Ceres Suspends Plans for Saskatchewan Canola Crush Plant

Minneapolis-based agri commodities firm Ceres Global Ag said it was suspending the USD350 million canola crushing plant project it announced in May last year.  The proposed plant with capacity to handle 1.1 million MT per year was expected to be on-line and operational by summer of 2024.

Ceres said, the decision to suspend the project was based on a variety of factors, including but not limited to inflationary pressures resulting in higher costs than initially projected as well as shifting of macroeconomic conditions.  Despite this move, the company said it still plans to continue to explore avenues toward some form of canola crush project in the future but there is no guarantee that any future scheme would resemble the previously announced project.