CNS Canada — After hitting highs in the summer, canaryseed prices have held steady, but staying at current levels is unlikely, though an industry specialist expects reduced production this year.
“Demand is terrible,” said David Nobbs, general manager at Canpulse Foods and chair of the Canaryseed Development Commission of Saskatchewan.
Europe has been buying “next to nothing,” he said. Mexico is looking for lower prices and, due to a lower peso, hasn’t been active in the market.
Quoted prices available for delivered canaryseed have been moving between 28 and 30 cents/lb.
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“The currency issues have scared a lot of buyers and that’s an issue,” he said.
Turbulent and weaker currencies globally are causing many importers to sit out of the market.
Another bearish influencer on canaryseed prices is market talk ahead of harvest that conditions have improved from early July, Nobbs said.
Crops in west-central and southeastern Saskatchewan are still relatively poor, however, as dry conditions in the province have reduced yield prospects.
Harvest will start in about two weeks, he said, as farmers typically move their canaryseed off last because it weathers well.
“They worry about everything but canaryseed, but harvest, I think, is going to progress pretty quickly,” he said.
Nobbs said he expects new product to hit the market in mid-September.
— Jade Markus writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
