Canada’s wheat ending stocks projections raised

MarketsFarm — Canadian wheat ending stocks for the current 2020-21 marketing year are forecast to be larger than earlier expectations, according updated supply/demand estimates Thursday from Agriculture and Agri-Food Canada.

All-wheat ending stocks for 2020-21 are now forecast at 6.3 million tonnes, which compares with the September estimate of 5.9 million. The total wheat carryout compares with the upwardly-revised 2019-20 level of 5.499 million.

Of the total, 2020-21 durum ending stocks are forecast at 800,000 tonnes. That would be up from the 700,000-tonne September forecast and the 2019-20 level of 737,000 tonnes.

Canola ending stocks for 2020-21 were estimated at 2.25 million, up only 50,000 tonnes from the September estimate but well below the 3.131 million-tonne carryout the previous year.

The agriculture department raised its forecast for 2020-21 canola exports to 10.2 million tonnes, from 9.85 million in September. If realized, exports would be in line with the 10.17 million exported in 2019-20.

October 2020 estimates for Canadian major crops’ supply and demand, in millions of metric tonnes. (Agriculture and Agri-Food Canada)