July canola crush sets new records

MarketsFarm — Statistics Canada reported very sizeable increases in the July canola crush when compared to a year ago. In fact, the month’s crush was not only a record for July but also for any month.

Meanwhile, StatCan found the July soybean crush was slightly lower than in July 2022.

The federal agency pegged the canola crush for last month at 961,683 tonnes, up 24.25 per cent from the previous July. The previous July record was 854,510 tonnes in 2019; the overall record of 957,952 tonnes was in March 2021.

The amount of oil produced this past July rose 24.2 per cent at 402,886 tonnes, but well short of the record of 416,849 tonnes in March 2021.

Canola meal produced increased 22.5 per cent July over July at 567,153 tonnes. That as well made for a new record, besting the 545,992 tonnes in March 2023.

At 151,621 tonnes, StatCan found a 5.3 per cent decline in the country’s soybean crush. That resulted in a 6.5 per cent drop in oil produced at 28,497 tonnes and meal produced was down 5.4 per cent at 118,483 tonnes.

Table: Canada’s July crush, in metric tonnes. Source: StatCan.