Performance optimization of stencil computations has been widely studied in the literature, since they occur in many computationally intensive scientific and engineering applications. Compiler frameworks have also been developed that can transform sequential stencil codes for optimization of data locality and parallelism. However, loop skewing is typically required in order to tile stencil codes along the time dimension, resulting in load imbalance in pipelined parallel execution of the tiles. In this paper, we develop an approach for automatic parallelization of stencil codes, that explicitly addresses the issue of load-balanced execution of tiles. Experimental results are provided that demonstrate the effectiveness of the approach.