Canola Crush Pace on Target

Heading into the homestretch of the 2021-22 crop year, the Canadian canola crush is running just about as forecast. 

Statistics Canada reported Monday that Canadian oilseed processors crushed 739,879 tonnes of canola in March, up from 629,153 in February but down just over 218,000 tonnes or 22.7% from the same month a year earlier. 

The March total brings the 2021-22 crush to date (August through March) to 5.82 million tonnes, a drop of 1.21 million or 17.3% from same period last year. In its latest monthly supply-demand estimates, Agriculture Canada projected this year’s total 2021-22 canola crush at 8.5 million tonnes, which represents a decline of 18.4% from the 10.42 million crushed in 2020-21, mainly due to last summer’s Prairie drought which slashed production by about one-third. 

Through August, September and October, the domestic crush was only running about 9% below the year earlier level. Since December, however, the crush pace slowed by nearly one-quarter compared to the same three months the previous year. 

Canola oil production in March amounted to 308,449 tonnes, up from 262,732 the previous month but down 26% from March 2021. Meal output amounted to 442,852 tonnes, versus 377,783 in February and 545,150 in March last year. 

The Canadian soybean crush in March was reported at 167,333 tonnes, up from 140,695 in February and well above 139,030 in March 2021. Oil and meal production for March was pegged at 31,427 and 131,240 tonnes, respectively, up from 26,569 and 110,244 the previous month and 26,495 and 109,122 in the same month the previous year.