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Canada wheat stocks the tightest since the 1930s

The amount of wheat on hand in Canada has dropped by almost 24 percent since last year.  That’s after a 19 percent drop the before that.  Although the market reacted with a penny or two gain shortly after the report was released Friday, DTN Canadian grain analyst Cliff Jamieson says big swing was not expected.

“We have some other issues globally,” said Jamieson, on a conference call.  “We have a bearish wheat situation and they just finished with a bearish hard red winter tour in the ‘States this week suggesting that we’ve got a big, monster winter wheat crop on the way.”

Jamieson says Canada’s wheat stocks have not been this tight since the 1930s.

There’s an even steeper drop in Canada’s lentil stocks.  Although it’s a much smaller crop, Canada’s supply of lentils is down 64 percent since 2015.  The year before, it had dropped by 25 percent.

As of March 31, Canada’s stocks of wheat, canola and soybeans were lower, but stocks of corn, barley and oats were higher.