Wheat, Pea, Lentil Stocks Rise Over 2020
OTTAWA - Sep 8/21 - SNS -- Statistics Canada says ending stocks for wheat, oats, dry peas and lentils were up over last year, while higher exports resulted in lower canola and barley residuals.
Total stocks of wheat increased 3.7% year over year to 5.7 million metric tons (MT) as of July 31, largely on higher opening supplies (+4.6% to 40.8 million MT). The increase was led by higher commercial stocks (+7.1% to 3.5 million MT), which more than offset lower on-farm stocks (-1.3% to 2.2 million MT). The increase in total wheat stocks was driven by wheat excluding durum (+4.0% to 5.0 million MT), while durum wheat stocks rose 2.0% to 751 500 MT.
Deliveries of wheat rose 5.8% year over year to a record high 31.7 million MT as of July 31, contributing to the decrease in on-farm stocks. Exports increased 10.1% to 26.4 million MT on strong global demand, particularly from China.
Lower Canola Residuals
Total stocks of canola decreased 48.6% to 1.8 million MT, their lowest level since July 2017. The decrease was a result of lower on-farm stocks, which fell 50.3% to 1.1 million MT. Moreover, commercial stocks fell 45.6% to 704 000 MT.
Lower supply of canola for the 2020-21 crop year (-6.0% to 23.0 million MT), coupled with high demand, drove stocks lower. Deliveries of canola fell 2.3% to 20.2 million MT, but remained above the average of the last five years. Canola crushing increased 2.8% to a record 10.4 million MT as world demand for vegetable oils remained high.
Exports of canola rose 4.9% to 10.5 million MT, as a result of strong global demand. This increase was largely due to higher exports to China, which rose by approximately one-third year over year.
Lower Exports Lift Pulse Stocks
Total stocks of dry peas more than doubled (+105.6%) year over year to 478 500 MT as of July 31. Both on-farm (+120.8% to 212 000 MT) and commercial (+94.9% to 266 500 MT) stocks were up.
Higher year-over-year opening supplies contributed to the increase in total ending stocks, offsetting a 23.6% increase in domestic use to 851 600 MT. Exports fell 3.5% to 3.6 million MT, due largely to lower shipments to major trading partners such as Bangladesh and India. This drop offset the increased demand from China.
Stocks of lentils totalled 405 600 MT as of July 31, up 94.3% from the same date one year earlier as both on-farm (+98.0% to 299 000 MT) and commercial (+84.5% to 106 600 MT) stocks rose. A decline in exports (-15.0% to 2.3 million MT) contributed to higher total stocks and was largely the result of lower exports to most of Canada's major lentil importers, including India, Bangladesh and Turkey.
Record Low Barley Stocks
Barley stocks were at their lowest level on record as of July 31, down 25.7% from the previous crop year to 711 100 MT. The decrease was attributable to both lower on-farm (-19.9% to 551 300 MT) and commercial (-40.5% to 159 800 MT) stocks.
Deliveries of barley off-farm increased 17.4% to 5.1 million MT, contributing to the decrease in on-farm stocks. Barley exports were up 54.8% year over year to 4.6 million MT, with more than 90% destined for China. Barley used for feed fell 10.6% year over year to 6.1 million MT as of July 31.
Oats Rise on Lower Domestic Demand
Total stocks of oats were up 54.7% year over year to 658 500 MT as of July 31, driven by higher commercial (+41.3% to 307 900 MT) and on-farm (+68.8% to 350 600 MT) stocks.
Lower domestic use coupled with higher opening supplies resulted in an increase in total oat stocks compared with the same date a year earlier. Oat exports rose 12.2% to 2.9 million MT, surpassing 2008 as the highest year on record.
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