Record Durum and Corn Stocks

OTTAWA - May 10/06 - SNS -- Total wheat stocks (both those on farms and stocks in commercial positions) amounted to 18.8 million metric tons (MT) as of March 31, 22% higher than the 15.388 million MT reported in March 2005, according to Statistics Canada's stocks in all positions report.

Total stocks of wheat excluding durum rose 21% to 13.592 million MT. On-farm stocks rose by a larger percentage, up 25.7% to 10.075 million MT. The 10-year average is 7.3 million MT and the record stock level set in 1987 was 15.8 million MT.

Statistics Canada said the build up in stocks reflects the fact wheat "exports in the 2005-06 crop year-to-date have been considerably less. . . . Lower than normal quality made it difficult to compete in the high quality milling wheat markets. Competition for feed wheat was also strong due to large world stocks of feed grains."

Stocks of durum wheat reached an all-time high of 5.2 million MT, an increase of 24.4% compared to 4.2 million MT reached on March 31, 2005. The 10-year average is 3.4 million MT.

Subscribers can read the full text of the article by Clicking here