by PressSoybean market in Canada: forecast of crop production for the current season
What’s in store for Canada’s soy and wheat market in the 2020/2021 marketing year
IGC specialists continue to publish reports for different countries for the current marketing year. Recently the forecast for Canada was released, the document says that the soybean market in the country will exceed the mark of 6 million tons and will amount to 6.2 million tons.
It should be noted that last season in Canada is only slightly behind forecasts for 2020/2021. Soybean production here was recorded at 6 million tons. However, the 2018/2019 marketing year was the most successful of the last few years. At that time 7.4 million tons of oilseeds were harvested.
For the current period, the size of initial stocks was 0.9 million tons. For comparison, last season the figure was 0.1 million tons less.
Experts estimate soybean supply in Canada at 7.5 million tons, with analysts previously talking about a figure of 0.2 million tons less. In 2019/2020, the crop’s supply was 7 million tons.
The Canadian government plans to roughly double soybean imports this season. It will be at 0.4 million tons. Exports of the crop will also increase to 4 million tons. This is by 0.4 million tons less than recorded in the previous period.
Canada’s domestic soybean consumption will fall slightly from the 2019/2020 MY, to 2.6 million tons. Final stocks through the end of this year are projected at 1 million tons, up 0.1 million tons from last year.
In 2020, Canada harvested the largest wheat crop in the last 7 years, it amounted to 35.7 million tons. This result was achieved due to an increase in the production of durum wheat in the country, with a total increase of 39%.
However, IntelliFARM specialists believe these results are exaggerated, based on surveys of local farmers. During the harvest, many complained about the poor quality of the crop and its reduction compared to last season. There are reports that less durum wheat was harvested than previously thought.
A few weeks ago, the International Grains Council gave its forecast for world wheat production for the current season. According to the report, the volume will amount to 763 million tons. As for Canada, it is expected to harvest 34 million tons. Export of wheat in the country will be at the level of 24.5 million tons.