MarketsFarm –– Supply/demand estimates for Canadian crops were largely left unchanged in Agriculture and Agri-Food Canada’s (AAFC) latest projections, with only the wheat numbers seeing small adjustments in the report released Tuesday.
Projected Canadian wheat exports for the 2022-23 marketing year were raised to 24.3 million tonnes, up by 200,000 from the February estimate. Domestic usage was lowered by 100,000, at 8.911 million tonnes, leaving the projected ending stocks down by only 100,000 as well, at 4.4 million tonnes.
Canadian wheat exports for 2023-24 were left unchanged at 24 million tonnes, but domestic usage was lowered by 100,000 tonnes, to 9.152 million. As a result, new-crop Canadian wheat ending stocks were unchanged at 5.7 million tonnes.
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The balance sheet for canola was left unchanged on the month, with projected exports of 8.6 million tonnes during the current marketing year and 8.8 million in 2023-24. Canola ending stocks were pegged at 800,000 tonnes for 2022-23 and 850,000 for the next year.
However, the government agency did raise its average price forecast for canola during the current marketing year to $890 per tonne, from $880 per tonne in February. The new-crop canola price projection was left unchanged at $850 per tonne.
Pulse and special crop projections were all unchanged on the month. Statistics Canada’s acreage estimates will be released at the end of April.
Tables: March estimates for Canadian major crops supply and demand: in million metric tonnes. Source: Agriculture and Agri-Food Canada.
