MarketsFarm – An influx of freshly harvested supplies saw weekly Canadian canola exports hit their highest level in nearly two years at the end of September 2022, according to the latest Canadian Grain Commission report.
The 300,500 tonnes of canola exported during the week ended Oct. 2 marked the first time exports topped 300,000 tonnes since 381,000 tonnes were moved in the middle of January 2021. The exports far surpassed the 22,400 tonnes moved the previous week and compares with the crop-year-to-date average of only 27,000 tonnes.
After visible supplies in the commercial pipeline held below a million tonnes for the past three months, a steady increase of off-the-combine farmer deliveries saw those commercial stocks triple from the start of the 2022/23 crop year to 1.24 million tonnes by Oct. 2.
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Total canola exports through the first nine weeks of the marketing year, at 520,800 tonnes, are still running behind the year-ago level of 715,300 tonnes. However, with production estimated to be up by 38.8 per cent on the year, at 19.1 million tonnes according to the latest Statistics Canada data, the export program is expected to pick up going forward.
Total domestic usage for canola during the week came in at 190,100 tonnes. That was down slightly from the previous week, but total usage-to-date of 1.52 million tonnes was in line with the year-ago level of 1.55 million.
