Price bounce on some commodities

All the unseeded acreage coupled with concerns about overall production levels is shaking up some of the markets.

Canola has strengthened to the $9 a bushel range. With canola being short millions of acres, the domestic crushing plants, including the two new ones in Yorkton, must be wondering where they’re going to find enough product to keep busy. Of course, canola can’t get totally out of whack with soybean prices, so there is a limit to how high canola prices can go.

On crops like lentils and canaryseed, buyers are now calling farmers rather than the other way around and there have been some price increases. Canaryseed that was as low at 12.5 cents a pound a few weeks ago is now being quoted at around 15 cents. There is at least one new crop canaryseed bid at over 15 cents.

There’s also a new crop bid of 24 cents for No. 2 large green lentils. That’s probably the best new crop bid of the season. A lot of contracts were signed earlier at 23, 22, 21 and even 20 cents.

It’s an extremely tough year for estimating potential production levels, but the marketplace is worried about shortfalls. I’m Kevin Hursh. 

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