No surprise for canola in StatsCan stocks report

CNS Canada –– Statistics Canada on Monday released its report on Canadian field-crop stocks as of March 31, pegging Canola stocks at 9.018 million tonnes — no surprise to the trade, although significantly higher than the year-ago level of 4.529 million.

Overall, stocks of all crops are quite a bit larger than last year, as expected, due to record production and slow rail movement. Therefore, the report should have very little impact on the markets, said Jerry Klassen, manager of GAP Grains and Produits in Winnipeg.

The barley stocks number as of March 31, at 4.346 million tonnes, was slightly smaller than expected, said Mike Jubinville of ProFarmer Canada. Last year, barley stocks as of March 31 were at 3.044 million tonnes.

The number was slightly smaller than expected, either because production was overstated for the crop, or feed demand was stronger than anticipated.

“The demand for barley was maybe a little stronger with the harsh winter, which means cattle per head eat more units,” said Jubinville. “Or maybe more cattle on feed this year without any corn or DDGS coming across the border from the U.S. made more of a demand on barley.”

Increased movement of supplies into the domestic feed market may have also helped bring all wheat stocks down, Klassen said, though the numbers for durum and other wheat weren’t a big surprise.

“We maybe have larger stocks (of wheat) pushed into the feed market because of some slower rail movement over the winter,” Klassen said.

StatsCan reported stocks of durum as of March 31 at 3.904 million tonnes, up from 2.957 million last year. All wheat, excluding durum, was pegged at 17.348 million tonnes, up from 11.512 a year ago.

The oats figure, at 2.288 million tonnes, may have been a bit larger than some people were expecting, which just highlights the problems moving supplies to the U.S., the primary buyer of Canadian oats, Jubinville said.

Rail movement, he added, has been focused on moving east and west, and not south.

— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.



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