Canadian canola crush hits record in 2024, but soybeans down

Glacier FarmMedia | MarketsFarm — Canadian oilseed processors crushed a record 11.37 million tonnes of canola in 2024, reported Statistics Canada. That was up by 8.1 per cent from the previous record set just one year earlier in 2023.

Oil production of 4.84 million tonnes during the calendar year compares with 4.42 million tonnes the previous year. Meal production came in at 6.62 million tonnes, which was up by 6.7 per cent from 2023.

Strong demand and increased canola oil exports contributed to the larger crush, said StatCan. Canadian canola oil exports during 2024 at 3.5 million tonnes were up by 10.7 per cent on the year.

However, the Canadian soybean crush fell by 11.6 per cent in 2024 to 1.56 million tonnes. Soyoil production of 287,000 tonnes was down 13.0 per cent on the year and marked the smallest output in the past eight years of data available. Soymeal production of 1.22 million tonnes compares with 1.37 million tonnes the previous year.

Meanwhile, the oilseed processors in the United States crushed 63.54 million tonnes of soybeans in 2024 (up 3.7 per cent from 2023) and 2.19 million tonnes of canola (up 6.4 per cent).