Stocks of most Canadian grains as of March 31 have rebounded from last year's levels that had suffered from 2002's drought, Statistics Canada said on Friday.
"A drought in the Prairies during the growing season in 2002 spawned the very low grain stock levels of March 2003.
Following a better growing season, production in the fall of 2003 contributed to much higher levels of stocks that are still below or are approaching the most recent five-year averages," the government agency said.
In the case of wheat, stocks held on farms were sharply up, while commercial stocks were down slightly.
All-wheat farm stocks rose to 9.47 million tonnes from 6.68 million tonnes, while commercial stocks declined to 4.20 million from 4.57 million.
But canola farm stocks were slightly down at 1.52 million tonnes from 1.59 million while commercial stocks rose to 1.01 million from 691,000.
The stocks came in at the lower range of trader expectations for all-wheat, which they had pegged at 13 to 16 million tonnes; durum, which they had expected at 3 to 3.5 million; and canola, at 2.5 million to 2.8 million.
Traders had expected barley between 5 million and 6.5 million and oats at 1.3 million to 1.9 million.
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