Canola supplies in commercial pipeline hit fresh high

MarketsFarm — Visible canola supplies in the commercial pipeline hit their highest level in more than three years in the latest Canadian Grain Commission data, with the slow pace of export movement likely to keep those stocks at burdensome levels.

Total visible Canadian canola supplies as of Sunday were pegged at 1.6 million tonnes. That’s the highest canola stocks in commercial hands since the fall of 2016 and about 600,000 tonnes above the level reported at the same time a year ago.

About two-thirds of the visible canola was being held in primary elevators across the Prairies, with only 131,200 in an export position in Vancouver.

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Vessels waiting to load are reportedly backing up on the West Coast, with protests slowing rail movement across the country expected to cause further disruptions.

Total farmer deliveries during the crop year-to-date of 10.7 million tonnes are up seven per cent from the same time the previous year. Meanwhile, exports to date of 4.7 million tonnes are about half a million tonnes behind the 2018-19 pace.

Domestic disappearance remains solid, with the 183,200 tonnes processed during the latest reporting period bringing the year-to-date total to 5.5 million tonnes. That’s up by 13 per cent from the same time a year ago.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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