Latest carryout estimate made despite smaller crop because exports and domestic use are also expected to be down
Canadian canola ending stocks for 2022-23 were revised higher by Agriculture Canada in its latest supply-demand estimates released Dec. 16.
The larger carryout projection came despite a downward revision to production, as both exports and domestic use were down from the November report.
The department now sees canola carryout of 800,000 tonnes for the current marketing year, which would be up from the November forecast of 500,000 tonnes and in line with the 2021-22 ending stocks of 875,000 tonnes.
Updated production estimates from Statistics Canada included in the latest Agriculture Canada report lowered canola production to 18.2 million tonnes from an earlier estimate of 19.1 million tonnes.
Meanwhile, projected canola exports of 8.6 million tonnes would be down by 700,000 tonnes from the November estimate. Domestic usage was lowered by roughly half-a-million tonnes from November, at 9.7 million tonnes.
Wheat ending stocks for the year were forecast at five million tonnes, which would be down from the November estimate of six million but still above the 3.7 million tonne wheat carryout from the previous year. Projected exports and domestic usage for wheat only saw minor adjustments on the month.
