Canada Markets

Western terminal unloads increased to 466,400 metric tons in week 45 or the week ending June 11, the first week-over-week increase in five weeks after reaching a volume of 384,600 mt in week 44, the lowest volume unloaded since week 5 of the crop year. This activity includes unloads at the terminals at the Port of Vancouver, Prince Rupert and Thunder Bay.

The week 45 volume unloaded is 3.5% or 15,800 mt higher than the four-week moving average, or the first time in eight weeks that volume has exceeded this average. When compared to past years, the 466,400 mt unloaded is 113% higher than the same week in 2021-22, while is 23% below the three-year average, which is shown by the brown line on the attached chart.

As seen on the chart, the three-year average unloads points to increased activity in week 45 and 46 with unloads reaching their highest level in six weeks on average. This leads to the start of a downtrend that lasts through to the final week of the crop year, or the end of July, with the three-year average calculated at 448,000 mt.

Looking at stocks across the supply chain, western port terminal stocks are calculated at 937,300 mt, or 17.3% below the three-year average. Country elevator stocks are reported at 2.3683 million metric tons, or 19.7% below the three-year average.

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

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