Canola movement seen as steady on Prairies

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Published: January 4, 2010

(Resource News International) — Western Canada’s farmers continue to make steady canola deliveries, but would move more if prices were better, according to an elevator company official.

“We’re getting quite a few calls from guys looking to move some,” said Tracy Glessing of North East Terminal at Wadena, Sask., about 100 km east of Humboldt, adding that “there’s always someone phoning to move a load here or there.”

Canola prices were not as high as most producers would like, he said, but with bills due at the end of January many farmers were looking to generate some cash.

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Bin space requirements were also behind some of the country movement, according to Glessing.

From a pricing standpoint, Glessing said bids have shown some improvement recently, but basis levels were still on the wide side as far as most producers are concerned.

At North East Terminal, bids were in the $8.40 to C$8.50 per bushel area, and he expected a move closer to $9 would “definitely trigger some bigger contracts.”

Canola prices across Western Canada posted by Prairie Ag Hotwire currently range from $8.23 to $9.12 per bushel, with both the high and the low end of that range found in Alberta.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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