Canada's Ministry of Agriculture has increased its forecasts for the production and export of wheat, barley and canola in 2023/24 MY

In the December report, experts of the Ministry of Agriculture of Canada (AAFC) increased the forecast of wheat production in the country in 2023/24 MR by 2.2 to 32 million tons (34.3 million tons in 2022/23 MR), and the export forecast - by 1, 9 to 23.2 (25.7) million tons. The forecast of domestic wheat consumption was reduced to 8.6 million tons, as a result of which the estimate of final stocks was increased by 0.4 to 4 (3.7) million tons.

According to the Canadian Grain Commission, during the 19 weeks of 2023/24 FY, the country exported 7.9 million tons of soft wheat, while last year this figure was 7.04 million tons. China became the largest buyer of soft wheat, which purchased 536 .4 thousand tons. The second largest buyer was Indonesia, which increased purchases compared to the same period of the previous season by 164% to 532.9 thousand tons, although last year wheat exports to Indonesia were the lowest in the last 10 years. Third place was taken by the USA, which increased its purchase of Canadian wheat 5 times to 227.3 thousand tons.

In addition, the forecast for barley production in Canada in 2023/24 was increased by 1.1 to 8.9 million tons (7.8 million tons last year), consumption by 0.7 to 6.2 million tons, exports by 0 .1 to 2.8 (1.7) million tons, final reserves - by 0.2 to 0.8 million tons.

The forecast for rapeseed production was increased by 0.9 to 18.3 million tons, consumption - by 0.5 to 10.8 million tons, final stocks - by 0.5 to 1.5 million tons, while the export estimate was left unchanged at 7.7 million tons