Canola exports still sluggish, but grains solid

Canadian canola exports continue to lag behind the year-ago pace, with large supplies in the commercial pipeline, according to the latest weekly data from the Canadian Grain Commission.

Canada only exported 69,900 tonnes of canola during the week ended Sunday, well below the 205,500 tonnes that moved the previous week. Total canola exports during the crop year-to-date of 5.514 million tonnes were about 400,000 tonnes behind the 2017-18 pace.

However, crusher demand remains steady with the year-to-date domestic disappearance of 5.19 million tonnes about 200,000 tonnes ahead of the year-ago level.

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Total supplies in the commercial pipeline increased to 1.066 million tonnes during the week, up from 994,700 the previous week. However, that was still tighter than the supplies on hand of 1.425 million at the same point in 2018.

While canola exports continue to lag on the year, wheat exports remain solid. Year-to-date Canadian wheat exports moved above 10 million tonnes during the week, which compares with 8.645 million in the middle of February 2018.

Barley exports were also up by about 400,000 tonnes on the year, with 1.393 million tonnes exported as of Sunday.

Total year-to-date exports of all the major grains and oilseeds of 25.727 million tonnes compares with 23.656 million tonnes at the same time the previous crop year, as increases in wheat, barley, soybeans and corn more than make up for the slower canola exports.

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

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