OTTAWA, ONTARIO, CANADA — Canada’s oilseeds production in marketing year 2023-24 is forecast to decline slightly, with canola output projected to increase and the soybean crop expected to contract, according to a Global Agricultural Information Network report from the Foreign Agricultural Service of the US Department of Agriculture (USDA).
Improved moisture conditions in the Canadian prairies led to increased canola yields and a 32% increase in production during the 2022-23 marketing year to 18.1 million tonnes. That total is projected to increase to 18.3 million tonnes in 2023-24. Meanwhile, soybean production is forecast to drop from 6.5 million tonnes in 2022-23 to 6.3 million in the coming marketing year.
Total meal production (soymeal and canola meal) is forecast to decrease by 3% as the canola meal extraction rate settles to the five-year average, while protein consumption in soymeal equivalent is forecast to remain steady due to steady demand from the livestock sector.
Total exports of oilseeds are forecast to fall by 1.5% as the percentage share of canola going to domestic processors increases.
Canada is the third largest exporter of oilseeds in the world, by volume, after Brazil and the United States. However, its share of exports has shrunk in recent years, in part because of increased domestic processing, but also because of production gains in other canola-growing countries, such as Australia.