AAFC lowers canola ending stocks forecast

(Dave Bedard photo)

MarketsFarm — Canadian canola ending stocks will be much tighter than earlier thought, according to updated supply/demand tables which were released late Thursday by Agriculture and Agri-Food Canada and account for the latest production numbers from Statistics Canada.

AAFC’s projected canola ending stocks for 2019-20 were lowered to 3.5 million tonnes, which compares with the November estimate of 4.7 million and the 2018-19 level of 4.094 million tonnes.

While projected canola exports were lowered slightly, to 9.1 million tonnes from 9.2 million in November, domestic usage was raised to 10.242 million tonnes — an increase of roughly 600,000 tonnes from the previous month.

Total canola production for 2019-20 was lowered to 18.649 million tonnes, which compares with the 20.343 million tonnes grown the previous year.

Total wheat ending stocks for 2019-20 were lowered to 5.85 million tonnes, from the November estimate of six million. That compares with the 2018-19 wheat carryout of 5.916 million tonnes.

— Phil Franz-Warkentin reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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