Winnipeg (MarketsFarm) – Canadian ending stocks of canola and wheat will be larger than earlier thought, according to updated supply/demand tables from Agriculture and Agri-Food Canada released late Sept. 20
Canola ending stocks for 2019/20 were upped to a record 4.500 million tonnes by Agriculture Canada, which compares with the August estimate of 3.775 million and the upwardly revised 2018/19 level of 3.874 million tonnes.
While adverse growing conditions in Europe and Australia are forecast to help Canadian canola exports in 2019/20, Agriculture Canada also noted that the total business will “remain constrained by the decline in Chinese buying.”
Total wheat ending stocks for 2019/20 were raised to 6.100 million tonnes, from the August estimate of 5.500 million. That compares with the 2018/19 wheat carryout of 6.184 million tonnes.
The September supply/demand estimates compiled by Agriculture Canada take into account updated stocks and production estimates released by Statistics Canada over the past month.
September estimates for Canadian major crops supply and demand: in million metric tonnes.
Source: Agriculture and Agri-Food Canada.