Ceres Halts Plans for $350M Canola Crush Plant in Saskatchewan
Minneapolis-based commodities company Ceres Global Ag has indefinitely halted its plans for the establishment of a $350 million canola crush facility in Saskatchewan, Canada.
Originally announced in May 2021, the proposed plant, which was to be located adjacent to the company’s grain terminal near the North Dakota border, was expected to be online and operational by the summer of 2024.
The decision to stand down on the 1.1 million annual-ton plant was based on a variety of factors including inflationary pressure, higher costs, and shifting macroeconomic conditions. Despite this move, the company stated that it intends to remain open to the idea of another canola project in some form in the future, but there is no guarantee that any future scheme would resemble this project. Aside from its North Dakota grain hub, Ceres’ other Canadian crop assets include its Welland Canal grain terminal at Port Colborne, Ontario; its grain handling and soybean crush assets of Manitoba grain company Delmar Commodities; and a grain elevator near Tisdale, Saskatchewan. It also holds minority stakes in Canterra Seeds and Stewart Southern Railway.