Canadian wheat, canola stocks projections revised higher

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Published: September 27, 2022

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(Alfio Manciagli/iStock/Getty Images)

MarketsFarm — Canadian wheat and canola ending stocks for the 2022-23 crop year are forecast to end up above earlier projections, according to updated supply/demand estimates from Agriculture and Agri-Food Canada, released late Friday.

The updated estimates account for recent production and old-crop carryout numbers from Statistics Canada.

Total wheat ending stocks for 2022-23 are now forecast at 6.3 million tonnes by the government agency, which would be up by 400,000 tonnes from the August estimate and well above the 3.67 million-tonne carryout from 2021-22. Anticipated exports were raised slightly from August, while domestic wheat usage was lowered.

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Canola ending stocks for 2022-23 were pegged at 500,000 tonnes, which compares with an earlier estimate of 450,000 tonnes. Canola carryout for 2021-22 came in at 875,000 tonnes.

Canola exports are forecast to rise substantially on the year with expected production of 19.10 million tonnes up by 39 per cent from the drought-stricken 2021-22 crop. Total canola exports for 2022-23 are now forecast at 9.3 million tonnes. That would be up by 100,000 from the August estimate and well above the 5.27 million tonnes exported in 2021-22. Domestic usage for canola is forecast at 10.27 million tonnes, which compares with 9.5 million the previous year.

Table: September estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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