General Drop in Grain Inventory

OTTAWA - May 3/13 - SNS -- Stocks of grains and oilseeds are generally lower than last year, according to Statistics Canada's March 31 stocks in all positions estimates.

Following lower canola production in 2012, total stocks were down 24.9% or 1.3 million metric tons (MT) from the same date in 2012 to 3.9 million MT as of March 31, 2013. The decline was almost exclusively in on-farm stocks, down 33.1%, while commercial stocks were stable.

Total wheat stocks declined 8.1% or 1.2 million MT from March 31, 2012 to 13.5 million MT. This decline occurred despite a 7.6% increase in wheat production in 2012. Commercial stocks fell 2.3% to 4.3 million MT, while on-farm stocks declined 10.7% to 9.1 million MT.

Following a 15.0% increase in the production of corn for grain in 2012, total stocks rose 16.2% from March 31, 2012 levels to a record 6.7 million MT. Commercial stocks were up 4.2% from March 2012 levels, while on-farm stocks were up 21.4% to 4.9 million MT.

Soybean total stocks decreased 25.5% to 1.3 million MT. This decline occurred despite a 14.7% increase in production in 2012. The drop was because of declines in both on-farm stocks (-17.7%) and commercial stocks (-33.8%).

Total stocks of barley fell 9.7% to a record low 3.0 million MT as of March 31. This decline was mainly because of a 10.8% decrease in volumes kept on farms. Similarly, total stocks of oats fell 29.9% to 1.2 million MT, as a result of a 40.0% decrease in on-farm stocks.

Statistics Canada based its estimated on a survey of 13,805 farmers between March 25 and April 3, 2013. Farmers were asked to report the amounts of grain, oilseeds and special crops in on-farm storage. Data on commercial stocks of western major crops originate from the Canadian Grain Commission.

Commercial stocks of corn and soybeans are estimated by a Statistics Canada sample of grain elevators in Eastern Canada. Data on commercial stocks of special crops originate from a survey of handlers and agents of special crops.