MarketsFarm — Canadian canola ending stocks in both the current marketing year and upcoming 2023-24 season will be tighter than earlier estimates, according to supply/demand projections from Agriculture and Agri-Food Canada (AAFC) on Tuesday.
Factoring in Statistics Canada’s latest acreage estimates and its data for stocks as of March 31 — figures both released in the past month — AAFC now forecasts canola ending stocks of 650,000 tonnes for 2022-23 and only 650,000 for 2023-24. That compares with the April forecasts of one million and 1.05 million tonnes respectively.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Total canola production in 2023-24 was forecast at 18.4 million tonnes, which would be down slightly from the 18.5 million tonnes forecast in April but still up from 18.17 million tonnes grown in 2022-23.
For wheat, ending stocks for 2022-23 were lowered to 3.98 million tonnes, from an estimated 4.3 million in April. However, new-crop wheat ending stocks were bumped up by 100,000 tonnes on the month, to 5.8 million tonnes.
Total wheat production in the country is forecast to hit 35.75 million tonnes in 2023-24, which would be well above the April estimate of 34.33 million and the 2022-23 production of 33.82 million tonnes.
Tables: May estimates for major Canadian crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.
