Canadian canola ending stocks largest since 2020

Glacier FarmMedia | MarketsFarm – Canadian canola ending stocks for 2023/24 were up significantly from the carryout the previous year, while revisions to the year-ago data saw wheat stocks tighten, according to the latest data from Statistics Canada released Sept. 9.

At 3.09 million tonnes, canola stocks as of July 31, 2024, were up from 1.85 million tonnes the previous year and the largest carryout for the crop since 2020. “Higher domestic disappearance was more than offset by lower exports of canola, resulting in higher ending stocks,” said StatCan.

Canola stocks were in line with trade estimates that ranged from roughly 2.10 million to 3.50 million tonnes.

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All-wheat ending stocks, which include durum, were estimated at 4.58 million tonnes. That came in well above trade estimates, as StatCan raised it’s call on the 2022/23 carryout to 5.63 million tonnes from an earlier estimate of 3.51 million tonnes.

Of the total, the durum carryout for 2023/24 was relatively unchanged on the year, up by only 2,000 tonnes at 576,000.

Barley stocks also topped average trade estimates, coming in at 1.22 million tonnes. That compares with the year-ago level of 708,000 tonnes.

For the pulse crops, lentil ending stocks were down by 15.2 per cent on the year at 179,000 tonnes, while the pea carryout dipped by 36.7 per cent at 348,000 tonnes.