A total of 5.11 million tons of canola have been crushed in Canada as of June 8 in the 2010-11 crop year, according to the Canadian Oilseed Processors Association. That number is an all-time high and there are six weeks still left in the crop year.
The previous high was set last year, when 4.79 million tons were crushed in 2009-10. By comparison, there has been 1.29 million more tons of canola crushed to this point in the current year, than at the same time last year.
Bill Craddock, a southern Manitoba-based trader and producer, said the addition of two new crushing facilities at Yorkton, Sask. was one of the main reasons for the big increase in crushed canola during the year.
The two new plants at Yorkton bring the total of crushing facilities in Canada to 11: three in Manitoba, four in Saskatchewan, three in Alberta and one in Ontario.
Craddock said he fully expects to see another record set in the 2011-12 crop year, as all 11 plants will be in operation for the entire year. The two in Yorkton opened midway through the current crop year.
Another factor behind the record crush amount has been strong crush margins.
“The good crush margins are keeping everybody going at pretty good capacity,” he said.
According to ICE Futures Canada, canola crush margins are bringing as much as $80.52 per ton, while the November contract is sitting at $80.59 per ton.
