OTTAWA
,
March 13, 2024
(press release)
–
Canadian oilseed processors crushed a record 10 522 947 tonnes of canola in 2023, up 20.0% from 2022, surpassing the previous record set in 2020. The amount of soybeans crushed in Canada decreased by 5.7% to 1 762 693 tonnes in 2023, compared with 2022. Oil production totalled 4 422 368 tonnes for canola and 329 856 tonnes for soybeans, while meal production totalled 6 200 229 tonnes for canola and 1 371 250 tonnes for soybeans. Canola crushing in Canada in 2023 was 20.0% higher than in the previous year because of high prices and increased exports of canola oil. In 2021, the price of canola oil increased by 65.2% over the previous year, and it has remained elevated ever since. In 2023, Canadian exports of canola oil increased 20.3% from 2022, totalling 3 149 904 tonnes. This trend was underpinned by higher supplies of canola, as production of canola was 31.2% higher leading into 2023 than in the previous year. A large portion of the canola grown in Canada is used by domestic crushers, who accounted for 49.4% of total disposition of canola in the 2022/2023 crop year (August 2022 to July 2023 for canola). Over the same period, exports of canola accounted for 39.4% of total disposition. In the United States, over the 2023 calendar year, oilseed processors crushed 61 267 971 tonnes of soybeans (+2.6% from 2022) and 2 058 625 tonnes of canola (+19.2% from 2022). Oil production totalled 12 052 159 tonnes for soybeans and 825 227 tonnes for canola, while meal production totalled 45 240 726 tonnes for soybeans and 1 197 806 tonnes for canola. Contact information
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