MarketsFarm — The supply/demand balance sheets for Canada’s major crops were largely left unchanged in the latest outlook Friday from Agriculture and Agri-Food Canada.
While the March report only saw minor revisions, the government agency cautioned that “the economic outlook, for the world and Canadian grain markets, is particularly uncertain due to the Russian invasion of Ukraine and to lesser extent the continued domestic and international uncertainty caused by COVID-19.”
Projected canola ending stocks for both the current marketing year and 2022-23 were lowered by 50,000 tonnes, to 400,000 and 600,000 tonnes respectively. Wheat ending stocks for both crop years were also lowered, to an estimated 3.8 million for 2021-22 and 4.7 million for the new crop year.
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Wheat exports for 2021-22 were up by 200,000 from the February forecast, at 15.55 million tonnes. For 2022-23, wheat exports were revised higher by 250,000 tonnes, at 21.55 million tonnes.
Statistics Canada releases its first acreage estimates of the year at the end of April, with the latest stocks data out in early May.
Tables: March estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.
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