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Canada slightly increased canola processing in September

CANADA :  According to Statistics Canada , the country’s canola throughput was 793.88 kt in September, up 2% from 778 kt in the same month in 2021.

At the same time, the production of canola oil in September increased by 27% per month – up to 331.68 thousand tons, which is also 3% higher than in September 2021.

The production of oilseed meal in the specified period reached 470.09 thousand tons (+3% per year).

While Canada canola exports in 2022-23 have fallen to their lowest in recent years, lagging last year’s already sluggish pace, as an uptick in Chinese demand failed to offset slow interest from the rest of the world, as the focus shifted to Australian supply.

Canadian canola shipments since the start of the 2022-23 marketing year on 1 August have fallen to 729,600t, down from an already multi-year low of 983,700t a year earlier. The export pace this season has constantly lagged the five-year average, except in the week to 3 October, with August volumes totalling just 111,600t, according to customs data — a new monthly low in at least 10 years.

Canada’s exportable canola supply was pressured by record low stocks carried over from last season following a poor harvest. Stocks at the start of 2022-23 were estimated to be as low as 875,000t, down from 1.78mn t a year earlier and 3.46mn t in 2020-21, US Department of Agriculture (USDA) data show.

A late start to the canola harvest this season delayed the arrival of new crops in the market, further weighing on exportable supply. But threshing quickened in recent weeks amid dry and mild weather and has neared completion in Alberta — ahead of year-ago levels. This implies that canola deliveries to terminals could soon recover from multi-year lows at the start of the season.