Canary seed continues its sideways trend this week as end users have purchased their fair share of product over the past month. As such, we see canary seed values hold steady at $0.55/lb picked up on the farm with movement into the new year. We still await final harvest numbers on this crop but do know that bushels will down this year. Where the numbers will stack up is always a little elusive on a crop that’s notoriously under reported. It’s worth keeping an eye on this commodity moving forward as demand is limited but when it comes values could pop.
Flax prices remain solid again this week with product trading at $37.00-$40/bu picked up on farm. Opportunities exist for the highest pricing when delivery windows are pushed out to Jan. – March 2022. Yellow flax is getting some traction with prices starting at $40.00/bu mark picked up. Offers higher may trigger so be sure to discuss this with your merchant. Right now, flax prices are in the acceleration phase, but keep in mind, these prices could have a push back. As more farmer selling takes place, the market will eventually sort out where the price rally runs into resistance. End users of flax will have to sort out which demand will get rationed as there is no real substitution for linseed oil. Global supply issues weigh on everyone’s mind, as Kazakhstan has concerns about their flax yields. If you need flax seed for next year, it’s time to also start thinking about making purchases as supply will be tight. Contact Rayglen for seed options!
The wheat market continues to hold strong again this week as pricing remains steady. We continue to see feed wheat trading around that $9.50-$10.00/bu picked up on the farm. As well, buyers are looking for some milling quality product with values ranging around $11.40/bu delivered in. Knowing your protein and moisture will go a long way in being able to market your product accordingly. Pricing remains supported here with expected USDA cuts coming to the spring wheat crop, which could be the smallest they’ve had in 19 years. Durum prices have picked up as of late with $20/bu delivered in to Southeast Sask. for movement into the new year on a #1 CWAD. In Southwest Sask. we are seeing values at $19/bu delivered in. If you have a price in mind on some bushels, a firm target is not a bad way to go as there is interest.
Looking back at last week, the pea market has seen very little change. Green peas continue to be priced at $16/bu picked up with maple peas indicated at $19/bu picked up, both on a #2 quality. Yellow peas had a bit more action late last week and into this week. The majority of trades were at $16/bu picked up, however if you are in the Southeast there were some premium pricing options. Many of the movements are getting pushed back to November – January, so if you are needing movement and payment before the new year let your merchant know. As mentioned last week, we should have a supply of seed, but it may be limited this year. Stay in touch on what varieties and quantities you need.
Barley markets remain robust today. Feed values still range in that $7.50 – $8.00/bu FOB farm area depending on delivery time frame and location. The corn supply heading up from the US grows closer daily. Not to sound like a broken record, but when the day finally arrives, we expect to see a drop off in these values for the feed market. Malt remains quiet to date, but we suspect they are still attempting to figure out what is out there and what type of quality it comes with. A year or two ago if someone was offering you $6.00 for your feed barley it would have been a no brainer to sell, and now we sit with values $2 dollars greater than that. Take some risk off your plate and look to sell even a percentage of what is sitting in your bins. Future markets are hard to read but this may be the only time you can say you sold into a feed market for $8.00/bu.
Lentils remain flat this week with little change in pricing. Reds are still losing a little strength with movement being pushed out until the new year. Feedback from buyers is that there is not much for trades taking place overseas. We had a few trades take place at the 49-cent/lb mark but most buyers are happy to sit and wait, quoting 46-47 cents FOB farm. Large green lentils have not changed in pricing this week. Selling has been quiet as growers are willing wait to pull the trigger on sales. The highest trades we have seen this week were at 64 cents/lb FOB farm on the West side of the province. Small green lentil pricing this week is supported between 60-62 cents FOB farm. Buyers are still looking for French green and beluga lentils at outstanding values. Call for information on these as only a couple buyers are looking for limited tonnage.
Soybean futures are up based on export optimism. Most export facilities in the Gulf are now back operating. USDA will release quarterly stocks and usage tomorrow; little change is expected. Local bids have been as high as $14.00/bu FOB farm, but active bids remain sparse. Canadian faba bean production is forecast to be down sharply and one of the lowest produced volumes in recent years. Anecdotal reports have indicated varying quality in the Canadian crop, which actually is fairly standard. Feed quality bids are near $13/bu FOB farm and #2 export quality hovering near $15/bu FOB. Export values seem to be getting established. Dry bean prices continue to see strength as final harvest numbers remain speculative. Water cooler talk is expecting a year over year production decline in the US and Canada. Globally that may be muted by the positive prospects of the Mexican and Argentinian crops.
Chickpea markets speculate where values can go as we consider a 70% smaller planting area in Canada for 2021 and a 40% increase in the US, but with lower yield. The certainty of a bullish market is starting to come to question as global markets search for other sources. Trades are occurring around $0.61/lb FOB farm for large sized kabuli chickpeas, but sales remain slow. New crop values have not come to fruition yet, but chatter is starting. If you need seed, the best advice is to start looking now. As markets move so do seed prices. Call for any seed opportunities or marketing information.
The oat market has remained stable and strong over the past week as bids stay high for all grades of oats. Bids in Saskatchewan on milling oats are regularly over $5.50 FOB farm with some delivered to plant bids into Manitoba in the $6.50-7.00/bu range. Meanwhile, good quality feed oats are fetching around $5.00/bu FOB farm these days. We do have markets for off spec oats as well at some historically high prices. New crop bids have started to be discussed so if you have plans of planting some oats next year, give us a call to be kept in the loop.
It has been a strong week in the canola market as futures have soared upwards. November futures are sitting at $895/MT at time of writing, up all the way from $866/MT last week. With local basis levels solid in most areas, November-December bids are over $20/bu FOB farm in some areas. No surprises as weak yield results are still trickling in across areas of Western Canada and dryness remains a concern for next year, albeit that’s far away still. The next big event we’re waiting for is the USDA report on Oct 12th, to hear more up to date production numbers.
Mustard continues its very strong path again this week. Brown is sitting at 65 cents/lb, yellow mustard is bid in record territory at 75 to 77 cent/lb and oriental is indicated up to 50 cents/lb, all based on #1 quality. All types have offers being entertained at higher values as well, so make sure to discuss this marketing tactic with your broker. Although firm values are scarce, we would also like to see offers on new crop contracts. Even though it is early, buyers have shown interest in securing some acres. These contracts are FOB farm and have an act of God clause included. We have competitively priced certified seed available as well, which includes delivery to your farm. It is certainly best to start with certified seed to avoid any unnecessary grade or quality issues at harvest. It may be very important to book seed early this year as certified seed values remain reasonable compared to the market.
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.