Canadian Department of Agriculture: Soybean production is raised, rapeseed production is lowered

Foreign media news on December 21: The December report released by the Canadian Department of Agriculture and Agri-Food (AAFC) showed that Canada’s soybean production was higher than earlier expected, while rapeseed production was further reduced.

The forecast for Canadian soybean production for the 2021/22 season (August to July) has been revised up by 386,000 tons to 6.272 million tons, which is only 1.4% lower than the 6.359 million tons in 2020.

Soybean exports are expected to be raised by only 200,000 tons to 4.2 million tons, which is lower than 4.518 million tons in the previous year; soybean ending stocks are raised by 200,000 tons to 450,000 tons, which is higher than 294,000 tons in the previous year.

Similar to the situation facing American soybeans, the opportunity for Canadian soybean exports is disappearing, because Brazil’s new soybeans are about to be harvested and marketed. As of the 19th week of the year, Canada’s total soybean exports totaled 1.941 million tons, a year-on-year decrease of 23.3%.

AAFC lowered its rapeseed production forecast by 187,000 tons this month to 12.595 million tons, which was lower than 19.485 million tons in the previous year; the export target was slightly lowered by 100,000 tons to 5.4 million tons, which was much lower than the 10.534 million tons in the previous year. .

As of the 19th week of the current year, Canada’s total rapeseed exports were 2.613 million tons, which is 640,000 tons higher than the level required to achieve the annual export target. This means that if the current forecast is correct, the pace of rapeseed exports will be slowed down soon. slow.