Agriculture Canada has lowered its canola export forecast for MY 2023/24

Published 2024년 2월 19일

Tridge summary

Canada's Ministry of Agriculture and Food Industry (AAFC) has forecasted a decrease in canola sales to foreign markets this season, with an expected 7 million tons, down 1 million from the previous year. The ministry also lowered its oilseed export estimate by 0.7 million tons. However, ending stocks of canola are predicted to reach 2 million tons. The wheat export forecast for MY 2023/24 was slightly increased, but still lags 8.5% behind the previous season. The forecast for ending stocks of grain was reduced, while the estimate for the Canadian crop in MY 2024/25 and the forecast of domestic consumption were both raised.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Canada may sell about 7 million tons of canola to foreign markets this season, which is 1 million tons below the level of the previous crop year. This forecast was released by the Ministry of Agriculture and Food Industry (AAFC). The ministry also reduced its estimate of oilseed exports for the month by 0.7 million tons. In addition, ending stocks of Canadian canola are expected to reach 2 million tons against 1.5 million tons a season earlier. The agency in its February report slightly increased its wheat export forecast for MY 2023/24 by 0.3 million tons for the month to 23.5 million tons, but the updated figure remains 8.5% behind the previous season’s result (25.7 million tons). The forecast for ending stocks of grain was also lowered – by 0.4 million tons to 3.6 million tons (3.5 million tons in the previous season). At the ...

Source: UkrAgroConsult