Canada Markets

Nov. 8 Dow Jones ProphetX commentary points to slowing producer deliveries of canola as a supportive feature for prices, while the recent move into wintery conditions may have further implications.

Week 13 deliveries into licensed facilities were reported at 417,000 metric tons, the lowest volume reported in seven weeks, only slightly higher than the 406,100 mt delivered in the same week in 2021-22 and slightly below the three-year average of 436,233 mt for week 13.

Cumulative deliveries total 4.754 million metric tons, which is 4.7% below the year-ago pace while 11.9% below the three-year average. It is also the lowest volume reported for this period in seven years.

As a percentage of stocks available for delivery (July 31 farm stocks plus production), current deliveries account for 24.6% of available stocks, which compares to the three-year average of 28%. Note this study is based on Statistics Canada's Sept. 14 production estimates, while the agency will release final estimates on Dec. 2.

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

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