Political tensions between Canada and India are creating potential headwinds for the yellow pea market. However, prices in India had already begun to decline before these new tensions arose on expectations that imports would slow, and tariffs could be reimposed after December 31st. On the bright side, China has reported smaller inventories, which could revive some import activity, though Russian competition will remain a factor. Green and maple peas, unaffected by these political developments, continue to trade strongly. Current yellow pea prices range from $10.00 to $10.50/bu picked up in standard markets, with potential for stronger bids on glyphosate and glufosinate-free lots. Green peas are held at $15.00 – $16.00/bu picked up, while maple peas range between $18.00 – $20.00/bu on farm, depending on variety and shipping timeline.

Wheat markets have seen little change from previous weeks and while futures experienced some volatility last week, they ultimately settled at similar levels. Old crop wheat is still quoted in the high $7/bu to low $8.00/bu delivered range to various locations across the prairies. The durum market remains steady, with bids varying between $8.25 and $9.00/bu FOB, largely influenced by location and delivery timeframe. On the feed side, product is currently trading in the mid-$6.00/bu range, though bids are also area and freight specific. As the next few weeks unfold, it may be worth posting offers slightly above market values across all wheat types to capture any potential market opportunities that arise.

Flax prices remain relatively stable this week, though they continue to vary depending on location and movement timeline. For those seeking delivery before the new year, bids range between $16.50-$17.00bu picked up, while opportunity for slightly stronger pricing may be attainable for those willing to hold product into the first quarter of 2025. Growers in SE Sask who are willing to hold product are encouraged to call the office as indications have popped up at $18/bu FOB for Feb/Mar 2025 shipping. Global competition for flax has increased since 2021, weakening Canada’s price influence. However, with smaller production this year, there is potential for improved export activity in the 2024/25 season, which could offer some price support down the line. The key factor to monitor will be the Black Sea region’s flax crop, as it continues to dominate trade into Russia and China. In the yellow flax market, activity remains limited, with buying largely following a hand-to-mouth pattern, meaning buyers are only filling short-term needs.

The chickpea market had a tough start this year, and now with uncertain Canadian/Indian trade relations the future remains unclear. Today, bids remain unchanged from recent weeks as #2 large Kabuli chickpeas with 10-15% 7mm are being bid around $0.40/lb FOB farm for November-December movement, with overall size and location playing a significant role in determining firm value. To avoid unexpected discounts, sellers are advised to have both metric and imperial sizing confirmed, especially for cross-border transactions with U.S. buyers. Larger chickpeas, particularly lots with 20-25% 9mm or better are proving to be scarce again this year, and buyers remain eager for that product. However, finding these sizes is increasingly challenging, which has limited market movement.  Feed chickpea markets remain quiet, though it appears some long-term direct business between buyers and key growers is sustaining the supply chain. While there is always demand for lower-grade chickpeas, it often requires more effort to find the right buyer.  So far, there have been no formal discussions about new crop values from buyers or sellers, though it’s likely on everyone’s radar given the market’s uncertainty.

Barley continues to show strength this week, trading between $4.50-$5.20/bu FOB farm, depending on location. Quick movement is becoming harder to secure, with many buyers now targeting November-December delivery, though slight premiums are available for January-March shipping. Given bushel weight and moisture spec is a priority for feed buyers this season, it’s recommended to have specs on hand to maximize your returns. Buyers continue to offer discount schedules for off-spec product, so if you’re barley doesn’t quite meet the 48lb min and max 14.8% moisture mark, reach out to your merchant to explore available options. The malt market remains quiet, though fall discussions are ongoing. We’re still accepting samples for testing, so contact us if you have potential malt product. Notably, with some U.S. barley reportedly missing malt specs, there are competitive bids across the border that could be worth considering if this trend holds.

