Visible Canadian canola stocks back above one million tonnes

MarketsFarm — Solid deliveries into the commercial pipeline and lacklustre export movement saw visible Canadian canola supplies climb back above one million tonnes during the week ended June 9, according to the latest grain handling report from the Canadian Grain Commission.

Farmers delivered 422,500 tonnes of canola during week 45 of the 2018-19 crop year — down slightly from the previous week, but well above the year-to-date weekly average of 364,000 tonnes.

Total visible supplies reached 1.029 million tonnes, up from 909,000 tonnes the previous week, and the first time stocks were above one million since May 5.

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Canola exports of 144,000 tonnes during the week were off the year-to-date weekly average of 185,000 tonnes. Total exports, with only seven weeks to go in the crop year, reached 8.045 million tonnes, roughly 900,000 tonnes off of the previous year’s pace.

Domestic usage was also low on the week at 140,200 tonnes — about 40,000 tonnes below the average weekly pace. Total domestic usage to date, at 8.107 million tonnes, remains in line with the 2017-18 pace.

While canola exports may be slow, Canadian grain exports continue to run ahead of last year’s pace.

Canada has exported 15.923 million tonnes of wheat so far in 2018-19, about two million tonnes ahead of the year-ago pace. Total barley exports, at 2.07 million tonnes, are about 300,000 tonnes ahead of 2017-18 exports at this time.

— Phil Franz-Warkentin writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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