Like many other grains and oilseeds, flaxseed bids in western Canada have been gaining strength over the last little while.
Richard Zacharias, general manager of Prairie Flax Products at Portage la Prairie, Man., said poor spring planting conditions have been the catalyst for the price advance, with many parts of Manitoba and Saskatchewan being excessively wet.
“In the central part of Manitoba we are 55 to 60 per cent finished seeding flax, but in the western part and into the eastern part of Saskatchewan, it is only about 20 per cent or so,” he said.
Read Also
China soybean imports hit record June high on strong Brazil shipments
China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.
Concerns about acreage and, ultimately, supplies have been amplified as there is plenty of interest in terms of buying product.
“Demand has been very steady,” Zacharias said. “It has been pretty steady right around the world.” Global stocks, he added, are on the lower end of the spectrum.
When asked if producers are looking to sell right now given the solid prices, Zacharias said, “It’s pretty well 50-50. The price is pretty good right now, but of course there are some producers who have said they will wait. When prices are trending up, they often try and wait for them to go higher.”
Current elevator deliveries for flaxseed are bringing as much as $14.17 per bushel in Manitoba, $14.36 per bushel in Saskatchewan and $13.96 per bushel in Alberta, according to Prairie Ag Hotwire. Those are anywhere from $1.02 to $1.51 per bushel higher than one month ago.
