Flaxseed Market Update Week 35

While Agriculture and Agri-Food Canada maintains its forecast for 2022/2023, the crop itself is expected to be smaller than last year. Surprisingly, even with the decrease, there is a production growth of 20% to 420,000 mt. The total availability is going to be a little less than 500,000 mt, an increase of 18% from last year. Interestingly, the average price estimates have been reduced to CAD 800/mt.

Still, experts say that to compete internationally, Canadian flaxseeds must become significantly cheaper. According to the experts, the first yield reports are somewhat disappointing, with drought in some places and high moisture in others, causing below-average yields.

On the other hand, Russia is expecting a good flaxseed crop this year, making its way to China and Europe. Germany's flaxseed imports are behind last year's volume at 18%. Between September 2021 and June 2022, the volume lowered by 20%. Shipments from Russia have increased by 55%. Belgium has also expanded its shipments to Germany, with imports at 15% more than the previous year. We'll let you know as we have more updates.