MarketsFarm — Only minor adjustments to the old- and new-crop balance sheets were reported by Agriculture and Agri-Food Canada in their February supply/demand report, released Friday.
New-crop production estimates were left unchanged for all of the major grains, oilseeds and pulses, with a return to average yields across the Prairies expected to lead to increased production after the 2021-22 drought.
Projected canola ending stocks for both the current marketing year and 2022-23 were lowered by 50,000 tonnes, to 450,000 and 650,000 tonnes respectively. Wheat ending stocks for both crop years were raised, primarily due to a million-tonne reduction in 2021-22 export projections.
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Total wheat exports for the current marketing year were pegged at 15.35 million tonnes, which compares with the January forecast of 16.35 million. Canadian wheat exports in 2022-23 are forecast at 21.3 million tonnes.
Total wheat ending stocks are now forecast at four million tonnes for 2021-22 and 5.15 million in 2022-23.
Ending stocks for peas and lentils are forecast to be slightly larger than earlier expectations in both the current marketing year and 2022-23.
Tables: February estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.
