MarketsFarm — Supply/demand estimates for Canada’s major crops saw little change in updated tables released Tuesday from Agriculture and Agri-Food Canada.
Acreage estimates from Statistics Canada are due out June 30, and should lead to more sizeable adjustments in subsequent reports.
Canola ending stocks were left unchanged at 2.6 million tonnes for the current marketing year and at 2.3 million for the upcoming 2020-21 crop year.
Total wheat ending stocks were also unchanged at 6.8 million tonnes for 2020-21. That compares the 5.9 million-tonne projection for the current marketing year.
Only barley and oats saw small changes in ending stocks, with AAFC raising its 2020-21 barley carryout forecast by 200,000 tonnes, to 1.9 million, and lowering the oats number by 100,000 tonnes, to one million tonnes.
From a pricing standpoint, “abundant global supplies and factors related to COVID-19 are expected to pressure world grain prices,” according to the report. However, relative weakness in the Canadian dollar was expected to provide some support for domestic bids.
