Canada processes canola at record pace in 2023/24

Canada has seen a significant increase in its canola processing volume, reaching a record 4.57 million tons from August to December in the 2023/24 marketing year, a 14% rise from the same period in the previous season. In December 2023 alone, oilseed processing was estimated at 943 thousand tons, with canola oil production at 402.2 thousand tons and meal production at 549.3 thousand tons. Analysts predict that canola processing in Canada will continue to grow, potentially reaching 10.5-10.7 million tons in the 2023/24 marketing year, marking a 20% increase from the previous year.