The oat market remains slow but has seen a slight price uptick. #2 CW oats are now being bid at $4.50/bu delivered to Saskatchewan plants, up $0.20/bu from last week. Feed-quality oats are also in demand, though bids remain highly dependent on specifications, particularly weight. As of October 7th, 96% of the Saskatchewan oat crop has been harvested. If the bins are full and you’re looking to make a sale, now may be a good time to reach out to your merchant. For those with product in Manitoba, bids are also currently sitting at $4.50/bu delivered to Manitoba plants, with an additional $0.10/bu carry for later shipping timeframes.

Soybean futures remain under pressure, driven by speculator selling, the rapid pace of U.S. harvest, and the potential for rain in dry areas of Brazil. Brazil’s 2024/25 soybean production is forecast at 166.05 MMT, a 13% increase from last season. Locally, soybean prices are trading between $11.00 and $11.50 per bushel FOB farm.  In Argentina, difficult growing conditions have negatively impacted dry bean production. While there could be some demand from Mexico, it’s expected to be softer than last year. Large classes of dry beans are priced around 40¢ to 41¢ delivered, while smaller specialty classes are trading between 50¢ and 59¢ delivered. Faba bean exports have seen limited interest due to good production forecasts from Australia and the UK. However, concerns remain about potential frost damage in Australia that could impact yields. Current export bids for faba beans are around $9.00/bu FOB farm, while feed-quality faba beans are priced near $8.00/bu FOB farm.

Lentil markets have steadied after their recent price surge. Red lentils are trading at 33¢/lb FOB farm, with potential for 34¢ for February movement, down from last week’s high of 35¢. Some buyers have pulled bids completely, awaiting potential market impacts from Canada-India trade tensions. Large green lentils reached 62¢ but have since eased to 60¢/lb FOB farm. Small green lentils continue trading in the mid-50¢/lb range. There has been renewed interest in specialty lentils, with inquiries about French greens and black (beluga) lentils hitting our desk. French greens have traded as high as 47¢/lb delivered plant, while black lentil buyers are showing possible bids of 60¢/lb, though no trades have been confirmed yet. Seed inquiries have also begun, and producers may want to act sooner rather than later. Last year’s seed supplies ran out quickly. The most sought-after varieties are CDC Lima and CDC Grimm for large green lentils, and CDC Jimini for small greens. All three are Clearfield varieties and the Jimini variety offers the highest yield potential among small green lentils.

The mustard market remains quiet this week, with both buyers and sellers showing little urgency. Yellow mustard prices are holding steady at 43¢/lb picked up on the farm, though stronger prices may emerge for those willing to hold product into the new year. Placing an offer could help attract market interest. Brown and oriental mustard prices remain in the 30¢-32¢/lb range. Brown mustard might see trades at 33¢ FOB farm on firm offer, so let us know if you have product available. Oriental mustard remains slow, with bids challenging to secure, but reach out with your inventory, and we can explore options. If you need seed for the spring, we are already booking treated and untreated seed, delivered to your yard.

Canola is back on an upward trend after yesterday’s drop, driven by an increase in vegetable oil production, though stronger soybean and soyoil markets softened the rise. As of now, bids sit at $602/MT for November and $613.60/MT for January. Canadian canola prices have recovered above the highs seen during China’s anti-dumping investigation, with expectations that a ban on Canadian imports is unlikely. Strong export performance suggests Canada could hit 8 MMT if the current pace continues. Meanwhile, the EU has revised its canola harvest forecast downward to 16.7 MMT, marking a 16% drop from last year, potentially prompting EU buyers to source canola elsewhere.

Canaryseed values have been flat in recent weeks, possibly due to lingering harvest pressure. Yield reports are generally decent, though there ares exceptions. Buyer bids range from 30¢/lb to 32¢/lb picked up on the farm, with some sellers stepping back to wait for better prices. Canaryseed tends to be in strong hands, and with fewer sellers willing to accept current bids, we could soon see a price floor form. Once that happens, it will be important to watch the market closely for brief rallies, as canaryseed price increases can be short-lived.

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.