Canadian wheat ending stocks for both the current marketing year and 2023/24 were revised lower by Agriculture and Agri-Food Canada’s market analysis division in its updated supply/demand estimates, released Friday, with tighter oats and pulse stocks also expected.
Wheat ending stocks for 2022/23 were lowered to 3.540 million tonnes by AAFC, from an estimated 3.980 million tonnes in June.
The oats carryout for 2023/24 was another notable adjustment, dropping to only 450,000 tonnes, from an estimated 1.000 million in June and the current marketing year target of 1.250 million tonnes.
Canola production for 2023/24 was raised to 18.800 million tonnes, from 18.400 million in June.
New crop production estimate for both peas and lentils were lowered from the June report as AAFC factored in Statistics Canada’s latest acreage estimates to 2.900 million and 2.100 million tonnes respectively.