The wheat market wraps up October with little to no change. Nearby movement remains quiet as buyers have largely fulfilled their immediate needs. Indicated values range from $7.65 to $8.00/bu delivered, with the higher prices aligned with 2025 shipping windows. Predicting future trends remains difficult, but if recent volatility in futures markets is any indicator, wheat prices seem likely to hold steady for now. The durum market continues in a similar pattern. Some buyers are reaching for higher-quality durum, though there hasn’t been a major shift in pricing. Average bids for old crop sit around $8.50/bu, with stronger prices possible depending on location and willingness to accept a longer delivery window. Feed wheat also remains stable, with values around $6.50/bu in Saskatchewan and up to $7.50/bu FOB farm in Alberta.

Barley has seen a slight bump this week, with small premiums emerging for spot purchases targeting January–March delivery. Prices range between $5.00 and $5.25/bu FOB farm, depending on the area—still solid numbers to consider. However, U.S. corn will soon begin entering feedlots, which is expected to impact barley’s value, as it often does this time of year. Additionally, China has reportedly purchased feed barley from Australia, and that could ripple through the North American market over time. On the malt side, while no firm prices have surfaced yet, some maltsters are signaling interest in low protein tonnage, which may indicate their need to cover shortfalls. If you’ve got malt barley on hand with specs, now could be a good time to start exploring your marketing options.

The pea market remained relatively stable over the past week, however, softening prices in China and India are starting to put downward pressure on yellow pea values. Russia remains a wildcard in terms of both supply and quality, but they are expected to be strong competitors in these key markets. India’s tariff situation could change by December 31st, as falling domestic prices may prompt a revision, adding further downside risk for yellow peas. On the positive side, green and maple peas are still seeing strong fall shipments, with limited downside risk according to recent reports. Current yellow pea bids are held at $10.00–10.50/bu FOB, with select $12.00/bu delivered options available for pre-harvest chemical-free product, with deferred movement into the new year. Green peas are still trading around $16.00/bu FOB, though bids are becoming harder to secure. Maple peas are fetching $19.00–$22.00/bu, depending on the variety—reach out to your merchant for specific FOB pricing based on your product.

The chickpea market remains subdued, with growers evaluating bids based on lot sizes and buyers closely monitoring potential tenders that might spur market movement. Historically, there’s often an uptick in shipments toward the end of the year and into spring as growers offload inventory for cash flow and prep for the upcoming planting season. Current bids for old crop hover around $0.40–0.45/lb FOB farm, with higher prices available for lots containing 40%+ 9mm chickpeas, and lower offers for lots closer to 20%. Discussion around new crop have picked up recently, with expectations that prices won’t drastically differ from current levels. However, new crop bids are likely to come at a slight discount, with projections in the mid $0.30/lb range FOB farm, typically with an Act of God (AOG) on the first 10 bu/acre. If you’re considering locking in early, placing an offer now could give you a head start in testing the market. Meanwhile, feed chickpea demand remains quiet, though there are homes for sample or off-spec product—just reach out to explore options.

Flax prices remain steady, trading in the $17.00–17.25/bu range, largely dependent on location and movement timeframe. Currently, most purchasers are looking to book post-new-year delivery, but openings for quicker shipping do arise. Having targets available is key to capturing these opportunities. Canadian flax supplies are expected to be tight for 2024/25, which should help support prices despite limited export potential. While Russia remains the dominant supplier to China, Canada saw a surge in flax exports to that market as well in September. On the European front, imports have softened, even with tariffs in place on Russian product. Some surplus inventory from earlier in the year still needs to move through the supply chain before demand can pick up again. The extent of any price upside in 2025 will depend on how tight global stocks become as the marketing year progresses.

The canary seed market has been quiet, with minimal movement in recent weeks. Prices remain relatively stagnant, with bids hovering around 32 cents/lb, but sellers are hesitant to commit to anything below 35 cents. Supply levels appear comfortable for now, contributing to a market that’s likely to remain flat. This could shape up to be one of those typical canary seed years, where prices trend sideways for a while, interrupted by brief rallies of a few cents before dipping back down. While there are no guarantees, this pattern has repeated itself in the past. To take advantage of these short-lived rallies, posting offers slightly above market could be a smart strategy. Setting offers with some lead time increases your chances of locking in better prices when the market makes a quick move. Something to consider!

