Canada: Oilseeds and Products Annual

Canola ending stocks are forecast to close marketing year (MY) 2021/22 at just 15 percent of the five-year average, driven by reduced yield due to drought and strong global demand for oilseeds. Assuming a return to average yields, canola exports are forecast to nearly double in MY 2022/23, driven by strong global demand for oilseeds and a rebuilding of exportable supplies. Canola yield recovery is dependent on vast canola-growing areas of Saskatchewan and Alberta receiving more spring rain and lessening current drought conditions. Six crush plant expansions and new builds are projected to bump canola crush capacity from 11 million metric tons (MT) in 2021 to at least 17 million MT by 2025.