Winnipeg,(MarketsFarm)– Canadian canola ending stocks will be much tighter than earlier thought, according to updated supply/demand tables from Agriculture and Agri-Food Canada released late Dec. 19 that account for the latest Statistics Canada production numbers.
Projected canola ending stocks for 2019/20 were lowered to 3.500 million tonnes by Agriculture Canada, which compares with the November estimate of 4.700 million and the 2018/19 level of 4.094 million tonnes. While projected canola exports were lowered slightly, to 9.100 million tonnes from 9.200 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 5.850 million tonnes, from the November estimate of 6.000 million. That compares with the 2018/19 wheat carryout of 5.916 million tonnes.
December estimates for Canadian major crops supply and demand: in million metric tonnes.
Source: Agriculture and Agri-Food Canada.