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Canadian canola processors set an August record with a crush of nearly 1.24 million tonnes, according to Statistics Canada data released on Friday. The figure represents a 42.5 per cent increase compared with the same month a year earlier and marks the second-largest monthly crush on record, surpassed only by the July 2026 crush of more than 1.32 million tonnes.
Canola oil production rose sharply in tandem, climbing 44.5 per cent year-on-year to 530,654 tonnes. Meal output also strengthened, gaining 40.8 per cent to reach 724,916 tonnes.
In geopolitical developments, Chinese President Xi Jinping and United States President Donald Trump convened on Friday for further talks, following a Thursday meeting that produced little concrete progress. Reports indicated that Xi urged Trump to reduce arms sales to Taiwan and to oppose the island's independence. Beijing regards Taiwan as a breakaway province rather than an independent state. Ahead of the summit, the White House announced that the trade truce with China will be extended for an additional two months.
Elsewhere, the U.S. Strategic Petroleum Reserve has fallen to its lowest level since the early 1980s. Since February, the reserve has declined from approximately 415 million barrels to less than 285 million barrels. Since the war with Iran began, the Trump administration has made repeated withdrawals from the reserve in an effort to prevent pump prices from rising further.
In the United Kingdom, indications emerged on Friday that Prime Minister Andy Burnham could call a snap general election. One key signal cited is the appointment of Ravinder Athwal as a senior advisor to Chancellor of the Exchequer John Healy. Athwal authored the Labour Party's 2024 election platform. Healy is scheduled to deliver his budget next month, while Burnham and the Labour Party are reportedly gaining ground in the polls.
Source: Canadian Cattlemen