Canadian canola ending stocks in both the current marketing year and upcoming 2023-24 season will be tighter than earlier estimates.
That’s according to supply and demand projections from Agriculture and Agri-Food Canada.
Factoring in Statistics Canada’s latest acreage estimates and its data for stocks as of March 31st — 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.
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.