenges later on as logistics tighten and markets fill up.

Lentil markets saw little change over the past week. Red lentil bids remain steady at 22 cents per pound delivered, with the occasional 23-cent indication still being quoted. Large green lentils also held firm, with #2s trading between 27 and 27.5 cents per pound FOB farm and #1s reaching up to 31 cents. Small greens are showing limited movement, but 24 cents per pound delivered is available on select early spring contracts. French greens remain sluggish, trading at levels similar to small greens. While lentil prices have softened considerably compared to this time last year, stronger yields have helped offset the decline. For instance, a 20 bu/acre large green lentil crop last year would have grossed roughly $694.61/acre, whereas this year’s 40 bu/acre crop would generate around $632.17/acre. Small greens last year at 20 bu/acre brought in about $626.28/acre, compared to $523.82/acre this year at 40 bu/acre. Red lentils returned $376.45/acre in 2024 and $517.45/acre in 2025. Overall, while prices are weaker, improved yields have largely maintained profitability.

Soybean futures continue to face pressure from ongoing U.S.–China trade tensions and fading hopes for renewed Chinese purchases. The U.S. soybean harvest is 58% complete, slightly behind last year’s 64% pace. In South America, planting conditions are favorable, though early forecasts suggest Brazil’s 2026 soybean crop could come in slightly below last year’s record production. Local soybean bids range from $11.00 to $11.35 per bushel picked up on the farm. North American supplies of black and pinto beans are expected to be strong, with Mexican demand likely to ease back toward typical levels amid increased competition from other exporters—putting some downward pressure on prices. Minor bean classes, however, should see stronger demand and firmer values due to tighter supplies. Black and pinto beans are trading near 30¢/lb, while minor classes are fetching higher bids. Export demand for faba beans remains limited, with farmgate bids around $8.00/bu and feed-quality faba beans at approximately $7.00/bu FOB farm.

Most of the mustard crop is now in the bin—maybe a few fields still standing—but we think we can safely call the 2025 harvest a wrap. Trading activity remains slow, with few sellers engaging and buyers largely comfortable with existing coverage. This balance is keeping prices steady for now, and the market could remain range-bound for some time. Yellow mustard continues to trade flat around 40 cents per pound for 2025 shipping, with premiums available for 2026 movement. Oriental holds firm, with bids between 42 and 43 cents per pound picked up, depending on delivery window. Brown mustard remains steady at 35 cents per pound, with some 2026 bids reaching 37 cents. Seed sales for 2026 are expected to start soon, and acreage could see a modest increase next year if current prices persist and growing regions maintain adequate moisture. For those planning ahead, it may be worth checking in on early new crop opportunities as buyers start considering bids.

Canola markets showed modest strength early this week, posting gains on Tuesday and Wednesday (at time of writing) and recovering some ground lost late last week. November futures are currently around $619/mt, though most buyers have now rolled to the January contract, which sits near $634/mt this morning. Harvest progress is estimated at over 95% complete across the Prairies, meaning most of the crop is now in the bin, and production estimates will soon become clearer. News that canola tariffs could be lifted once Canada removes EV tariffs is seen as positive, though it remains speculative until formal action is taken. Market participants continue to monitor trade developments with both the U.S. and China, as these relationships remain key drivers and could inject volatility into prices in the weeks ahead.

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.