There’s not much excitement to report in spot mustard markets, but values are steady currently bid as follows: Yellow mustard @ 41–43 cents/lb, Brown mustard @ 32–33 cents/lb and Oriental mustard @ 30–32 cents/lb. As always, the fluctuation in value depends heavily on shipping window and location. Demand for all types is quiet, with oriental the slowest moving of the three, but we remain ready to take grower targets. With November around the corner, now is the time many growers start penciling in and even finalizing next year’s seeding plans. Although we’ve yet to see new crop values posted, let us know what you’re thinking on new crop values, and we’ll present it to the market to try and find some demand. All types of mustard planting seed are now available with free spring delivery, directly to your yard. Contact your merchant to discuss treated and untreated options. Mustard continues to be an attractive crop, given its relatively low production costs and solid margins.

In a recent release, Statistics Canada reported a canola crush of 933,065 MT for September 2024, an increase from 850,529 MT in August. Exports also remain strong, with year-to-date volumes now surpassing last year’s pace by approximately 900,000 MT. Analysts expect this trend to continue, especially with no updates on Chinese tariffs. Most purchasers will have flipped over to purchasing off January futures, which are down $5.60/MT so far this afternoon, sitting at $641.50/MT. Current bids range between $13.85–14.10/bu delivered plant in northwestern Saskatchewan. In east-central Saskatchewan, bids sit slightly lower, between $13.45–14.10/bu for movement through December. Looking ahead, values appear to be holding above $14.00/bu into the new year and summer 2025. If you’re interested in FOB farm pricing, contact your merchant for customized quotes.

The oat market continues its flat trajectory, with buyers largely focused on milling quality, 42+ pound oats, offering bids in the $4.50/bu delivered range. However, heavy oats are proving hard to come by, as most grower inquiries involve lighter product. Bids for lightweight oats have been seen as low as $2.00/bu FOB farm, reflecting the challenges of marketing substandard weights. Managing bin space may push more oats to market, especially with canola and wheat occupying storage as growers wait for better market opportunities. If you have oats, knowing your product’s weight will be key to finding the right buyer and the best value.

Lentil markets remain quiet this week, with prices slipping slightly for some types and holding steady for others. Large green lentils have fallen victim to the slide, now seeing trade as low as 57 cents/lb FOB farm for December to January movement. Small green and red lentils avoid any major downturn, still trading at 53 to 54 cents and 32 to 33 cents/lb respectively. French green lentil bids have been quoted at 47 cents per pound delivered this week, and buyers are currently seeking Beluga lentils at the 60-cent mark. The red lentil market is watching Australia’s harvest closely to assess global supply. There are notable discrepancies between projections from Australian agencies. ABARES has forecasted lentil production at 860,000 metric tons, while PIRSA has issued a much lower estimate of 428,000 metric tons. This divergence follows a familiar trend, as ABARES has often projected yields nearly double those of PIRSA in recent years. Both agencies have struggled with accuracy—PIRSA underestimated last year’s crop, while both organizations have historically overestimated production. This inconsistency creates challenges for Australian trading partners, making it difficult to finalize pre-harvest marketing strategies. As a result, many buyers are likely to wait until harvest progresses and more reliable information becomes available before making significant moves in the market.

Soybean futures are seeing some upward momentum, driven by news of reduced exports from Brazil, the world’s leading exporter, alongside rising imports in Europe. However, expectations of a potentially record U.S. harvest are keeping any significant price increases in check. Locally, soybean prices remain steady, ranging between $11.00 and $11.50 per bushel FOB farm. In Argentina, adverse growing conditions have negatively affected dry bean production. While there may still be some demand from Mexico, it’s anticipated to fall short of last year’s levels. Currently, larger dry bean varieties are selling for around 40 to 41 cents per pound delivered, and smaller specialty beans are fetching between 50 and 59 cents per pound delivered. Interest in faba beans on the export front has been relatively low, with strong production prospects in both Australia and the UK weighing on demand. However, there are ongoing concerns about frost damage in Australia, which could impact yields and add some uncertainty to the market. Export bids for faba beans are currently sitting at around $9.00 per bushel FOB farm, with feed quality faba beans trading at approximately $8.00 per bushel FOB farm.

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.