Agriculture Canada will reduce the ending inventory of wheat and rapeseed in 2022 / 23

The March supply and demand report released by the Canadian Department of agriculture and agrifood (aafc) shows that wheat stocks are expected to decrease further due to the expected increase in wheat exports in 2021 / 22 and 2022 / 23.

The export volume of wheat in 2021 / 22 increased to 15.55 million tons, an increase of 200000 tons over the forecast in February; In 2022 / 23, the export volume of wheat was increased by 250000 tons, which is expected to reach 21.55 million tons.

The inventory in 2021 / 22 was reduced to 3.8 million tons, lower than the 4 million tons predicted in February. The ending wheat inventory in 2022 / 23 was reduced to 4.7 million tons, 450000 tons lower than the 5.15 million tons predicted in February.

Aafc also lowered the ending inventory of Canadian rapeseed in 2022 / 23 by 50000 tons, from 650000 tons to 600000 tons. Rapeseed stocks in 2021 / 22 were also reduced from 450000 tons to 400000 tons.

In general, aafc only slightly revised the supply and demand balance in its March report. However, the report warns that the global and Canadian grain market prospects are particularly uncertain due to the conflict between Russia and Ukraine and the continuing domestic and international uncertainties caused by COVID-19.

Statistics Canada will release its first planting area forecast report this year at the end of April. An inventory report will be released in early May.

Source: Master Boyi

Post time: Mar-28-2022