Canola supplies in commercial pipeline tighten

MarketsFarm — Canola supplies in the commercial pipeline fell below a million tonnes for the first time in more than seven months, according to the latest Canadian Grain Commission data, amid solid exports and a slowdown in farmer deliveries.

Total visible canola supplies of 815,200 tonnes, as of May 24, were down 24 per cent from the previous week and represented the tightest stocks of the oilseed in commercial hands since September 2019.

Farmer deliveries have dropped off as producers focus on seeding the 2020 crop. Only 223,600 tonnes were delivered during the week, which compares with the previous five-week average of about 360,000 tonnes and marks the third-lowest weekly total of the 2019-20 crop year-to-date.

Meanwhile, exports were solid during the week. The 288,300 tonnes of canola exported were roughly double what moved the previous week and the largest movement in two-and-a-half months.

Domestic disappearance during the week of 176,700 tonnes was below the previous five-week average of 206,000.

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