MarketsFarm — Updated supply/demand estimates released Friday by Agriculture and Agri-Food Canada include only minor revisions from the previous report, taking into account revised acreage estimates Statistics Canada released at the end of June.
Canola ending stocks for the current marketing year were lowered by 100,000 tonnes, to 2.5 million tonnes. Meanwhile, projected 2020-21 canola ending stocks were up by 50,000, at 2.35 million.
Total wheat ending stocks were lowered by 400,000 tonnes, at 6.4 million tonnes, for 2020-21. That compares the unchanged 5.9 million-tonne projection for the current marketing year.
From a pricing standpoint, large global supplies were expected to remain a bearish influence on prices that will be mitigated by relative weakness in the Canadian dollar.
July estimates for Canadian major crops supply and demand: in millions of metric tonnes. Source: Agriculture and Agri-Food Canada.