MarketsFarm — After showing considerable strength in prior trading sessions, canola contracts were either side of unchanged at midweek.
David Derwin of P.I. Financial in Winnipeg said canola was holding steady in comparison to other vegetable oils.
“There’s general weakness in other markets, but canola hasn’t had too much of a move,” he said.
Considerable losses for Chicago soyoil hampered any significant gains for canola. The July soyoil contract has lost approximately half of a cent so far this week.
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Large gap in canola ending stocks between AAFC, USDA
There’s a 760,000-tonne difference in the ending stocks for Canada’s 2025/26 canola crop respectively estimated by Agriculture and Agri-Food Canada and the United States Department of Agriculture. Aside from that, the canola data from AAFC and the USDA remain quite similar.
Planting is underway across most of the Canadian Prairies, with minor speed bumps caused by unseasonably cold weather and isolated instances of snow.
In Manitoba, all crops are about nine per cent planted; canola seeding is up to 15 per cent complete, depending on the region.
According to last week’s report from Saskatchewan Agriculture, canola was just two per cent seeded across the province as of May 4. Alberta’s Agriculture Financial Services Corp. (AFSC) on Friday reported that province’s canola seeding at 2.2 per cent complete as of May 5.
Relative weakness to the Canadian dollar has provided a bit of support to canola values. The dollar remained under 71 U.S. cents at midweek.
— Marlo Glass reports for MarketsFarm from Winnipeg.
