# AAFC raises canola carryout projections, wheat to tighten - Grainews

> AAFC cut its 2023/24 Canadian canola export forecast by one million tonnes to 6 million and lowered new-crop exports to 6.9 million from 7.7 million. Domestic canola usage was raised about 500,000 tonnes, and ending stocks rose to 2.55 million tonnes for 2023/24 and 2.5 million for 2024/25. Wheat carryout was also cut on higher feed use.

- Date: 2024-05-21 · published 2024-05-21T12:00:00.000Z
- Category: report · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/30228-aafc-raises-canola-carryout-projections-wheat-to-tighten-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Higher canola carryout from weaker exports is bearish for canola prices, while tighter wheat stocks from higher feed use support feed grain values.

## Read by commodity

- WHEAT: bullish ▲
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-09-27 | [Tightening canola stocks projected, AAFC says \| Farmtario](https://feedsoft.ai/events/34058-tightening-canola-stocks-projected-aafc-says-farmtario.md) | -5.3% | -2.4% |
| WHEAT | 2018-07-19 | [Ag Canada raises canola carryout forecast](https://feedsoft.ai/events/64129-ag-canada-raises-canola-carryout-forecast.md) | +3.7% | +2.1% |
| WHEAT | 2026-05-25 | [AAFC Updates 2026-27 Crop Price Projections with Gains in Canola and Wheat, Declines in Pulses and Specialty Seeds \| Tridge Insights](https://feedsoft.ai/events/19316-aafc-updates-2026-27-crop-price-projections-with-gains-in-canola-and-wheat.md) | -1.6% | -0.6% |
| WHEAT | 2023-05-01 | [Australian wheat output projected to decline \| World Grain](https://feedsoft.ai/events/35902-australian-wheat-output-projected-to-decline-world-grain.md) | +1.9% | -2.2% |
| WHEAT | 2017-03-02 | [Global wheat production projected to drop - Brownfield Ag News](https://feedsoft.ai/events/72051-global-wheat-production-projected-to-drop-brownfield-ag-news.md) | -0.0% | +0.2% |

## Sources

- grainews.ca: https://www.grainews.ca/daily/aafc-raises-canola-carryout-projections-wheat-to-tighten/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.