Forecasts for 2024/25: Canola production in Canada is expected to increase to 19 million tons, accompanied by higher domestic consumption and reduced ending stocks.

The latest forecasts from the Ministry of Agriculture and Agri-Food Canada (AAFC) promise good news for the canola industry. It is expected that the production of this oilseed crop in the country in the 2024/25 Marketing Year will reach 19 million tonnes, which is almost at the level of the previous season (19.2 million tonnes).

Domestic consumption of canola is also expected to increase. Forecasts indicate a growth of 0.8 million tonnes, meaning that in the 2024/25 Marketing Year, consumption will reach 12.2 million tonnes, compared to 11.5 million tonnes in the previous year.

Although final stocks are expected to be lower, they are still expected to be quite significant. According to the forecasts, they will amount to 2.5 million tonnes, which is 0.3 million tonnes more than previously predicted. However, this is still less than the result of the previous year when final stocks stood at 3.1 million tonnes.