Canada processed record volumes of canola in January
Last month canola processing volumes in Canada amounted to 937 thousand tons, which is the highest figure for January observations, reported specialists of Hamburg-based analytical agency OilWorld (Germany).
They note that over the year processing of oilseed in the country increased by 7% on the background of active demand for Canadian canola oil from the United States.
Overall, experts estimate that from August 2023 to January 2024, a record 5.5 million tons of canola arrived at local MEZs compared to 4.9 million tons in the same period of the previous season.
The growth in processing can also be traced against the background of a decline in raw material exports: since the beginning of the current crop year, supplies of Canadian oilseed abroad have dropped by a third – from 4.88 million tons to 3.28 million tons.
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