Canadian Stocks of Wheat Fall, Canola Rise

By Robb M. Stewart

OTTAWA--Canadian stocks of wheat are down sharply on last year, while canola stocks have risen with a sharp fall in exports.

Nationally, wheat stocks at the end of March were down 15.4% on a year earlier at 11.8 million metric tons, Statistics Canada said Monday. Stocks of wheat on farms was 15.9% lower, and commercial stocks decreased 14.2%.

Off-farm wheat deliveries fell 3.6% as of March 31 to 23.2 million tons, and exports were 4.8% lower at 16.8 millions, although both remain well above previous five-year averages, the data agency said.

Stocks of canola were up 17.5% on a year earlier at 8.3 million tons at the end of March, with a 16.3% rise in on-farm stocks and 22.7% jump in commercial stocks.

Canola exports for the period were down 36% to 3.7 million tons, which Statistics Canada said is well below the five-year average and likely attributable to high global supplies of soybeans and palm oil.

Stocks of corn for grain were down 8.9% to 8.3 million tons, and imports of corn for grain climbed 62.4% on-year to 1.8 million tons with increased demand for animal feed in Western Canada, the agency said.

Stocks of soybeans slipped 0.9% to 2 million tons, with on-farm and commercial stocks each 0.9% lower than a year earlier.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

05-07-24 0952ET