Canaryseed market quiet, but watching Europe

CNS Canada — Saskatchewan’s canaryseed harvest in Saskatchewan is moving along, although with production only up slightly on the year and demand steady for the time being, the market is relatively quiet.

European demand, however, could be one supportive influence going forward.

Current canaryseed prices range from about 22 to 24 cents per pound, and “it will probably stay in that mid-20s,” said Keith Helgason, grain marketing coordinator with Canpulse at Kindersley, Sask. “There are no signals pushing it either direction right now.”

Canada’s 2014 canaryseed crop was estimated at 138,800 tonnes by Statistics Canada in its Oct. 3 report, up slightly from the 131,000 tonnes grown in 2013.

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The canaryseed harvest in Saskatchewan, where the bulk of the crop is grown, was 77 per cent complete as of Monday, according to the latest crop report from Saskatchewan Agriculture.

Canaryseed, Helgason said, is a hardy crop and quality is not a concern at this point.

From a pricing standpoint, he said one factor to watch would be the possibility of increased demand coming out of Europe. Prior to the Triffid flax scare of 2010, which saw Europe shut its doors to Canadian flaxseed due to the discovery of unapproved genetically modified seed in Canada’s supply, canaryseed had often moved to Europe in combined ships with flaxseed.

“Now it’s getting back to the stage where they’re looking to fill vessels and a little more canaryseed will go that way again,” said Helgason.

“Belgium has been one of the biggest buyers in the world lately.”

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

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Phil Franz-Warkentin writes for MarketsFarm specializing in grain and commodity market reporting.

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