The first month of the 2023-24 marketing year was a strong one for Canadian canola processors.
According to a Statistics Canada crush report on Tuesday, domestic processors crushed 829,490 tonnes of canola in August. That was well down from the record high crush of 961,683 tonnes that finished off the 2022-23 marketing year in July but was still 31% above the August 2022 crush of just 632,962 tonnes, and 25.3% above the August 2021 crush of 661,968 tonnes.
In fact, it was the largest opening month crush since August 2020, when 830,335 tonnes of canola were processed.
In its latest supply-demand estimates released Monday, Agriculture Canada projected the full 2023-24 Canadian canola crush at 10 million tonnes, up marginally from a year earlier on “strong world demand for canola oil and the ongoing expansion in (domestic) processing capacity.”
Amid a flurry of new facility and crush expansion announcements since 2021, Canadian canola processing capacity is expected to increase by 60% from the current 11.1 million tonnes by 2025, according to the Canola Council of Canada.
Source : Syngenta.ca