Winnipeg (MarketsFarm) – Canadian oilseed processors set a new monthly record in October 2019, crushing 882,301 tonnes of canola during the reporting period, according to the latest data from Statistics Canada.
The crush pace was up by 114,000 tonnes from the previous month and compares with the year-ago October crush of 786,770 tonnes. The previous single month record of 870,998 tonnes was set in October 2017.
A total of 2.480 million tonnes of canola was crushed during the first three months of the 2019/20 marketing year, putting the crush pace at about 250,000 tonnes ahead of the previous year.
Crush margins remain historically wide at roughly C$100 per tonne above the nearby futures, according to the latest ICE Futures data. The profit margins are roughly double the levels seen at the same time in 2018.
While Canada’s ongoing diplomatic dispute with China continues to hamper canola seed exports to some extent, demand for canola oil remains strong, according to analysts.