Oat market activity remains subdued, with both sellers and buyers largely focused on wrapping up harvest and evaluating crop quality. There is a mixed range of oat quality being reported, with light-weight oats becoming more common alongside heavier product. Light oats are receiving little attention this week, though there may be developments once the full extent of the harvest becomes clear, potentially finding homes in either the feed or milling markets. High-quality, heavy oats are still being priced between $3.75 and $4.00/bu FOB farm, though delivery timelines are increasingly being pushed out. Western SK producers may want to keep an eye on feed oat pricing, which can sometimes match milling prices due to freight costs.

The barley market remains steady as we approach October. Due to the lack of significant corn shipments into feedlot alley, feed barley prices have stayed consistent and supported, ranging from $4.20 to $5.50/bu FOB farm, with higher prices available closer to feedlot regions. The general expectation is for strong feed barley supply this year, which has kept buyers from rushing to secure product. Additionally, lighter-weight barley is being stored, and its future market potential is uncertain—knowing your product specs could be key in this year’s market. On the malt barley side, purchase demand and overall discussions surrounding this commodity have been quiet. While there is a small market for malt, there has been little movement in value or willing bidders recently. Producers are encouraged to submit samples as early as possible, especially if there’s a chance the barley doesn’t meet malt specs, in order to secure a decent feed value.

Canaryseed prices have settled into a range of $0.32-$0.33/lb FOB farm, with limited depth. Buyers are now focusing on moving 2024 new crop contracts, which has reduced the urgency to buy on the open market. The supply-demand balance typical of canaryseed appears to be playing out, with demand just not strong enough for present supply. Despite this, current bids still offer a solid opportunity for those looking to clear bin space or generate cash flow. Firm offers and targets might still attract interest, but delivery windows are starting to shift towards the winter months.

The pea market gained some momentum this week, buoyed by India’s extension of the zero tariff on yellow peas. Current bids sit between $9.75 and $10.25/bu FOB farm, though firm targets higher may see some interest. Green peas also saw increased support as Indian prices rise, with hopes of a potential tariff reduction. Green peas are trading at $15/bu picked up, based on a maximum of 3% bleach. Maple -peas remain stable, with prices still ranging from $17 to $19/bu FOB farm, contingent on the variety. Canada’s pea crop, now mostly harvested, is reported to be 21% larger than last year, according to StatsCan. While Canadian pricing has seen seasonal gains, Russian supplies to China and India are a factor to watch, particularly with potential Russian weather issues that could reduce their harvest potential.

Canola continues to show gains, rising from under $550/MT in mid-September to nearly $610/MT at the time of writing. The most recent rally peaked at $620/MT before pulling back, so this level is worth monitoring for sales opportunities. Local cash bids range from $12.50 to $13.70/bu delivered plant, depending on location and whether the sale is for October or June delivery. While export challenges remain, tighter expectations on production and support from soybeans have been contributing factors to the price increase. Harvest has slowed slightly due to rain across parts of the province.

Chickpea prices remain stable, with buyers showing intermittent interest. Australia is facing dry conditions that are raising concerns, causing sellers to hesitate. Bids for large kabuli chickpeas are steady at $0.42-$0.43/lb FOB farm for a No. 2 grade, with 10-15% 7mm and a minimum of 20% 9mm. Growers with larger percentages of 9mm, or larger, may have the opportunity to see strong values. Movement is expected from September to December 2024 at this stage, but firm offers are always welcome. Feed markets are also showing some interest, so it may be worth exploring pricing opportunities if you have feed-grade chickpeas available. Call your merchant for details.

Recent reports suggest differing opinions on crop sizes in Canada and Australia, which may be influencing the strength of lentil markets. According to *Grain Central*, an Australian newsletter, traders believe Australia’s lentil crop will be around 1.2 MMT, compared to the Australian Bureau of Agricultural & Resource Economics (ABARES) projection of 1.7 MMT. This downward adjustment is due to frost and drought in parts of New South Wales, South Australia, and Victoria. The Western Producer has also reported the possibility of a smaller Australian crop, with Canadian supply potentially impacted by July’s heatwave. Despite these reports, red lentil prices have remained stable, trading at 30–31 cents/lb. However, if crops fall short of earlier estimates, we could see price impacts later in the marketing year as Australia’s harvest approaches. Green lentils, meanwhile, continue to strengthen, with large greens trading at 55–56 cents/lb for No. 2, and small greens at 50 cents/lb for No. 1, both FOB farm. One factor that could influence the large green lentil market is India’s upcoming pigeon pea crop, which, at an estimated 3.7 MMT, may reduce India’s demand for Canadian lentils.

In wheat, harvest progress has advanced, with Saskatchewan 81% complete, Alberta 79%, and Manitoba 87%. Wheat prices vary based on variety and grade, typically between $7.00 and $7.25/bu delivered to Saskatchewan plants, with premiums available for higher protein content. Durum wheat is expected to see increased production in Canada, Turkey, and the U.S., contributing to an additional 3 MMT of global production. This, along with Turkey’s influence in the market, may challenge Canada’s export potential. Durum prices generally hover around $8.50/bu delivered, with SE Saskatchewan growers possibly seeing $9.00/bu FOB farm for movement into 2025. For feed wheat, it’s best to check in with your merchant for updated prices.

Flax markets remain stable, with prices ranging from $16.50 to $17.50/bu for No. 1 quality, all depending on shipping timeframe and location. Yellow flax markets are operating on a hand-to-mouth basis, so if you’re looking to move product, communicate your needs with your Rayglen merchant as small demand opportunities do arise. While early flax yield reports are scarce, analysts expect strong performance for 2024, with continued price support due to potential improved exports. The key factor to watch will be the Black Sea region’s flax crop, which has dominated EU and Chinese markets in recent years.

Soybean production in the U.S. is under caution due to unfavorable weather conditions, with speculation of potential yield losses of up to three bushels per acre. If realized, this could significantly shift market sentiment. Brazil and Argentina are also experiencing challenging weather, which will need monitoring, especially as the biofuel industry sees growing demand. China’s increased purchase of cooking oils adds to potential market support moving forward. The USDA report at the end of the month could bring more clarity on these trends. For now, soybean prices have softened, with local bids ranging from $10 to $11/bu picked up on the farm. In the faba bean market, feed values remain steady, hovering around $7–$8/bu FOB farm, as export demand continues to be quiet.

Mustard bids have remained flat week-over-week, which is seen as a positive sign, as it indicates that the reluctance of farmers to sell larger amounts this fall has helped establish a price floor. While supplies are comfortable due to a large carryover and this year’s production, this could suggest a fairly stagnant market for the foreseeable future. Yellow mustard is still quoted as high as 45 cents/lb for deferred shipping, while brown and oriental mustard sit in the 32 & 30 cent range respectively. If you’re looking to clear bin space or generate cash flow, there are now more opportunities to move product compared to 2-3 weeks ago. Reach out with firm offers, as there may be room to get trades done, especially when able to accommodate longer shipping windows. Additionally, it’s never too early to start thinking about seed supplies for next spring—speak with your merchant for more details.

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.