Flaxseeds Market Update June 2022 Week 26

Flaxseed prices are currently volatile, according to Rayglen Commodities. Kazakhstan has so far effectively covered any gaps left by Russia during the horrific strikes on Ukraine, and China has enough supply. In contrast, between September and March, shipments from Kazakhstan to Germany fell by 20% to 16,498 mt, compared to the same period in 2020/2021. Russia is the country's primary source of imports, which increased by 10.7% to 24,510 mt simultaneously. The Federal Statistical Office of Germany recently released statistics showing that total flaxseed shipments to Germany fell 17.2 percent to 71,903 mt. Even still, shipments from Canada decreased by 58.9% to 4,996 mt. This week, European spot market prices have fallen marginally.

Agriculture and Agri-Food Canada is sure that the substantial increase in yields in 2022/2023 will compensate for the drop in planting. While yields are predicted to be 16 percent lower at 351,000 ha, they are expected to be 57 percent higher than last year at1.35 mt/ha, boosting output by 35 percent to 466,000 mt. Although carryovers are expected to drop by 41% this season, overall supplies will increase by 51% to 625,000 mt in 2022/2023.