Canadian Canola Industry Breaks Records in 2024

Canola Oil Exports Rise as Production Grows

In 2024, canola crushing hit an all-time high of 11.4 million tonnes, soaring 8.1% from the previous year and marking the second straight record-breaking year. Fueled by booming demand and rising exports, the canola sector continues to thrive.  

Meanwhile, soybean processing took a hit, tumbling 11.6% to 1.6 million tonnes, highlighting a stark contrast in the industry’s shifting dynamics.Canola oil production reached 4.8 million tonnes, while soybean oil production totalled 287,000 tonnes. Meal production stood at 6.6 million tonnes for canola and 1.2 million tonnes for soybeans.  

Canadian exports of canola oil surged 10.7%, totalling 3.5 million tonnes. Domestic processors accounted for 51.7% of total canola usage, while exports made up 31.3%. 

The United States also saw growth in oilseed processing, with soybean crushing increasing by 3.7% to 63.5 million tonnes and canola processing rising 6.4% to 2.2 million tonnes.  

U.S. oil production reached 12.5 million tonnes for soybeans and 877,000 tonnes for canola, with meal production at 46.8 million tonnes for soybeans and 1.3 million tonnes for canola. 

Despite record-breaking production, Canada’s canola industry faces uncertainty due to upcoming tariffs imposed by China.  

In response to Canadian tariffs on Chinese goods, China has announced a 100% tariff on Canadian canola and oil cakes, along with a 25% tariff on pork.  

These tariffs, set to take effect on March 20, 2025, could severely impact Canada’s canola market. The extent of the damage remains to be seen, but the industry is bracing for potential disruptions. 

Read the related article: Chinese Tariffs Are Squeezing Canadian Grain and Oilseeds

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