Canola Market Outlook: April 19, 2022

Written By SaskCanola

Weekly canola market outlook provided by Marlene Boersch of Mercantile Consulting Venture Inc.

Key Points for the Week:

  • Soybeans – The CBOT soybean complex showed good gains on the return from the Easter weekend, with soybeans hitting their highest level since 2012

  • The US appears to be the only source of soybean supply for August onwards.

  • Canola – Total canola disappearance during the first thirty-six weeks of the crop year amounted to 10.7 million MT compared to 15.8 million MT last YTD.

  • We expect that the StatsCan 2021 canola production number will prove to be too low and expect Statistics Canada to change the balance sheet forward.

  • However, we think that US oilseed ending stocks have further to fall and that soybeans remain bullish.

  • As growers, we would be inclined to sell all our expected production at roughly equal to the Jan LDC bid price at Yorkton of $23.80 per bushel ($24.03 yesterday).

SaskCanola
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