The wheat market remains mostly unchanged this week, though nearby movement is becoming harder to secure on milling quality, as most buyers have already covered their needs for the next couple of months. Today, activity is seen for January/February shipment, with bids on #2 or better CWRS ranging between $7.50 and $8.00/bu delivered to various locations. On the feed side, strong demand remains for red wheat, with trade hitting the books as high as $7.00/bu FOB farm in central SK this week. Growers may still capture quick movement timelines at these levels as well. Demand for white wheat drags slightly, but are available. The durum market remains steady, showing little change from recent weeks. Current bids sit around $8.50/bu for #2 CWAD, with #1 trading slightly higher at $9.00/bu delivered. While the future for durum remains uncertain, moving a small percentage at these prices could be a good way to generate some cash flow for the farm.

The pea market has remained mostly steady week-over-week and ongoing tensions between India and Canada appear to have stabilized in terms of their effect on grain prices. Yellow peas are trading at $10–$10.50/bu picked up, with some $12 delivered options available for pre-harvest chemical free peas. Green peas continue to see offers around $16/bu picked up, contingent on freight costs, however, maple peas have shown some life, with product grown from Mosaic variety trading at $20/bu picked up, and Acers fetching up to $22/bu. If you’re considering a sale, it’s a good idea to contact your merchant to discuss variety-tailored bids and FOB pricing in your area. Additionally, certified seed is available if you are interested in trying a new variety for the next growing season.

Flax pricing remains steady this week, still largely bid between $17.00 and $17.25/bu picked up for movement into the new year. Opportunity for earlier movement windows do pop up, so it’s worth checking in with your Rayglen merchant periodically and/or having targets available for purchase. Yield reports are mixed, but it’s widely agreed that supplies for 2024/25 will be on the lower end. With demand expected to outpace supply, some export limitations are anticipated. However, flax shipments to China showed improvement in September, reaching the highest volumes from Canada since 2018, despite Russia remaining the primary supplier. Russian flax exports to the EU currently face a 10% tariff, which will increase to 20% in January. This could generate more demand for Canadian flax. This, combined with reports of tight global stocks, there is potential for market strength ahead.

Canaryseed supplies for 2024/25 are projected to be comfortable, which is reflected in current pricing at 30–32 cents/lb picked up. Mexico remains the primary buyer, but it only imported 2,000 MT in August, raising concerns about demand for the coming year. While analysts aren’t sounding the alarm yet, a larger supply could suggest prices have found their floor, though that remains to be seen. Unless demand picks up significantly in the new year, values are expected to hold steady. Pricing some canaryseed now could be a prudent move given the ample supply and tempered demand outlook.

Mustard prices have been stagnant in recent months, with little movement seen in the market. Sellers remain unmotivated, and buyers are not showing much aggression either. A handful of trades have trickled through, typically driven by bin space needs or cash flow requirements, but overall activity remains quiet. Yellow mustard is currently quoted at 41-43 cents/lb picked up for movement before Christmas. Some buyers may entertain offers a cent or two higher for delivery into winter/ spring, but overall demand is slow. Brown mustard prices have held steady, with bids around 32–33 cents/lb picked up for fall movement. Oriental mustard remains the slowest-moving of the three, with bids indicated at 30–32 cents/lb, but there is minimal interest from either side to finalize trades. On the certified seed side, prices are beginning to appear, and availability looks good. Given mustard’s relatively lower cost of production, it may be an appealing option for planting in the spring.

Canola has seen support this week, driven by rising prices in comparable oils and poor global oilseed conditions. Reports indicate weak sunflower crops in Europe and the Black Sea region, coupled with a poor European rapeseed harvest. Demand from China remains robust, as reflected by Canadian growers’ strong delivery pace. As of Week 10, of the shipping year, Canadian farmers have delivered 4.6 MMT of canola to domestic elevators—67% ahead of last year’s pace. At the time of writing, canola futures are at $634.8/MT. In Saskatchewan, current bids range from $13.20 to $13.80/bu delivered to various plants. Bids are reaching $14.00/bu for February 2025 shipping and beyond. There are also FOB farm pricing options available—connect with your merchant to discuss prices based on your location.

