Canada’s July canola crush set record for the month
COPA reports that over 838,000 MT of canola oilseed were crushed in July, up 12 percent from July 2017. The crush volume was a record for July and near the all-time record of 871,000 MT set last October. Canola oil production, at 379,300 MT, was up 16 percent year over year. Most months so far in 2018 have seen greater oil production than a year ago, and cumulative Jan-Jul oil production totaled 2.4 MMT, up 4 percent year over year.
Despite greater production, crude canola oil pricing in Canada has been higher in spring and summer compared to seasonal pricing over the last two years. Crushers have been facing strong competition for oilseed from exports. Canada is expecting to ship record volumes of canola oilseed to China this season due to China’s tariff on U.S. soybeans and current trade tensions between the U.S. and Canada. While these trade disputes remain unresolved, canola prices should remain strong.
Canadian canola oil production vs. crude pricing
Source: COPA, Canola Council of Canada, McKeany-Flavell
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