Canola crush hits new weekly record

(Photo courtesy Canola Council of Canada)

CNS Canada — Canadian canola crushers hit a new weekly record during the second week of November, processing more than 200,000 tonnes of canola for the first time ever.

The canola crush during the week ended Wednesday came in at 203,951 tonnes, according to the most recent Canadian Oilseed Processors Association report. The previous record of 198,859 tonnes was hit only three weeks earlier.

A total of 2.68 million tonnes of canola have been crushed to date, which compares with 2.32 million at the same point a year ago.

While crush margins have softened slightly over the past month, they are still well above the year-ago levels.

Processor margins were estimated Friday at $104 per tonne above the nearby futures, which compares with only $48 at the same point a year ago, 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.

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