CNS Canada — Canola supplies in commercial hands in Canada dropped to their tightest level in four years, according to the latest data from the Canadian Grain Commission for the week ended Sunday.
Visible canola supplies, at 511,500 tonnes, are down from the already tight level of 556,700 posted the previous week, and represent the smallest supplies on hand in the commercial grain-handling system since August 2013.
Visible canola stocks are typically considered low whenever they move below one million tonnes.
Farmer deliveries during the latest reporting period came in at only 172,900 tonnes, which were up on the week as the new crop starts to come off across the Prairies.
Commercial stocks are expected to grow to more comfortable levels over the next few weeks as the harvest progresses.
Weekly canola exports, of 172,900 tonnes, were up from the previous week. Domestic disappearance came in at only 115,100 tonnes.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.