Canola crush shows solid start in new crop year

MarketsFarm — Statistics Canada on Tuesday reported Canada’s second largest August canola crush on record.

The 829,490 tonnes of the oilseed processed last month is only bested by the 830,335 tonnes in August 2020. The July 2023 canola crush set a new all-time record of 961,683 tonnes.

Last month’s canola crush was 31 per cent more than the previous August. The amount of oil produced, at 347,606 tonnes, was almost 33 per cent more than in August 2022. The meal produced, at 491,813 tonnes, was up 28.4 per cent from a year ago.

Meanwhile, StatCan found the August soybean crush of 123,651 tonnes was the lowest for the month on record, sliding below the 129,048 tonnes in August 2021. The federal agency has only recorded the soybean crush since August 2015.

In August 2023, 23,362 tonnes of oil was produced for a 13.5 per cent decline from the previous August. As well, meal output was down 13.9 per cent at 96,568 tonnes compared to a year ago.

Table: Canadian oilseed crush in metric tonnes.