ICE canola futures initially jumped by double digits that morning, but throughout that session the gains faded. By the end of Wednesday’s session, canola was down.

“The StatCan report came in right around expectations. I think it was viewed as neutral for the market,” said trader/analyst Jerry Klassen of Resilient Capital in Winnipeg.

Heading into those model-based principal field crop estimates, the average trade guess was at 17.4 million tonnes of canola for 2023-24. The StatCan report came in a little bit higher at 17.56 million tonnes. Nevertheless canola production this year will be well below the 18.7 million tonnes from 2022-23.

Harvest pressure was already being felt in the canola market, Klassen said, despite the harvest being barely underway, but a good portion of Prairie canola has been swathed.

Manitoba reported its canola harvest five per cent complete as of Wednesday, while Alberta said its harvest was at one per cent done as of Aug. 22 and Saskatchewan was at four per cent finished as of Aug. 21. Saskatchewan is scheduled to issue its next report Thursday, followed by Alberta on Friday.

“The trade is monitoring harvest progress and it looks like we should see some pretty good progress. The canola harvest will likely move into full swing probably [by Labour Day],” Klassen said.

He also noted domestic crushers and export buyers are sufficiently covered at the moment, which has weighed on basis levels. The market is already anticipating a surge in farmer deliveries to start in the next couple of weeks, he added.

“Prices for wheat are low and the barley is coming under pressure, so it looks like the farmers are going to be pretty aggressive on their canola sales,” Klassen said, pointing to good weather in the long-range forecast.

Barring any significant delays in the Prairie canola harvest, he said export demand is very likely to pick up when the halfway point is reached.

“But farmer selling is going to dictate market direction on the canola rather than the demand.”

— Glen Hallick reports for MarketsFarm from Winnipeg.

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Oilseed processors in Canada crushed 772,345 tonnes of canola last month, as well as 139,164 tonnes of soybeans for the month of June for a total of 911,509 tonnes of oilseed crush, a decrease of 3,425 tonnes from May and an increase of 114,896 from June 2022. 

The canola crush was a slight increase from the 769,942 tonnes processed in May, with 323,308 tonnes used for oil and 457,628 used for meal. In June 2022, 660,215 tonnes of canola seed were crushed. For soybeans, the June crush was slightly below May’s, which had 144,992 tonnes. In June, 26,409 tonnes of soyoil were produced, as well as 110,017 tonnes of soymeal. In June 2022, 136,698 tonnes of soybeans were crushed. 

Canadian grain deliveries in June reached a three-month high of 4.203 million tonnes, an increase of 1.113 million from May and 1.303 million from June 2022. Most of the deliveries came from wheat, which totalled 2.363 million tonnes, an increase of 784,000 from May. From the June wheat total, 365,256 tonnes were durum, compared to the 198,210 tonnes delivered in May. 

Canola deliveries also increased by 321,773 tonnes in June from the previous month to 1.328 million, while oat deliveries gained more than 64,721 tonnes to 297,979. Rye deliveries added 2,931 tonnes to the June total at 14,506, while 30,783 tonnes of flaxseed were also delivered in June, 9,283 more than in May. However, barley deliveries declined by 69,325 tonnes from May to June to 169,468. 

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Wet weather, including heavy snow in some regions, continued to keep farmers off of their fields across much of Western Canada, but producers were actively delivering canola and other grains.

Farmers delivered 719,300 tonnes of canola into commercial positions during the week ended Sunday, according to the CGC. That was roughly double what moved the previous week and represents a record weekly total in data going back to 2007.

Exports and domestic usage were both up slightly on the week, but the record producer deliveries saw visible supplies rise to 1.086 million tonnes, from 977,600 tonnes the previous week.

That marks the first time visible canola supplies have been above one million tonnes in the 2019-20 crop-year-to-date.

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

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The active movement came despite persistent reports of harvest-delaying weather in many areas.

While snow continued to keep farmers off of their fields in parts of the Prairies, producers were making progress where they could and grain traders reported large amounts of tough canola were making their way to elevators.

Farmers delivered 584,100 tonnes of canola into commercial positions during the week ended Sunday, according to the CGC. That was up by about 100,000 tonnes from the previous week, and marked the largest weekly deliveries in over a year.

Total visible canola supplies climbed to 1.22 million tonnes, from 1.04 million the previous week.

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

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A total of 627,000 tonnes of canola were delivered into the commercial system during the week ended Sept. 10, which would mark the third highest single week deliveries on record going back ten years.

The heavy deliveries brought the visible supplies to 1.18 million tonnes, marking the first time stocks were above one million tonnes in four months.

After canola, wheat deliveries during the week came in at 404,300 tonnes.

That was down from the 594,700 tonnes delivered the previous week, but closer to the average annual weekly movement, as wheat deliveries tend to be more spread out and not as highly concentrated in the fall.

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

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According to Canadian Grain Commission (CGC) numbers released today, farmer deliveries of canola into the commercial pipeline totalled 673,400 tonnes during the week of September 21 to 27, 2015.

That’s the largest deliveries in a single week going back at least until 2007 (when our CNS Canada office began compiling the CGC numbers in an excel table). For comparison purposes, weekly canola deliveries only topped 600,000 tonnes on one other occasion in the past nine years (2014/15, week 7, 619,800 tonnes).

Typical canola deliveries into the commercial pipeline are in the 200,000 to 400,000 tonne range, with average weekly movement during the entire 2014/15 grain marketing year coming in at about 320,000 tonnes.

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That line may now need to be retired, however, as the official data tells a different story.

According to Canadian Grain Commission (CGC) numbers released Friday, farmer deliveries of canola into the commercial pipeline totaled 673,400 tonnes during the week of Sept. 21-27.

That’s the largest deliveries in a single week going back to at least 2007, according to CNS records. For comparison purposes, weekly canola deliveries only topped 600,000 tonnes on one other occasion in the past nine years: week 7 in 2014-15, at 619,800 tonnes.

Typical canola deliveries into the commercial pipeline are in the 200,000- to 400,000-tonne range, with average weekly movement during the entire 2014-15 grain marketing year coming in at about 320,000 tonnes.

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

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