Canada Markets

Canada's total exports to the rest of the world increased .4% to $43.5 billion in February, according to today's Statistics Canada's Canadian International Merchandise Trade report. February's Farm, Fishing and intermediate food product sales totaled $2.668 billion in February, down 1.4% from January, but 15.1% above February 2014.

Wheat exports in February were valued at $679.8 million, 5.4% below the month of January and 19% above February 2014. The value of canola exports in February totaled $311.7 million in February, down 4.7% from January and 1.9% below February 2014.

Pulse crop exports continue at a rapid pace. Lentil exports for the February were reported at 174,892 metric tons, the third highest monthly exports seen this crop year and a recovery from the monthly low reached in January. Year-to-date, 1.349 million metric tons have been exported, 36.9% above the same period last year and 63% above the three-year average. This volume is well ahead of the pace needed to reach the 1.650 mmt target set by AAFC, which is expected to leave a negligible carry-out of 45,000 mt. Over the past three years, an average of 687,586 mt was exported in the March-through-July period, although late-season exports this crop year may be limited by a lack of supply and a lack of demand as suggested by industry reps.

Dry pea exports for the month of February totaled 217,906 mt, a sharp increase from the 135,176 mt shipped in January, although the third lowest monthly export volumes reported this crop year. Year to date, 2.11 mmt have been exported, 28% above the same period last year and 41% ahead of the three-year average. This volume is well ahead of the pace needed to reach the existing 2.9 mmt export target set by AAFC, which is estimated to result in an extremely tight 100,000 mt carry-out. Over the last three years, an average of 1 mmt was shipped in the March-through-July period, although available supplies could be a limiting factor.

February exports of canary seed were reported at 12,388 mt, well above the volume moved in January and the third lowest monthly volume moved this crop year. Year-to-date, a volume of 104,020 mt have been exported, 13.6% above the same period in 2013 and 33.3% above the three-year average. This volume is above the cumulative volume needed to remain on track to meet the 170,000 mt export target. Over the past three years, an average of 64,090 mt has been exported in the March-through-July period.

February exports of mustard totaled 10,242 mt, the third highest monthly volume exported this crop year. Year-to-date, 71,386 mt has been shipped, 89.1% of the same period in 2013/14 and equal to the three-year average. This volume is behind the cumulative volume needed to stay on track to meet the 135,000 mt export target set by AAFC. Over the past three years, an average of 53,168 mt has been shipped in the March through July period.

Exports of sunflower seed in February is reported at 3,264 mt, well above the January volume and the third largest monthly volume shipped this crop year. So far this crop year, exports have totaled 18,860 mt, just 73.9% of the 2013/14 volume and 82.1% of the three-year average. This volume remains below the cumulative pace required to stay on track to achieve the 45,000 mt export target. Over the past three years, an average of 18,741 mt has been shipped in the March-through-July period.

Cliff Jamieson can be reached at cliff.jamieson@dtn.com

Follow Cliff Jamieson on Twitter @CliffJamieson

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