Canola stocks shrink, wheat nudges up

With a decline of 19.2 percent, total canola stocks in Canada dropped from a year ago, while all wheat stocks bumped up 0.9 per cent, Statistics Canada reported on Feb. 7.

StatCan issued its stocks of principal field crops as of Dec.31, 2024, which showed total canola stocks at 11.38 million tonnes. That’s down from 14.09 million tonnes a year ago and it’s the tightest level since the drought year of 2021. The agency pointed to increased exports and domestic use of the oilseed for the decline.

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A survey by Reuters ranged total canola stocks from 10.80 million to 13.2 million tonnes.

“This is a step further towards confirming tight canola stocks this year,” commented MarketsFarm Pro analyst Mike Jubinville.

In the breakdown of stocks, StatCan pegged on-farm canola at 9.89 million tonnes, compared to 12.92 million a year ago. However, commercial stocks bumped up to almost 1.50 million tonnes from 1.17 million.

As for all wheat, StatCan estimated total stocks at 24.48 million tonnes and the year-ago at 24.25 million. On-farm stocks were estimated at 20.94 million tonnes versus 20.24 million the previous Dec. 31. Commercial levels slipped to 3.54 million tonnes from 4.01 million. The federal agency said increased production in 2024/25 led to the larger stocks.

Of the wheat, total durum stocks accounted for 3.62 million tonnes, up from 3.19 million last year. That comprised of 3.02 million tonnes on-farm compared 2.58 million and commercial stocks of 600,000 tonnes, dipping from 610,000 tonnes.

The Reuters survey slotted total all wheat stocks at 22.50 million to 23.50 million, with durum at 1.70 million to 3.70 million tonnes.

Canada’s total corn stocks of 11.32 million were virtually unchanged from the 11.30 million the previous Dec. 31. Also, barley stocks of 4.96 million tonnes pulled back from 5.46 million, while soybeans increased to 4.15 million tonnes from 3.74 million. Oat stocks of 2.19 million tonnes slipped from 2.29 million a year ago.