MarketsFarm – While Agriculture and Agri-Food Canada made some changes in its October supply and demand estimates from September, the department didn’t make any alterations to its data for canola, pulses and special crops. The department released its report during the late afternoon of Oct. 21.
Of the grains and oilseeds, AAFC’s most notable revisions came in corn, along with tweaks in all wheat. The department made changes to its estimates for the 2021/22 corn crop. While production remained at 13.984 million tonnes, exports for last year were trimmed by 193,000 tonnes, now at 1.737 million. Also, 352,000 tonnes were cut from 2021/22 domestic use, now pegged at 17.871 million tonnes. That resulted in 2021/22 ending stocks rising 546,000 tonnes at 2.746 million. As for 2022/23 corn, AAFC held its estimates in place, except for a 46,000-tonne bump to domestic use, inching up to 15.457 million tonnes.
Read Also
U.S. grains: Soy futures set six-week low as China buys Argentine cargoes, snubs U.S.
Chicago | Reuters – U.S. soybean futures set a six-week low on Tuesday under pressure from a lack of Chinese…
As for all wheat, AAFC made some small tweaks in its estimates for the 2022/23 crop. Exports were nudged up 100,000 tonnes at 23.300 million, and with 2,000 tonnes added to domestic usage at 9.001 million. The carryover was eased back 100,000 tonnes at 6.200 million.
For the 2021/22 wheat crop, the department sliced 13,000 tonnes from domestic use at 565,000 tonnes and tacked on 14,000 tonnes to the carryout at 579,000 tonnes.
It’s expected AAFC will avoid making any major revisions until Statistics Canada issues its next production report in December.
October estimates for Canadian major crops supply and demand: in million metric tonnes.
