CNS Canada — A “lack of significant farmer selling” has been a common talking point from analysts when they’ve had to account for some unexplained strength in the canola market in recent weeks.
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.
