OTTAWA
,
February 9, 2024
(press release)
–
As of December 31, 2023, total stocks of canola, barley and soybeans were up, while wheat, oats and corn for grain were down, compared with the same date in 2022. In general, stocks of principal field crops decreased compared with the same date one year earlier because of lower production, most notably in Western Canada, where overall dry growing conditions resulted in poorer yields. Total wheat stocks were down 10.3% year over year to 20.7 million tonnes as of December 31, 2023. On-farm stocks fell 11.7% to 16.7 million tonnes, while commercial stocks decreased 4.2% to 4.0 million tonnes. Deliveries of wheat off farm fell 1.7% to 15.1 million tonnes. Wheat exports climbed 2.7% to 10.6 million tonnes, surpassing the five-year average. Stocks of canola were up 1.3% year over year to 12.9 million tonnes as of December 31, 2023. The increase was attributable to a 5.6% increase in on-farm stocks to 11.7 million tonnes, which offset lower commercial stocks (-27.7% to 1.2 million tonnes). Total opening supply for the 2023/2024 crop year was similar to one year earlier, edging down 0.3% to 20.0 million tonnes. High global supply of other oilseeds such as soybeans may have led to lower demand for canola, resulting in lower exports (-25.2% to 2.5 million tonnes) as of December 31. Industrial use, mainly for crushing, rose 14.0% to a record 4.6 million tonnes, likely as the sector continues to expand to meet growing demand for renewable energy. Total stocks of corn for grain were down 4.8% year over year to 11.3 million tonnes as of December 31, 2023. On-farm stocks (-7.2%) and commercial stocks (-0.1%) fell compared with the same date in 2022. Carry-over stocks of corn for gain fell 40.7%, while domestic use—largely for animal feed—rose 15.3% to 6.1 million tonnes. Soybean stocks rose 9.8% year over year to 3.8 million tonnes as of December 31, 2023. On-farm stocks increased 7.0% to 2.2 million tonnes, while commercial stocks rose 13.5% to 1.7 million tonnes. Barley stocks increased 5.6% year over year to 5.5 million tonnes as of December 31, 2023. On-farm stocks (+5.2% to 5.0 million tonnes) and commercial stocks (+10.6% to 418 000 tonnes) rose compared with the same date one year earlier. Domestic use—largely for feed—decreased 16.6% to 2.9 million tonnes. Stocks of oats decreased for the period, falling 40.3% year over year to 2.1 million tonnes as of December 31, 2023, largely because of lower production (-49.6%). On-farm stocks fell 45.7% to 1.8 million tonnes, while commercial stocks rose 20.6% to 351 000 tonnes. Compared with the same period in 2022, domestic disappearance fell 25.4% to 668 500 tonnes as of December 31, 2023, likely because of lower animal feed use.Wheat stocks fall because of lower production
Higher canola stocks as exports decrease
Corn for grain down on lower carry-in stocks and higher domestic use
Soybean stocks up on higher production
Barley stocks rise despite lower production
Oat stocks fall
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