CNS Canada –– Canola oil is flowing freely in Western Canada, with domestic processors crushing more canola in a single week than ever before, according to the latest data from the Canadian Oilseed Processors Association (COPA).
The weekly canola crush hit 184,493 tonnes during the week ended Wednesday, which is more than 10,000 tonnes above any previous high in data going back through 2005.
Capacity utilization during the week ended Oct. 7 climbed to 92.4 per cent, which compares with 82.8 per cent the previous week, according to the COPA report.
Processors have crushed 1.371 million tonnes of canola during the crop year to date, which compares with 1.338 million at the same point the previous year.
Domestic crush margins, currently at about $49 above the nearby November futures, are at about half the level they were at the same point in 2014, according to ICE Futures Canada data.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.