Glacier FarmMedia – Canadian wheat stocks at the end of 2023 were considerably tighter compared to the previous year, with oats, corn and pulse crops also seeing supply reductions, according to the latest stocks report from Statistics Canada, released Feb. 8, 2024. However, canola, barley and soybean stocks as of Dec. 31, 2023, were higher compared to the previous year.
Canadian canola stocks as of Dec. 31, 2023, came in at 12.9 million tonnes, which was up 1.3 per cent from the same time the previous year but slightly below the five-year average of 13.3 million tonnes. On-farm stocks were up 5.6 per cent from the same time the previous year, at 11.7 million tonnes, while commercial stocks fell 27.7 per cent at 1.2 million tonnes. Some market participants had anticipated even larger on-farm stocks, given the slower export pace during the crop year-to-date.
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Meanwhile, total wheat stocks were down 10.3 per cent on the year at 20.7 million tonnes. On-farm stocks fell 11.7 per cent to come in at 16.7 million tonnes while commercial holdings were down 4.2 per cent at 4.0 million tonnes. Canadian wheat exports through the first five months of the crop year were up 2.7 per cent at 10.6 million tonnes.
Barley stocks increased to 5.5 million tonnes, from 5.2 million tonnes at the end of December 2022. The increased stocks came despite the smaller crop, as domestic usage declined 16.6 per cent on the year, according to StatCan.
Oats stocks were down 40.3 per cent year over year at 2.1 million tonnes. Pea and lentil stocks were down 15.6 per cent and 30.5 per cent respectively, at 1.8 million tonnes for peas and 1.0 million tonnes for lentils.
Corn stocks in the country were down 4.8 per cent at 11.3 million tonnes, while soybean supplies increased 9.8 per cent to come in at 3.8 million tonnes.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
