Login ID:
Partner Login
Contact Us : 7066511911

Canada's 2022-23 Canola production pegged higher by 40% y/y to 19.10 million tonnes

6 Oct 2022 11:23 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Oct 6 (Commoditiescontrol) - Canada's 2022-23 canola production is pegged higher by 40 percent from 13.76 million tonnes (Mt) in 2021-22 to 19.10 million tonnes, according to AAFC’s latest September outlook report.

The 2022-23 production was estimated higher by 46 percent from 12.59 million tonnes in 2021-22 to 18.4 million tonnes from in the August forecast.

For 2021-22, Canada exported 5.3 Mt of canola, down sharply from the previous crop year as a result of the western Canadian drought, while domestic crush was 8.6 Mt. Carry-out was 0.87 Mt, versus the 5-year average of 2.7 Mt, on tight domestic supplies and strong world demand. The simple average price for canola is $1,075/t versus $730/t last year and the 5-year average of $556/t.

For 2022-23, canola seeded area is estimated at 8.7 million hectares (Mha), down 4% from last year with a predicted harvested area of 8.6 Mha. Yields are estimated at 2.23 tonnes per hectare (t/ha) compared to last year’s drought reduced 1.54 t/ha. Production is projected at 19.1 Mt based on satellite image, model-based estimates. By province, Saskatchewan is forecast to grow 9.7 Mt of canola, Alberta 6.1 Mt and Manitoba 3.1 Mt.

Total supply is forecast to rise sharply from last year to 20.1 Mt, as the increase in production is constrained by tight carry-in.

Usage of Canadian canola is forecast to recover; expected exports are up by about 77% to 9.3 Mt while domestic crush rises to 10.0 Mt versus 8.6 Mt last year. Carry-out stocks are down to 0.50 Mt for a stocks-to-use ratio of 3%. Canola prices are forecast to decline to $865/t track Vancouver, a drop of about 20% from the record high in 2021-22. If realized, this would be the second highest canola price on record.

The 2022-23 outlook remains sensitive to several factors: (i) harvest conditions across Western Canada, the US and the world, (ii) strength of world vegetable oil and protein meal demand, (iii) supply chain shocks, (iv) macroeconomic shocks such as inflation, rising interest rates and fluctuating crude oil prices, (v) rate of growth of the biodiesel sector and (vi) fallout from the Russian invasion of Ukraine.

(By Commoditiescontrol Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Special Reports
Chana Delhi (Rajasthan Line) Trending Higher / Next R...
Urad (Chennai) Correction Underway / Next Support at ...
Mumbai Lemon Tur (Pigeon Pea) Counter-trend Decline /...
Desi Moong (Jaipur) Failure at Key Resistance (Rs. 7,...
Kabuli Chana (Indore) Short-term Extended / Approachi...
Top 5 News
Soybean (Indore) Positive Short-term Trend / Next Res...
Chana Delhi (Rajasthan Line) Trending Higher / Next R...
US Cotton net export sales for Nov 18 -24 at 16,500 RB ...
US soybean net export sales for Nov 18-24 up 0.54% W/W ...
Urad (Chennai) Correction Underway / Next Support at ...
Top 5 Market Commentary
Burma Urad declines at Delhi; M.P.Masoor extend rise
Oil Spot Price : 03-DEC-2022
Burma Tur extend rise at Mumbai
Wholesale sugar prices steady, Naka delivery rates ris...
Cotton prices soften in Maharashtra on poor mill demand...
Copyright © CC Commodity Info Services LLP. All rights reserved.