This year’s harvest in Western Canada has had its share of adversity. As farmers attempt to finalize harvest with weather breaks, canola has broke above $500 per MT in the futures market.
This week on RealAg Radio, Shaun Haney spoke with Jon Driedger, FarmLink Marketing Solutions about the canola market and how producers should feel about the recent rally. Some of the points we discussed:
- Harvest concerns in Canada with 20% of the crop still in the field. In snow drifts.
- Rise in canola values over last two weeks much stronger than soybeans.
- Canola is the “Star” of the oilseed market lately.
- Stronger vegetable oil demand, overall
- Technical traders are encouraged by the break through $500 mental hurdle
- Challenge will be for growers to determine whether they sell or potentially let the near term supply concerns push the market higher.
Join us everyday on RealAg Radio at 4PM Eastern time on Rural Radio channel 147 on SiriusXM.