AAFC Released Latest Supply and Demand Projections

Agriculture and Agri-Food Canada released its latest supply/demand projections on Friday.

Canola ending stocks for both the current marketing year and 2023-24 were raised slightly.

The government agency lowered its canola export forecast for 2022-23 by 200,000 tonnes from March, now pegging movement at 8.4 million tonnes.

With domestic usage left unchanged at 9.738 million tonnes, ending stocks were raised to one million tonnes from 800,000 the previous month.

The canola carryout for 2023-24 was upped to 1.05 million, from 850,000 the previous month.

The wheat numbers also saw a minor adjustment, with a 100,000-tonne increase in old-crop export projections to 24.4 million, leading to a matching drop in carryout — now at 4.4 million tonnes.

New-crop Canadian wheat ending stocks were left unchanged at 5.7 million tonnes.

Statistics Canada is set to release its first survey-based acreage estimates for the 2023 crop on Wednesday, which should lead to some adjustments in future AAFC reports.

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