STAT Communications Ag Market News

Grains, Oilseeds Stocks Up Over 2022

OTTAWA - May 9/23 - SNS -- Inventories of grains and oilseeds were up over last year as of March 31, reflecting higher production levels due to improved growing conditions, reports Statistics Canada in its latest stocks in all positions report.

Total wheat stocks were up 18.2% year over year to 13.3 million metric tons (MT) as of March 31, 2023. On-farm stocks rose 31.0% to 9.3 million MT, while commercial stocks decreased 4.1% to 3.9 million MT.

Deliveries of wheat off farm rose 43.5% to a record 24.0 million MT, surpassing the previous record of 22.7 million MT set in 2021. Strong global demand contributed to higher wheat exports, which climbed 73.1% to 17.3 million MT.

Stocks of canola were up 15.3% year over year to 6.0 million MT as of March 31, 2023. The increase was attributable to an increase in on-farm stocks (+36.4% to 4.7 million MT), offsetting a decrease in commercial stocks (-26.2% to 1.3 million MT).

Higher canola production in 2022 (+32.2%) led to an increase in total canola stocks. Canola exports for this period were up 52.5% to 6.2 million MT as of March 31, while industrial use, mainly for crushing, rose 13.8% to 6.6 million MT.

Soybean stocks rose 6.0% year over year to 2.0 million MT as of March 31, 2023, driven primarily by on-farm stocks, which rose 12.2% to 1.1 million MT, as commercial stocks edged down 0.7% to 901 000 MT.

Coarse Grain Stocks

Total stocks of corn for grain were down 2.2% year over year to 9.1 million MT as of March 31, 2023. On-farm stocks (+8.4%) rose, while commercial stocks (-16.2%) fell compared with the same date in 2022.

Imports of corn for grain fell 72.3% compared with the same date in 2022, likely because of reduced demand for corn for grain as animal feed in Western Canada. Increased production in the Prairies in 2022 resulted in higher supplies of feed grains, such as barley and oats, which decreased the need to import corn for grain as an alternative source of animal feed.

Barley stocks increased 43.9% year over year to 2.7 million MT as of March 31, 2023. Both on-farm stocks (+37.5% to 2.1 million MT) and commercial stocks (+74.1% to 559 000 MT) rose compared with the same date one year earlier.

Domestic use—largely for feed—increased 32.5% to 5.0 million MT, as higher supply possibly resulted in livestock producers returning to using barley for feed.

Stocks of oats more than doubled, rising 114.5% year over year to a record 2.6 million MT as of March 31, 2023, because of higher production (+80.3%). On-farm stocks climbed 145.0% to 2.3 million MT, while commercial stocks rose 21.5% to 368 000 MT.

Domestic disappearance (e.g., human use, seed use, industrial use, loss in handling and animal feed, waste and dockage) rose 83.1% to 1.2 million MT because of higher animal feed use compared with the same date in 2022.

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