According to Ag Canada, the October supply-demand report provides the final 2023-24 estimates for all crops.
Ag Canada made no changes to its 2024-25 canola primary demand estimates from last month, leaving expected exports and crush steady at 7.5 million and 11.5 million tonnes, respectively. This year’s production was unchanged at 19.981 million tonnes.
The 2023-24 and 2024-25 canola average price estimates were also unchanged from September at $715 and $635/tonne.
In other changes this month, Ag Canada also lowered its 2023-24 and 2024-25 durum ending stocks estimates.
Stocks for 2023-24 were dropped to 407,000 tonnes from 576,000 in September and 574,000 a year earlier as exports were revised up to 3.558 million from 3.469 million and total domestic use was hiked to 701,000 tonnes from 621,000.
For 2024-25, ending stocks are now seen at 900,000 tonnes, down from 1.05 million from last month amid the downgrade in beginning stocks, which was partially offset by a small decrease in expected domestic use.
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