Lentil markets have taken a step back this week, with all varieties losing a cent or two. Uncertainty surrounding Canada-India trade relations is the primary reason for the price decline. Additionally, new data from Saskatchewan Agriculture and StatsCan has influenced market sentiment. Saskatchewan Agriculture lowered its yield estimates by 1.6 bushels per acre, bringing the new estimate slightly above 20 bushels per acre. StatsCan also reported a further reduction in 2022/23 ending stocks. Green lentils are expected to have the tightest ending stock, while red lentils should see a slightly more comfortable supply. The key question now is whether lower supply numbers will outweigh the impact of political tensions. Large green lentils are trading around 60 cents FOB farm, small greens at 54-55 cents FOB farm, and reds at 32-33 cents/lb FOB farm for early movement, with 34 cents trading in southeast SK for deferred movement.

Barley markets remain relatively steady in terms of pricing, demand, and sales. Feed barley is trading just under $5.00/bu on the west side of Saskatchewan for December movement, and $4.25-$4.50/bu on the east side. Growers in Alberta are still seeing in bids north of $5 in most cases where freight is advantageous. The market appears to be flat, with only minor fluctuations expected as the year progresses. Factors like U.S. corn supply, export markets, and the Australian crop will likely limit any significant upward movement. The malt barley market remains quiet, as buyers seem to be covered for the short term. However, a couple of factors could support barley in the longer run; exports are up 4% over the five-year average, and Canadian supply is lower. Given its stable outlook, malt barley may be one of the more reliable crops to hold onto this season.

The chickpea market has been consistently quiet this year, with Canadian exports off to a slow start, which isn’t ideal. Globally, India’s imports have begun strongly, and this trend is expected to continue as the Australian crop comes off, which will help cover demand until their rabi harvest. This influx may weigh on our domestic market further. Locally, bids continue to hold steady at $0.40/lb picked up on the farm for a #2 Kabuli with 10-15% 7mm and 30% 9mm for end-of-year movement. If you have larger-caliber Kabuli chickpeas on the farm, you might be able to secure a slightly higher price. It’s essential to know chickpea sizing, as some buyers use imperial measurements while others use metric, leading to significant differences in reported spec. We suggest requesting both measures be completed when submitting samples for grading, so there is no confusion when it comes to marketing. With decent yields on both sides of the border and smaller sizing this year, pricing may be generally stable.

Harvest pressure is easing now that most of this year’s U.S. soybean crop is out of the fields. As of the beginning of the week, the U.S. soybean harvest was 81% complete. Currently, local soybean prices are hovering between $11.00 and $11.50 per bushel FOB farm. In Argentina, tough growing conditions have significantly impacted dry bean production. Although there may be some demand for dry beans from Mexico this year, it’s expected to be lower than last year’s levels. Larger dry bean varieties are selling for about 40¢ to 41¢ delivered, while smaller specialty beans are priced between 50¢ and 59¢ delivered. On the export front, interest in faba beans has been low due to potential good production in Australia and the UK. However, concerns about frost damage in Australia could still impact yields. Export bids for faba beans are around $9.00 per bushel FOB farm, and feed quality fabas are priced at about $8.00 per bushel FOB farm.

The average oat yield is now estimated at 83.6 bu/acre, slightly below 83.9bu reported in 2023. Oat harvested area was expected to rise by 14.6% from 2023 to 2.339 million acres. These estimates will gain clarity now that harvest is largely wrapped up and traditional data collection methods are being employed. Overall, it appears that the oat market should be adequately supplied for the marketing year. Milling oat bids are in the range of $4.50-$4.60 delivered, while light test weight oats are indicated at around $2.25/bu picked up, though firm bidders are still tough to come by.

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.