MarketsFarm –– Updated supply and demand tables from Agriculture and Agri-Food Canada (AAFC), released late Friday, included only minor adjustments to balance sheets for the country’s major crops.
The department’s projected ending stocks for wheat and canola were left unchanged from the previous month. Factoring in the official estimates from Statistics Canada, released Dec. 3, production of both canola and wheat was lowered from November.
Canola exports and domestic usage were also down slightly from November, leaving projected ending stocks for 2021-22 steady at 500,000 tonnes. That compares with the 1.767 million-tonne carryout from the previous year. Canola exports are now forecast at 5.4 million tonnes, from 5.5 million in November and 10.534 million the previous year. Domestic usage, at 8.612 million tonnes, was down slightly from November and about two million tonnes off the year-ago level.
Read Also
U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Canadian wheat ending stocks were left unchanged at 3.45 million tonnes, which would still be well below the 5.705 million-tonne carryout from 2020-21. Total wheat exports were forecast at 16.3 million tonnes, which would be up by 200,000 from the November estimate but still well below the 26.407 million exported in 2020-21. Of that total, durum exports are forecast at only 2.3 million tonnes, down from 3.1 million in November and 5.773 million the previous year.
The pulse and special crops also only saw minor adjustments on the month, with ending stocks for both peas and lentils left unchanged at 50,000 tonnes. That compares with pea ending stocks in 2020-21 of 479,000 tonnes and lentils at 406,000.
Tables: December estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.
