Statistics Canada released its March 31 Stocks of Principal Field Crops report on Wednesday morning. Increased inventories compared to year-earlier levels were seen in everything, but barley and soybeans with inventories of the latter down a whopping 45.7% compared to last year.

Beginning with canola, March 31 stocks came in at 9.985 million metric tons (mmt) compared to 7.835 mmt last year and 9.843 mmt in 2024.

That is the single greatest factor in why canola basis levels have not improved greatly despite record canola crush margins. There are more-than-adequate supplies available, farmers must sell at some point and crushers don't want to pay any more than they have to.

As an update, the Intercontinental Exchange (ICE) calculated July canola crush margin at $372.33/metric ton (mt) Wednesday compared to $94.29/mt a year earlier. The $278.04/mt (or $6.31/bushel) improvement in margin certainly helps Western Canada end up with a thriving canola crushing industry if nothing else.

Sticking with oilseeds, soybeans had the only decline compared to the previous year, and it was significant. With only 1.497 mmt in store as of March 31, it marked a 45.7% decline from last year's 2.756 mmt inventory and well below the 2.212 mmt level seen in 2024. Increased exports (up 6.6%) and decreased total supply (down 11.4%) were cited as the primary reasons for the tight stocks.

Rounding out the oilseeds, March 31 flax stocks were 50.2% higher at 380,000 mt compared to 253,000 mt last year and 323,000 mt in 2024.

Turning to the coarse grains, barley stocks held steady with last year at 3 mmt (in green on the attached chart), down slightly from the 2024 level of 3.073 mmt. This is one market that needs to be monitored given the exceptional export demand to date and the potential for declining global barley production, considering the remaining closure of the Strait of Hormuz. As of March 29, exports of barley were running 963,000 mt ahead of last year's pace while Agriculture and Agri-Food Canada (AAFC) expects an annual increase of just 858,000 mt. As can be seen in the accompanying chart, the market may be growing complacent with stocks at these relatively tight levels compared to the past 25 years, but with corn production expected to decline in the U.S. this year, decreased imports may become an issue.

As far as oats go, March 31 stocks came in at 1.910 mmt compared to 1.578 mmt last year and 1.706 mmt in 2024.

Meanwhile, March 31 stocks of corn for grain were up 3.5% to 7.450 mmt compared to 7.197 mmt last year and 8.268 mmt in 2024.

Wheat stocks came in with a more dramatic increase with durum wheat supplies increasing 19.1% year-over-year to 3.417 mmt compared to 2.869 mmt last year and 2.123 mmt in 2024. March 31 wheat (excluding durum) stocks increased 10.7% to 16.056 mmt from 14.510 mmt last year and 14.078 mmt in 2024.

On the pulse side, dry field pea stocks jumped sharply with March 31 supplies up 84.7% from last year at 2.505 mmt compared to just 1.356 mmt in 2025 and only 955,000 mt in 2024. It's worth noting that 2024 marked the lowest total since 2008 with 2018 marking the highest this century at 2.259 mmt until now.

Lentils told a similar story with March 31 stocks up a whopping 126.7% from year earlier levels. At 2.376 mmt compared to 1.048 mmt last year and 0.804 mmt in 2024, the increase took stock levels well above the 2019 high of 1.697 mmt.

Finally, rye stocks witnessed a dramatic rebound, up another 83.3% compared to last year at 451,000 mt compared to 246,000 mt last year and 158,000 mt in 2024.

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