Agriculture Canada has lowered its canola export forecast for MY 2023/24

Canada may sell about 7 million tons of canola to foreign markets this season, which is 1 million tons below the level of the previous crop year. This forecast was released by the Ministry of Agriculture and Food Industry (AAFC). The ministry also reduced its estimate of oilseed exports for the month by 0.7 million tons.

In addition, ending stocks of Canadian canola are expected to reach 2 million tons against 1.5 million tons a season earlier.

The agency in its February report slightly increased its wheat export forecast for MY 2023/24 by 0.3 million tons for the month to 23.5 million tons, but the updated figure remains 8.5% behind the previous season’s result (25.7 million tons).

The forecast for ending stocks of grain was also lowered – by 0.4 million tons to 3.6 million tons (3.5 million tons in the previous season).

At the same time, the estimate of the Canadian crop in MY 2024/25 was increased by 0.6 million tons to 33.9 million tons (+1.9 million tons per year), and the forecast of domestic consumption was increased by 0.3 million tons to 9.1 million tons (+0.5 million tons).

Tags: export, Canada, rapeseed