MarketsFarm — Canadian canola ending stocks in both the current 2020-21 marketing year and in 2021-22 are forecast to tighten below a million tonnes, according to updated supply/demand estimates from Agriculture and Agri-Food Canada.
The tight stocks were largely tied to expectations for increased domestic usage, with projected canola exports left unchanged from the January forecast and new crop production slightly higher.
Total canola ending stocks for both 2020-21 and 2021-22 are now projected at only 700,000 tonnes, which would compare with the 3.13 million tonnes carried over from 2019-20.
If realized, the canola carryout would be the smallest since 2013.
Canadian wheat ending stocks for 2020-21 were lowered to 5.85 million tonnes, which compares with the January estimate of 6.25 million tonnes. The new-crop 2021-22 wheat carryout was left unchanged at 6.3 million.
Most other crops only saw minor adjustments on the month.
Tables: February estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.