MarketsFarm — Canadian ending stocks of canola and wheat will be larger than earlier thought, according to updated supply/demand tables Agriculture and Agri-Food Canada released late Friday.
AAFC raised its canola ending stocks estimate for 2019-20 to a record 4.5 million tonnes, up from the August estimate of 3.775 million and the upwardly-revised 2018-19 level of 3.874 million tonnes.
Adverse growing conditions in Europe and Australia are forecast to help Canadian canola exports in 2019-20, but AAFC also noted the total business will “remain constrained by the decline in Chinese buying.”
Total wheat ending stocks for 2019-20 were raised to 6.1 million tonnes, from the August estimate of 5.5 million. That compares with the 2018-19 wheat carryout of 6.184 million tonnes.
The September supply/demand estimates compiled by AAFC take into account updated stocks and production estimates released by Statistics Canada over the past month.
Tables: September estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.
