Canola movement seen as steady on Prairies

(Resource News International) — Western Canada’s farmers continue to make steady canola deliveries, but would move more if prices were better, according to an elevator company official.

“We’re getting quite a few calls from guys looking to move some,” said Tracy Glessing of North East Terminal at Wadena, Sask., about 100 km east of Humboldt, adding that “there’s always someone phoning to move a load here or there.”

Canola prices were not as high as most producers would like, he said, but with bills due at the end of January many farmers were looking to generate some cash.

Bin space requirements were also behind some of the country movement, according to Glessing.

From a pricing standpoint, Glessing said bids have shown some improvement recently, but basis levels were still on the wide side as far as most producers are concerned.

At North East Terminal, bids were in the $8.40 to C$8.50 per bushel area, and he expected a move closer to $9 would “definitely trigger some bigger contracts.”

Canola prices across Western Canada posted by Prairie Ag Hotwire currently range from $8.23 to $9.12 per bushel, with both the high and the low end of that range found in Alberta.

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