USDA adjusts world rapeseed stocks estimates

Canadian carryout pegged above AAFC's estimate

MarketsFarm — World rapeseed ending stocks are forecast to tighten slightly in 2019-20 compared to earlier projections, according to an update from the U.S. Department of Agriculture’s Foreign Agriculture Service.

The Oilseeds: World Markets and Trade report pegged world rapeseed carryout for the current marketing year at 6.307 million tonnes, down from the February estimate of 6.486 million tonnes and well below the year-ago level of 8.421 million tonnes.

Canadian supply/demand numbers were left unchanged from the previous month, with USDA predicting a Canadian canola carryout for 2019-20 of 3.744 million tonnes.

That would be about 500,000 tonnes above the current Agriculture and Agri-Food Canada projection.

USDA forecasts Canadian canola exports in 2019-20 at 9.5 million tonnes, which would be slightly above AAFC’s 9.1 million-tonne forecast.

USDA also forecasts Canadian domestic canola consumption at 10 million tonnes, about 280,000 tonnes below AAFC’s current projection.

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