Canola

Canola futures need to find some support on this pullback. We are looking for a hold above $590-610/T on January futures and $590-620/T on March futures. For anyone who hasn’t priced out their January basis contracts, you will have to roll them to March futures to get another shot at $650-670/T. That is the area we are targeting for our next recommendation as well.

 

Minneapolis Wheat (HRS) 

Minneapolis wheat futures are rangebound with support at $5.65/bu and resistance at $5.90/bu on the March contract. Use the top of the range for short-term sales, then wait for a move above $5.90/bu to confirm further upside to $6.30-6.50/bu. We are slightly undersold on wheat compared to other crops, so you may see a recommendation when futures re-test $5.90/bu.

 

Kansas Wheat (CPS/HRW)

Kansas wheat futures can continue building on an uptrend line with a hold above $5.20/bu, followed by a break through resistance at $5.53/bu. That would help confirm the additional .40-.60/bu upside we have been talking about on wheat. There is also good support at $5/bu if the first trendline support doesn’t hold.

 

Chicago Wheat (SRW)

Chicago wheat looks identical to Kansas wheat with slightly different values. A higher low above $5.30/bu would be a good support to build on this uptrend, and a move past $5.70/bu would confirm a shot at $6.00-6.20/bu. Strength in Chicago would also help strengthen feed wheat values.

 

Soybeans

Soybean futures are moving through some support levels on this pullback, but can still hold above $10.90/bu and be in good shape. That is the important area to monitor this week. As long as the futures find support there or higher, we can safely target $11.40-11.70/bu to add some more sales.

 

Corn

Corn futures are currently holding the trendline support at $4.36/bu and are now sitting in an oversold position. It’s important that the trendline holds, to avoid sliding an extra .30-.40/bu on this pullback. Cover off some sales at current values to limit risk, then reach for +.25-.30/bu on a target as well. A break above the $4.56/bu resistance would help confirm further upside.

 

Oats

March oats are moving down to test support at $2.98/bu. If they break that level, it would signal further pressure down to $2.75-2.85/bu. There is limited upside for oats until demand improves or there is a bigger move in corn & wheat. The best we can anticipate is a 30-50% retracement to $3.28-3.41/bu, until the S&D outlook changes.

 

Yellow Peas

Yellow peas are in wait-and-see mode due to tariff pressure from India & China and a higher domestic supply. Without a change in those situations, we aren’t likely to see much upside. Only sell at current values if you need cash flow or short-term movement for other reasons. We are going to monitor trade and watch for any changes in S&D over the next 2 months, before making more official recommendations.

 

Green Peas

Green peas have been mostly sideways lately. High-end prices are $11/bu, and the low end of the market is around $10/bu. Greens are still offering one of the better returns among the pulse & specialty crops at these levels. I do think we have a chance to see $12/bu or better in the next couple of months, so cover cash & space and sit on the rest. There is often some upside into year-end, so we are watching for that potential before making the next recommendation.

 

Chickpeas

Chickpeas have been flat for the past few weeks at .28-.30/lb for most areas. We will make a recommendation on the next re-test of .32/lb, and there is still a chance for .34-.36/lb based on the current S&D outlook. We are watching Aussie harvest results, India Rabi crop progress, and other demand indicators to confirm that the higher range is within reach over the next 3-6 months.

 

Red Lentils

Red lentils have been flat but are holding in a small range. The high end of the market remains around .22-.23/lb. We made a recommendation last week to help with cash and risk. The preferred price to see is .23/lb for some small sales, then aiming for +.01-.03/lb for some bigger targets.

 

Laird Lentils

Lairds haven’t been moving around much. The market is hesitant to move with the large supply. The current range of .28-.29/lb works okay if you had a big yield. Seasonal upside hasn’t really been panning out after harvest because of the global supply cushion. Make some small sales at current prices, then target the same +.01-.03/lb for bigger moves.

 

Eston Lentils

Estons are quiet again with most areas around .21-.22/lb. We sold the last bounce to .24/lb and would likely do that again if we see that number hit Dec-Jan. All lentils are going to struggle to see much upside unless there are some issues with India crops, or a boost in demand in Turkey/Pakistan/elsewhere.

 

Durum

The durum market has been sluggish so far this month. We have been suggesting sales at $8/bu when folks text in about being offered that. We are also planning a recommendation once we get confirmation that $8/bu is everywhere. There is a 4-year streak of upside on the line for December as well, but the seasonal track records haven’t been as valuable this year because of the higher global supply.

 

Feed Barley

Feed barley has shown better gains of ~.40-.50/bu over the last month in many regions. Our previous recommendation still stands for anyone needing to secure some cash & movement. Feed sales are a better option now than they were a couple of months ago. The best upside we can expect over the next 2-3 months is a cold-weather premium of 0.25-0.40/bu. That outlook can change if feed demand & corn prices change significantly.

 

Feed Wheat

Feed wheat values have been creeping up a bit lately as well. The low end is $5.75-6.00/bu and the high end is around $7.25-7.50/bu. I would consider some sales if you are closer to the higher offers. I don’t like selling wheat under $6/bu if you can move other crops for cash & space.

 

Malt Barley

The malt barley market remains in a range from $5.00-5.60/bu. It’s starting to feel like this range may be as good as it’s going to get. We made some recommendations last week and will watch for some sales in January as well. That is the next best timing for some sales based on the 10-year seasonals.

 

Canary Seed

Canary seed prices are very quiet at .19/lb right now. The market is facing a large carry-in from 2024, a growing carry-out for 2025, and no fresh news in the demand picture. The best-case upside is around .02/lb until there are some changes to the S&D outlook. I would be inclined to sell some for short-term movement if you can get a price closer to .20-.21/lb and if you have no desire to hold canary for a year or two.

 

Flax

There haven’t been any big changes in the price or S&D outlook for Flax lately. We are still watching for offers to hit $18/bu or higher again before making more recommendations. The next-best time to see some upside is often in December or January.

 

Yellow Mustard

Yellow mustard had a .03-.04/lb jump over the last couple of weeks. Mustard was one of the few crops to see a lower production from Stats Canada. Some areas are getting targets of .45-.47/lb picked up, and the more common range is .45/lb. We are recommending targets and sales in both those ranges.

 

Rye

Rye remains quiet with high-end offers of $5.00-5.60/bu for spot & deferred movement. There is limited upside until we see some change in supply forecasts, less trade uncertainty, and a bigger recovery in corn & wheat futures. Use the current range to cover off sales for year-end.

 

Faba Beans

We saw some notable increase in faba beans recently, with reports of high-end $7.50-8.00/bu and low-end $7/bu. Continue selling into this strength while it’s available. Set some targets if you aren’t seeing prices in these ranges.