Canola Market Outlook: May 24, 2022

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

Key Points for the Week:

  • Soybeans – CBOT soybeans made a new high weekly close for both old and new crop.

  • Outstanding old crop commitments plus new crop sales combined are at record high, reflecting the lack of Brazilian supplies beyond July.

  • The corn/soybean ratio still favours corn, but planting delays should start favouring soybeans in some areas.

  • Canola – Total canola disappearance during the first thirty-eight weeks of the crop year amounted to 11.9 million MT compared to 17.7 million MT last YTD.

  • Given the Statistics Canada numbers, growers in Canada have now delivered 97% of the ’21 canola production to elevators. We expect the crush to just cover domestic and USA demand to the end of the year.

  • We would be sold out of old crop canola and have some new crop sales on the books to secure record values for canola.

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Canola Market Outlook: May 30, 2022

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Canola Market Outlook: May 17, 2022