The Canadian canola crush declined in November but remained over 1 million tonnes for the second straight month.
A Statistics Canada report on Tuesday pegged the November crush at 1.019 million tonnes. That is down 7.4% from the October all-time high of 1.101 million but more than 12% above the same month last year. It also marks the third time the monthly national canola crush exceeded the 1-million tonne mark, after it first pushed over that benchmark in July at 1.005 million.
The cumulative 2024-25 crush (August-November) now stands at 3.904 million tonnes, up 7.4% from the same period last year.
In its December supply-demand estimates released last week, Agriculture Canada held its 2024-25 full year canola crush forecast steady from a month earlier at 11.5 million tonnes, up from last year’s record high of 11.03 million. However, the government once again cautioned that its forecast is sensitive to the speed at which crush plants under construction become operational.
Amid increasing North American demand for renewable diesel, canola crush capacity in Canada is set to grow from the current approximately 11.2 million tonnes annually to just over 17 million over the next five years.
According to StatsCan, the November crush yielded 427,366 tonnes of canola oil, down from 459,220 in October but up from 386,867 in November 2023.
