The pea market has seen some positive movement over the past week, particularly with yellows inching up to the $10.00–$10.25/bu FOB farm range in most locations. Glyphosate-free yellow pea markets continue to be key focus for buyers, with firm offers attracting interest. Green peas are holding steady at $15.00/bu FOB farm for #2 quality or better, though firm offers above this level may be looked at. If you have higher bleach greens, there is interest, but it’s best to call with your specs to find the right buyer and accurately quote values. Maple peas remain stable, with pricing between $17.00–$19.00/bu FOB farm contingent on the variety. Overall, pea yields are being reported stronger than the previous year and buyers are aware, but the demand side of the equation has negated any downside pressure. Moving a portion of your product can help generate cash flow and bin space at strong values today.

Mustard bids have been relatively flat this week, with minimal movement seen in market dynamics. Yellow mustard is still quoted as high as 45 cents/lb, but shipping before year-end is unlikely. Those looking to move product before Jan 1^st are seeing bids closer to 42-43 cents. Brown and oriental mustard remain in the 30–32 cent range for shipping over the next 3 months, though brown mustard may see an extra penny for those willing to hold into the first quarter of 2025. If you’re looking to move product, firm offers may still get attention, and with cash flow considerations, holding mustard for much longer may not be the best strategy. Call your merchant to discuss certified mustard seed options for next season.

Canaryseed prices have softened over the past week, with bids dropping from 33 cents to the 30–31 cent/lb range FOB farm. These lower bids are likely for smaller volumes, as buyers focus on 2024 new crop contracts. Despite the lower urgency for spot purchases, current bids still present an opportunity to free up bin space or generate cash flow. Firm offers or targets might still draw interest, but delivery is now leaning toward the winter months as demand tapers off.

Flax supply estimates from mid-September show a decrease from the 2023 crop, according to StatsCan, although the harvest is still in early stages, so final figures could rise. Currently, prices remain steady, ranging from $17–$17.50/bu FOB, depending on freight and movement factors. Canada’s flax export potential could provide price support, especially if shipments to Europe increase, as Russia is expected to continue supplying China with 70% of its needs through 2024/25. Kazakh supply is not expected to significantly affect the market due to low inventory. Additional price support could come if the US enters the market for Canadian flax.

Canola values have plateaued this week, with November futures repeatedly hitting resistance at the $620/MT level. Local bids vary by location, with spot prices ranging from $12.30–$13.80/bu delivered. Premiums are available for those willing to hold longer. If you have a specific price in mind, posting a firm target with your merchant could attract buyers willing to negotiate. Harvest continues, especially in northern areas, where yields are better but still below expectations, with incomplete filling reported in some cases.

Wheat futures have seen gains due to ongoing drought concerns in the Black Sea region, particularly in Voronezh, Russia, which declared a state of emergency. Russian export wheat prices also increased slightly to the low $220s/MT (USD). In Canada, wheat harvest is over 85% complete in Saskatchewan and Alberta, with durum harvest over 93% complete. Local wheat prices range from $7.50–$7.80/bu delivered for CWRS 13.5% pro and durum is trading between $8.25–$9.00/bu FOB, with the higher end specific to SE Saskatchewan and 2025 movement. For feed grains, prices are dependent on location and quality, so reaching out to a merchant is recommended, but indications sit near $7.35/bu delivered to feedlot alley.

Soybean futures dipped slightly overnight, continuing the recent sideways movement. Price growth is being limited by softening soymeal futures and forecasts of rain in northern Brazil, where dry conditions have delayed planting. Local soybean bids are hovering between $11.00 and $11.50 per bushel FOB farm. Argentina’s poor growing conditions have sharply reduced dry bean production, and although there may be some renewed demand from Mexico, it’s not expected to match last year’s levels. Various bean types are priced between 45¢ and 51¢ per pound delivered. Export interest in faba beans remains low due to ample production in Australia and the UK, though frost concerns in Australia could affect output. Feed-quality fabas are around $8.00 per bushel FOB farm.

Oat markets remain unchanged this week for both milling and feed varieties. Initial concerns over lower yields and lighter test weights have eased as harvest results show better-than-expected performance. Buyers are focusing on further-out purchases, and #2 CW oats are trading between $3.75 and $4.00 per bushel FOB farm. Feed markets remain variable, with prices occasionally aligning with milling oats depending on the freight situation, so it’s important to check bids thoroughly at the time of marketing.

Barley prices are steady, trading in the $4.50–$5.50 per bushel range, with stronger bids closer to Alberta and feedlot alley. There is some lighter-weight barley on the market, so understanding the quality will help secure firm bids. There’s been some talk of malt interest, but buyers are waiting to see sample results on previously contracted product before committing. Feed barley values are currently strong, and malt bids may rise in the near future if off spec product on expected supply continues to roll in. For now, though, the market is still in a holding pattern with bids around the $5.00/bu range.

StatsCan production estimates for chickpeas are averaging around 25 bushels per acre, but this figure feels optimistic given the comparative yields of other crops. While Canadian acres have increased, India is reporting its smallest chickpea production since the 2018/19 season. As a result, Indian prices have been bullish and are expected to remain so until Australia’s harvest in early 2025. In North America, the chickpea market remains fairly stable, with buyers taking a cautious “hand-to-mouth” approach and little speculative buying. Recent price bumps have fizzled, and the market seems content to hold its current tone around $0.38-$0.40/lb FOB on #2 large Kabulis until new developments emerge. Buyers are maintaining flat positions and waiting for any significant market shifts.

The lentil market continues its upward trend as October begins. Large green lentils are leading the charge, with trades reaching as high as 60¢/lb FOB for later delivery. Small green lentils have also seen activity, trading as high as 54¢/lb on firm offer. There’s increasing interest in French green and black lentils as well, though values on those niche markets are harder to quote today. It is recommended growers reach out with available supply to firm up bids. Red lentils have inched up this week, with some offers trading at 32¢/lb FOB farm. However, the red lentil market is largely waiting for more concrete information on the Australian crop size, which is still a month away. New crop pricing hasn’t been released yet on any type of lentil, as buyers are focused on clearing up existing contracts, but if you have a target price in mind, placing a firm offer could draw buyer interest and spur some trades.

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.