MarketsFarm — Agriculture and Agri-Food Canada (AAFC) has released its first crop projections for 2023-24, forecasting a very notable drop in oats.
In AAFC’s January supply and demand estimates, released Friday, it cut oat production to 3.611 million tonnes, down almost 31 per cent compared to 2022-23. The department chopped the carryout for oats by nearly 48 per cent at 600,000 tonnes.
For all wheat (spring and winter wheats plus durum), AAFC projected production to bump up 1.5 per cent at 34.327 million tonnes. It raised canola by 1.8 per cent at 18.5 million tonnes, and soybeans 3.5 per cent at 6.77 million tonnes. Corn was lowered 4.8 per cent at 13.845 million tonnes, while durum, barley and flax remained relatively steady.
As for ending stocks, those for all wheat, durum, barley, canola, flax and soybeans were raised.
Table: January estimates for Canadian major crops supply and demand: in million metric tonnes. Source: Agriculture and Agri-Food Canada.
