# Agriculture Canada has lowered its canola export forecast for MY 2023/24

> Agriculture and Agri-Food Canada cut its 2023/24 canola export forecast to about 7 million tonnes, down 1 million from last year, and lowered ending stocks forecasts for oilseeds. It slightly raised its wheat export forecast to 23.5 million tonnes while raising the 2024/25 crop estimate to 33.9 million tonnes.

- Date: 2024-02-19 · published 2024-02-19T12:00:00.000Z
- Category: report · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/31642-agriculture-canada-has-lowered-its-canola-export-forecast-for-my-2023-24
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

A smaller canola export program and tighter ending stocks support canola meal and oil prices, while a larger projected 2024/25 wheat crop adds bearish pressure on future wheat supplies.

## Read by commodity

- WHEAT: bearish ▼
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2024-04-16 | [USDA predicts lower crop prices for key commodities in 2024 \| Agriculture Dive](https://feedsoft.ai/events/30684-usda-predicts-lower-crop-prices-for-key-commodities-in-2024-agriculture-dive.md) | -0.6% | +2.0% |
| WHEAT | 2023-12-19 | [Increasing forecasts of wheat harvest and exports from Canada lowers quotations in the US](https://feedsoft.ai/events/32746-increasing-forecasts-of-wheat-harvest-and-exports-from-canada-lowers-quotations.md) | +0.4% | +1.7% |
| WHEAT | 2023-05-31 | [USDA lowers ag trade forecast for FY 2023 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/5571-usda-lowers-ag-trade-forecast-for-fy-2023-agri-pulse-communications-inc.md) | -3.2% | +9.0% |
| WHEAT | 2016-12-06 | [More Wheat, Less Canola Than Expected in StatsCan Production Report - RealAgriculture](https://feedsoft.ai/events/73436-more-wheat-less-canola-than-expected-in-statscan-production-report.md) | +1.2% | -0.3% |
| WHEAT | 2016-08-16 | [Soy steady near three-week top as exports offset output forecast - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/11870-soy-steady-near-three-week-top-as-exports-offset-output-forecast-agweek-1.md) | +1.9% | -0.9% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/agriculture-canada-has-lowered-its-canola-export-forecast-for-my-2023-24/

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