Canadian wheat stocks down and canola stocks up
By March 31, 2024, Canada’s wheat stocks have fallen to 11.8 million tons, down 15% from last year, according to a Statistics Canada report.
The decline in stocks is due to a smaller crop and robust exports. From August 2023 to March 2024, Canada exported 16.8 million tons of wheat, down 5% from the same period last season but well above the five-year average. The U.S. Department of Agriculture forecasts that Canada could end the season with very low carryover wheat stocks of 3.4 million tons, a multi-year low.
Canola stocks rose 18% to 8.3 million tons by March 31. Canola exports since the start of the current season have fallen 36% to 3.7 million tons, well below the five-year average. The decline in exports is likely due to high global supply of soybeans and palm oil. In contrast, domestic use of rapeseed rose 11% to 8.1 million tons, a record for the period under review. The increase in domestic use is likely due to increased demand for renewable energy.
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