Canada's tough canola harvest driving prices up for Aussie farmers

© Provided by ABC Business Canada on track for its smallest canola crop in over a decade. (Supplied: Danielle Wildfong)

Australian canola prices have been historically high this year and increased again this week.

The reason was Canada.

Canada is the world’s largest producer and exporter of canola, but drought and record temperatures have devastated this year’s crop.

The latest crop forecast by Statistics Canada has production dwindling to 12.8 million tonnes, which is down 34 per cent from last year, and would be Canada’s smallest canola crop since 2010.

Speaking to ABC Landline while harvesting in Saskatchewan, Danielle Wildfong said it had been a challenging year for growers.

“Some of Saskatchewan has been a third [of their normal production] and some places are getting three bushels per acre which is virtually nothing,” she said.

“It was probably one of the hottest summers I’ve had.”

The slashing of Canada’s crop forecast had an immediate affect on the market this week, with ICE canola futures rising 4 per cent to around A$950 a tonne.

It lifted the Australian market as well, with canola now fetching over $900 a tonne in Western Australia and parts of eastern Australia.

Ms Wildfong said the high prices in Canada has softened the blow for some.

“It is helping for sure, we’re very blessed that we have the grain prices where we do, it’s saving a few farms that’s for sure.

“It’s been tough for some of our farmers in the south, but we’re optimistic that we’ll get this crop off and we’ll have a better year next year,” she said.

Opportunity beckons for Australia

West Australian-based grain trader with Australian Asian Agricultural Exports, James Foulsham, said Australian canola would fill some of the voids left by the shortage of Canadian supply. 

“It is an unfortunate situation for Canada but it is a fortunate story for Australia, especially given [the] canola price this year,” he said. 

“We’re already seeing elevated prices for next year’s crop, the Canadian crop is so small that it will take a while for them to build stocks up and rebuild.

“In the foreseeable future prices are going to stay relatively elevated until Canada gets back online and the market gets confidence the same thing is not going to happen again.”

Mr Foulsham said while Australian canola may find its way into some new markets, it was mainly an increased market share which would benefit Australian farmers this season. 

“Where [countries] were buying Canadian before, they will substitute it for more Australian canola,” he said. 

“You might see some new markets pop up here and there — like Pakistan and Nepal — [and] they will probably take more Australian.”

Mr Foulsham said he also expected prices of other grains like wheat, oats and barley to increase as the Canadian harvest progressed. 

Frost wipes $250m off WA crop, says GIWA

All the ducks are lining up for a big and very valuable canola harvest in Australia, but there is a long way to go, and already there has been some trouble. 

According to the Grain Industry Association of WA’s (GIWA) latest update, severe frost events earlier this month have wiped out roughly 700,000 tonnes of WA’s estimated winter crop, valued at $250 million.

“The worst of the areas are showing up very clearly now and some growers are saying they’re well over a 50 per cent loss on what the potential was,” said GIWA’s crop report author Michael Lamond.

“The canola tonnage is still going to be well over two million tonnes, which is well and truly a record for WA. A lot of the canola didn’t get affected as much as the wheat.

“So canola is probably the standout; it’s still worth quite a few dollars per tonne and there’s a lot of tonnes about, so that’s certinaly a bright light.”


Video: Agricultural sector can reach net zero emissions while increasing productivity (Sky News Australia)

Internet Explorer Channel Network
News Related

OTHER NEWS

Ambani's Reliance buys stake in Bollywood stylist Manish Malhotra's fashion house

© Provided by The National Designer Manish Malhotra with Bollywood actors Jacqueline Fernandez and Arjun Kapoor. Reliance said it is planning to expand the physical presence of MM Styles following ... Read more »

Political party leaders campaigning across the country 15 days before elections

© @Action4SA/Twitter. Action SA leader Herman Mashaba hangs a poster during the launch of the party’s election campaign on 9 September 2021. JOHANNESBURG – Political party leaders are campaigning across ... Read more »

France marks 1 year since the assassination of Samuel Paty

© Provided by dw.com Paty’s killing stunned France and French educators, who have long emphasized the nation’s officially secular values French leaders planned a day of commemoration in Paris on ... Read more »

Oil set to continue rally amid growing global demand

© INA FASSBENDER The prices of petrol are displayed on a sign at a service station in Dortmund, western Germany. Oil rebounded close to multi-year peaks after the IEA lifted ... Read more »

Apple event on October 18: M1X MacBook Pro, AirPods 3 to be launched. Details here

© Provided by Zee News New Delhi: On October 18, Apple’s Unleashed event begins at 10.30 p.m. IST. Apple is expected to introduce a couple of new hardware products a ... Read more »

