Canadian canola ending stocks for 2023/24 were up significantly from the carryout the previous year, while revisions to the year-ago data saw wheat stocks tighten, according to the latest data from Statistics Canada released Sept. 9.
Cash wheat prices for Canada Prairie Red Spring Wheat and Canadian Western Red Spring Wheat were higher for the week ended Aug. 29, while those for Canadian Western Amber Durum were mixed.
Statistics Canada released its crush report on Aug. 29, showing an increase in the amount of canola that was processed last month compared to the previous July. As for soybeans, its crush was significantly lower.
Canola prices at the Intercontinental Exchange (ICE) were on the rise for most of the week ended Aug. 28, until the release of Statistics Canada’s (StatCan) production estimates for the 2024-25 crop year on Aug. 28.
While the general direction for soybeans and corn on the Chicago Board of Trade is to continue moving lower, United States wheat was on the rise and is to remain so in the coming weeks, according to a trader.
Stay in the know about the latest in agriculture. Thousands of topics, all carefully curated to match your interests! The app is now available for download on iOS and Android.