Canada Markets

The June canola crush was reported at 772,345 metric tons (mt) for the month of June, up slightly from the previous month which reached the lowest crush seen in nine months. Crush for the month was up 17% from the same month in 2021-22, while well-above the 608,645 mt needed this month in order to reach the current Agriculture and Agri-Food Canada forecast of 9.5 million metric tons (mmt).

Cumulative crush is seen at 9.055 mmt after 11 months of activity, up 16.4% from the cumulative volume reported for the same period in 2021-22, while 1.8% from the three-year average. As can be seen from the sharp drop in the brown line on the attached chart for the month of July, less than 500,000 mt is needed to be crushed in July, or the final month of the crop year to reach the current forecast, which should be easily achieved. Crop year crush is poised to be the third largest on record.

Oil content for the month slipped to 41.8% of the seed crushed. The cumulative average is 41.6%, which compares to the final average of 41.8% in 2021-22 and the three-year average of 43%.

During the month of June, Canadian soybean crushers processed 139,164 mt, the smallest monthly crush reported over the first 10 months of this crop year. This volume was below the 170,600 mt needed this month to reach the current AAFC forecast of 1.9 mmt. As of June, the cumulative crush totals 1.527 mmt, down 1.8% from one year ago while 4.1% higher than the three-year average.

Cliff Jamieson can be reached at cliff.jamieson@dtn.com

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