Tighter canola stocks, more wheat in updated ag department tables

MarketsFarm — Updated supply/demand tables released by Agriculture and Agri-Food Canada on Wednesday include only minor adjustments to stocks and usage numbers, with slightly tighter canola ending stocks and a small increase in wheat supplies.

Canola ending stocks for 2020-21 are forecast at 2.7 million tonnes in the updated tables. That would be down from the 2.8 million tonnes predicted in March, and compares with the revised 3.2 million-tonne carryout expected for 2019-20.

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Total wheat ending stocks are forecast to rise to 6.9 million tonnes for 2020-21. That compares with the March estimate of 6.8 million and the 5.9 million-tonne projection for the current marketing year.

Assuming normal growing conditions, AAFC said large world supplies would pressure prices for most crops in 2020-21. However, the agency added that “grain prices in Canada will continue to be supported by the relatively low value of the Canadian dollar.”

In addition, “the outlook for world and Canadian grain markets is expected to continue to be highly impacted by the domestic and international uncertainty caused by COVID-19,” AAFC said.

The pulse and special crop balance sheets only saw small adjustments from March.

Statistics Canada is set to release the results of its first acreage survey of the year on May 7, which should lead to adjustments in subsequent supply/demand tables.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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