By Winnipeg, Manitoba – In a recent update to its supply/demand estimates, the market analysis division of Agriculture and Agri-Food Canada (AAFC) has revised down the Canadian wheat ending stocks for both the current marketing year and 2023-24. Additionally, tighter oats and pulse stocks are also expected.
Wheat Ending Stocks for 2022-23
AAFC has lowered the estimated wheat ending stocks for 2022-23 to 3.540 million metric tons compared to June’s estimate of 3.980 million tons. The new-crop wheat carryout has been cut by 700,000 tons to 5.100 million tons. Although wheat production for 2023-24 is projected to decrease to 35.331 million tons from June’s estimate of 35.751 million tons, it is still significantly higher than the 33.824 million tons grown in 2022-23.
Notable Adjustment in Oats Carryout
Another significant adjustment can be seen in the oats carryout for 2023-24, which has dropped to only 450,000 tons from June’s estimated 1 million tons and the current marketing year target of 1.250 million tons. The total Canadian oats production for 2023-24 is forecasted at only 2.816 million tons, representing an 800,000-ton decrease from the June estimate and a decline from the 5.226 million tons grown in 2022-23.
Canola Production and Ending Stocks
Canola production for 2023-24 has been raised slightly to 18.800 million tons from June’s estimate of 18.400 million tons. However, ending stocks for both the current crop year and 2023-24 remain unchanged at relatively tight levels of 650,000 tons and 600,000 tons, respectively.
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