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Mumbai, 31 May (Commoditiescontrol): Statistics Canada has released its latest report on canola crushing activities, revealing that April witnessed the second-largest monthly crush during this crop year. According to the data, a total of 886,489 metric tons of canola were crushed in April, marking a significant 25.4% increase compared to the same month in the previous crop year, 2021-22.
The April crush volume also surpassed the three-year average for this month by 8.4%, indicating a strong performance in the canola industry. Notably, the figure of 886,489 metric tons also exceeded the target of 718,430 metric tons required to achieve the current crush forecast of 9.5 million metric tons set by Agriculture and Agri-Food Canada (AAFC).
Cumulatively, the canola crush over the first nine months, which constitutes approximately 75% of the current crop year, stands at 7.513 million metric tons. This represents a remarkable 15.1% increase compared to the previous year and a 2.1% rise over the three-year average. These figures indicate that the cumulative crush remains on track to meet or exceed AAFC's crush forecast for the 2022-23 period.
In terms of oil content, April's data showcases a remarkable oil content of 41.9%, marking the highest monthly oil content reported so far this crop year. Over the first nine months of the current crop year, the oil content, based on Statistics Canada data, is calculated to be 41.6%. Comparatively, this oil content is slightly lower than the final average of 41.8% recorded in the previous crop year, 2021-22, and significantly lower than the five-year average of 43.4%.
These statistics indicate a strong performance and robust crushing activity in the canola industry. Farmers and industry experts are optimistic about the remainder of the crop year, with the crushing activities well-positioned to achieve or surpass AAFC's crush forecast for 2022-23. The higher-than-average oil content reported for April adds further positive sentiment to the overall outlook for the canola sector.
(By Commoditiescontrol Bureau; +91-9820130172)
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