Special working group on start-ups, India proposes in SCO meet

© Provided by The Statesman Special working group on start-ups, India proposes in SCO meet At the SCO, India has suggested the formation of a new Special Working Group on ... Read more »

Conservative MP David Amess Stabbed Multiple Times

(Photo: David Amess) Conservative MP Sir David Amess, 69, has been stabbed several times in his Southend West constituency, according to reports. Sky News reported on Friday afternoon that a ... Read more »

The trans women who support women's rights

Debbie Hayton is a trans woman who has come out in support of Professor Kathleen Stock – John Lawrence for The Telegraph “They remind me of football hooligans in the ... Read more »

HDFC Bank Q2 Result | Profit grows 17.6% to Rs 8,834 crore, net interest income rises 12%

© Rakesh Patil HDFC Bank Q2 Result | Profit grows 17.6% to Rs 8,834 crore, net interest income rises 12% HDFC Bank, the largest private sector lender in India, has ... Read more »

Salt Bae: Nusr-Et steakhouse restaurateur and meme eats three steaks a day

Salt Bae’s London restaurant has caused quite the stir in recent weeks for serving elaborate and expensive gold steaks, and catering to celebrity guests like Gemma Collins. © Getty Images ... Read more »

Waffle House employee pulls gun on a customer during a dispute over eggs, according to Atlanta police reports

© Getty Images The incident occurred at a Waffle House restaurant in Atlanta, police say. Getty Images A Waffle House employee pulled a gun on a customer over a food ... Read more »

Watford vs Liverpool LIVE: Stream FREE, TV channel, kick-off time as Trent returns for Reds in Premier League clash

WATFORD welcome Liverpool to Vicarage Road TODAY as the Premier League returns with a familiar face in the home dugout. Claudio Ranieri will take charge of the Hornets for the ... Read more »

Battle against Covid-19 not over yet, Sabahans told

© Provided by Free Malaysia Today Masidi Manjun says Sabah still has a high number of daily sporadic infections, indicating some sections of the community are not observing SOPs. (Bernama ... Read more »

Discussions on post Covid recovery set to dominate Asean Summit

© Provided by New Straits Times KUANTAN: Discussions on post-Covid-19 recovery will take centre stage during the Asean Summit which will be held virtually and chaired by host Brunei at ... Read more »

Spain WRC: Neuville pulls clear of Evans on Saturday morning

© McKlein / Motorsport Images Thierry Neuville, Martijn Wydaeghe, Hyundai Motorsport Hyundai i20 Coupe WRC The Hyundai driver delivered a faultless drive in at times tricky foggy conditions to transform ... Read more »

David Amess stabbing - latest: MPs will continue to meet constituents despite knife attack, Priti Patel says

© Tolga Akmen/AFP via Getty Images david amess LIVE – Updated at 11:27 The fatal stabbing of Conservative MP Sir David Amess has been declared a terrorist incident. The 69-year-old, ... Read more »

China renews alert for cold wave

© IANS China renews alert for cold wave Beijing, Oct 16 (IANS) China’s National Meteorological Centre (NMC) on Saturday renewed a blue alert for a cold wave, forecasting low temperatures ... Read more »

JEE Advanced 2021: Top 10 toppers, zone-wise and list-wise toppers, female toppers

JEE Advanced 2021: Top 10 toppers, zone-wise and list-wise toppers, female toppers The JEE Advanced 2021 result was announced on October 15 and Mridul Agarwal from the IIT Delhi zone ... Read more »

BJP plans PM Modi's massive rally in Varanasi ahead for 2022 Uttar Pradesh polls

© Provided by Zee News New Delhi: The Bharatiya Janata Party (BJP) is planning to organise a massive rally to be addressed by Prime Minister Narendra Modi in Uttar Pradesh`s ... Read more »

Next Congress president likely to be elected by September 2022

As the Congress Working Committee (CWC) met for a vital meeting on Saturday, highly placed sources said the election process to appoint the new party president is likely to be ... Read more »

Glosse: Jedem Kanton seinen Bundesrat!

