MarketsFarm — Canadian oilseed crushers set a new monthly record for processing canola in December 2019, crushing 899,301 tonnes of the crop during the month, according to the latest data from Statistics Canada.
The crush pace was up by 70,000 tonnes from November and compares with the previous record of 882,301 tonnes, set just two months earlier.
A total of 4.208 million tonnes of canola was crushed during the first five months of the 2019-20 marketing year, putting the crush pace at about 310,000 tonnes ahead of the previous year.
Crush margins remain historically wide at roughly $100 per tonne above the nearby futures, according to the latest ICE Futures data. The profit margins were even wider in December, at roughly $110-$120 above the nearby futures for much of the month.
At the current rate, the country is on pace to crush roughly 10 million tonnes of canola in 2019-20. Agriculture and Agri-Food Canada is forecasting total food and industrial use for the crop year of 9.75 million tonnes.