Net Drop in Oilseeds Stocks

OTTAWA - May 9/07 - SNS -- Canada experienced a net decline in available supplies of oilseeds on March 31, but steep drops in stocks of canola were partly offset by gains in available supplies of soybeans and flaxseed, according to the latest stocks in all positions report from Statistics Canada.

Total stocks of canola eased back from last year's record to 4.3 million metric tons (MT), reports Statistics Canada, which was a 16.4% decline from the March 2006 level, the equivalent of 839,000 MT. Commercial stocks fell by 10.6% to 922,000 MT, and farm stocks were down 17.9% to 3.4 million MT. The five-year average for farm stocks is 2.5 million MT.

"Production fell in 2006 from the record 2005 crop but still remained robust. Strong exports and crushings were responsible for the decline in March 31 stocks over the same period in 2006. Despite the decline, all on-farm stock levels for the three Prairie provinces remained well above the five-year average," the agency said in its report.

Total stocks of soybeans were a record 1.9 million MT, 15.0% above the 1.7 million MT in storage on March 31, 2006 and the third consecutive record. The five-year average is 1.2 million MT.

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