USDA adjusts world rapeseed stocks estimates

Winnipeg, (MarketsFarm) – World rapeseed ending stocks are forecast to tighten slightly in 2019/20 compared to earlier projections, according to an update from the United States Department of Agriculture Foreign Agriculture Service.

The Oilseeds: World Markets and Trade report pegged world rapeseed carryout for the current marketing year at 6.307 million tonnes, which would be down from the February estimate of 6.486 million tonnes and well below the year-ago level of 8.421 million tonnes.

The Canadian supply/demand numbers were left unchanged from the previous month, with the USDA predicting a Canadian canola carryout for 2019/20 of 3.744 million tonnes.

That would be about 500,000 tonnes above the current Agriculture and Agri-Food Canada projection.

The USDA forecasts Canadian canola exports in 2019/20 at 9.500 million tonnes, which would be slightly below the 9.750 million tonne forecast from Agriculture Canada. Canadian domestic canola consumption is forecast at 10.000 million tonnes by the USDA, which would be about 280,000 tonnes below the current Canadian projection.

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