Die Staatspolitische Kommission des Nationalrats will den Bundesrat auf neun Mitglieder vergrössern – schon wieder. Dabei ist das viel zu klein gedacht! © Bereitgestellt von Blick Jedem Kanton seinen Bundesrat! ... Read more »

A breastfeeding error left my boobs totally lopsided – it looks like I've only had an implant in one

GROWING up, we're always told that breastfeeding is the most natural thing in the world – but for a lot of mums, it's not so easy. So when Abbie Herbert's ... Read more »

Gordon Ramsay's wife Tana reveals her grief over late miscarriage in emotional post

GORDON Ramsay's wife Tana has revealed her grief over a devastating miscarriage in a post on Instagram. The cookbook author suffered a heartbreaking late miscarriage in June 2016 and previously ... Read more »

Taliban fighters ‘buying child brides & babies to be raised as sex slaves for just £800 from desperate Afghans'

TALIBAN fighters are allegedly buying child brides and even babies to be raised and turned into sex slaves for as a little as £800. Sources have said children as young ... Read more »

Expo 2020 Dubai: Slovakia's hydrogen-powered concept car unveiled

© Antonie Robertson The hydrogen-powered car at the Slovakia Pavilion at Expo 2020. Antonie Robertson / The National Shaped like a water droplet to reflect its power supply, Slovakia’s first ... Read more »

Pulih sektor pelancongan antara fokus Bajet 2022 Perak

© Provided by Sinar Harian IPOH – Pembangunan semula sektor pelancongan antara intipati utama yang akan diberi perhatian kerajaan Perak dalam pembentangan Bajet 2022. Menteri Besar Perak, Datuk Saarani Mohamad ... Read more »

Devastated Alex Scott in tears as she learns her ancestor owned 26 slaves on Who Do You Think You Are?

ALEX Scott becomes emotional on Who Do You Think You Are? when she learns her great grandfather owned 26 slaves. The BBC pundit, 37, is horrified to find her 4x ... Read more »

Kerajaan teliti model baharu untuk golongan muda miliki rumah

© Provided by Sinar Harian GEORGETOWN – Kementerian Perumahan dan Kerajaan Tempatan meneliti model terbaharu bagi membolehkan golongan muda untuk memiliki kediaman sendiri. Menterinya, Datuk Seri Reezal Merican Naina Merican ... Read more »

Type 2 diabetes: 8 simple lifestyle hacks to PREVENT deadly condition

ONE in ten adults are expected to have diabetes by 2030, with the nation facing a “ticking timebomb”, a leading charity warned this week. Rocketing obesity rates has seen the ... Read more »

UAE's Sheikh Abdullah bin Zayed meets US National Security Advisor

© Provided by Khaleej Times UAE’s Sheikh Abdullah bin Zayed meets US National Security Advisor Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, emphasised the ... Read more »

Expo 2020 Dubai: Emirati astronauts to showcase wonders of the cosmos at Space Week

© Provided by Khaleej Times Expo 2020 Dubai: Emirati astronauts to showcase wonders of the cosmos at Space Week Some of the brightest stars in space research and exploration will ... Read more »

Paediatric emergency services to be moved from Latifa, Dubai hospitals to Al Jalila

© Provided by Khaleej Times Paediatric emergency services to be moved from Latifa, Dubai hospitals to Al Jalila Paediatric emergency services at Latifa Hospital for Women and Children and Dubai ... Read more »

Chinese property executives ask regulators for 'appropriate loosening' of restrictions - report

© Reuters/THOMAS PETER A man rides a scooter past apartment highrises that are under construction near the new stadium in Zhengzhou SHANGHAI (Reuters) – Representatives from 10 Chinese property companies ... Read more »

Soldier dies during exercise on Salisbury Plain

An investigation has been launched after a soldier died during a military exercise on Salisbury Plain. The 23-year-old was part of a crew operating an armoured vehicle in a training ... Read more »

Could the West do a deal with Putin to keep the lights on this winter?

Power in his hands: Vladimir Putin denies Russia is using its gas supplies as a ‘weapon’ over the West – AFP The message was delivered with the kind of knowing ... Read more »

When is Rishi Sunak's autumn Budget 2021?

Chancellor Rishi Sunak outside 11 Downing Street (Victoria Jones/PA) (PA Archive) Rishi Sunak will announce the conclusions of the 2021 Spending Review in an autumn Budget on October 27. The ... Read more »

Annotated solutions for Prize 28,572

Across 1 appropriate double def 9 abridge BRIDGE next to A 10 shut-eye EYE after SHUT 11 close call CLOSE (sticky) + CALL 12 rains (b)RAINS or teems (hom) 13 ... Read more »

No Raphinha, Dallas dropped & Bielsa starts 22 y/o: Predicted Leeds XI vs Southampton - opinion

© Provided by Football FanCast Marcelo Bielsa shouting (2) After tasting their first win of the Premier League season against Watford last time out, Leeds United will be hoping to ... Read more »

Chargers coach Brandon Staley on NFL's taunting emphasis: It's tough on these players

© Provided by NBC Sports Chargers head coach Brandon Staley saw the costly taunting penalty against the Eagles on Thursday Night Football and was reminded of how tough it is ... Read more »