With the export forecast unchanged from last month at 1.9 million tonnes, and domestic use revised only marginally higher, at 676,000 tonnes, the bulk of the production increase went right to the bottom line to inflate ending stocks.
Meanwhile, StatsCan’s lentil production estimate was relatively little changed in December, inching up to 1.67 million tonnes from 1.54 million. However, that increase was more than offset by a 200,000-tonne increase in this month’s lentil export forecast to 1.6 million, with expected domestic use trimmed to 263,000 tonnes from 284,000 in November.
At $420/tonne, Ag Canada’s season average price forecast was steady from last month, while lentils were increased $10 to $990.
In other changes this month, estimated dry bean ending stocks doubled from last month to 70,000 tonnes, as production increased to 339,000 tonnes from 277,000. Exports were revised 30,000 tonnes higher to 350,000 to mop up some of the extra supply.
Chickpea and mustard stocks were both revised 5,000 tonnes higher from last month to 20,000 and 70,000 tonnes, respectively, versus 27,000 and 40,000 a year earlier.
Canary stocks were trimmed 5,000 tonnes to 30,000, down from 59,000 a year ago, while sunflower stocks were bumped 15,000 tonnes higher to 175,000, commpared to 151,000 in 2022-23.
Source : Syngenta.ca