Agriculture Canada released its first crop projections for 2023-24, forecasting a very notable drop in oats.
In the department’s January supply and demand estimates, released today, it cut oat production by almost 31 percent at 3.611 million tonnes when compared to 2022-23. The department chopped the carryout for oats by nearly 48 percent at 600,000 tonnes.
For all wheat, Agriculture Canada projected production to bump up 1.5 percent at 34.327 million tonnes. It raised canola by 1.8 percent at 18.50 million tonnes, and soybeans 3.5 percent at 6.770 million tonnes. Corn was lowered 4.8 percent at 13.845 million tonnes, while durum, barley and flax remained relatively steady.
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As for ending stocks, those for all wheat, durum, barley, canola, flax, and soybeans were raised.
January estimates for Canadian major crops supply and demand are in million tonnes.
