USDA Oil Crops Outlook for 2023-24
However, this increased production has not been adequate to meet the strong domestic demand for canola oil, particularly in biofuel production.
The Recent CP | CN Rail Strike and Its Impact on the Canola Oil Industry
Mississauga, ON – August 22, 2024 — In a dramatic turn of events this week, a significant labor dispute has emerged in Canada’s railway sector.
Vikmar Foods 2024 Forecast Indicates Third Quarter Inventory Decrease for Soybean and Canola Oil
Mississauga, ON – March 31, 2024 — Vikmar Food sets its sights on the challenges and opportunities that lie ahead in 2024, meticulous planning
Vikmar Foods Anticipates Significant Growth in Canola Oil Future Market
Mississauga, ON – June 14, 2022 – Vikmar Foods, a leading name in the food industry known for its commitment to quality and innovation, is excited to share its insights on the promising future of the canola oil futures market. With changing consumer preferences and global trends favoring healthier cooking options, Vikmar Foods envisions a bright trajectory for canola oil futures. Canola oil, derived from the rapeseed plant, has gained recognition as a heart-healthy alternative to conventional cooking oils due to its low saturated fat content and high levels of beneficial omega-3 fatty acids. As consumers become increasingly health-conscious, the demand for canola oil has witnessed a remarkable upsurge, paving the way for robust growth in the canola oil futures market. Several key factors contribute to Vikmar Foods’ optimistic outlook for the canola oil futures market: Health and Wellness Emphasis: Consumers are placing a greater emphasis on their health and well-being, seeking out healthier dietary options. Canola oil aligns perfectly with this trend, making it a staple in households and foodservice establishments worldwide. Diverse Usage Across Industries: Canola oil is a versatile ingredient, finding applications across a wide range of industries, including bakery, savory, plant-based products, culinary, and nutrition. This versatility fuels its demand and further propels market growth. Sustainability: Canola is recognized as an environmentally friendly crop, requiring fewer resources for cultivation compared to some other oilseeds. Sustainability is a key factor in consumers’ purchasing decisions, bolstering canola oil’s appeal. Global Expansion: The export market for canola oil continues to expand as it gains popularity internationally. Emerging markets are increasingly embracing canola oil for its health benefits, creating new opportunities for investors. Vikmar Foods believes that the canola oil futures market is poised for substantial growth in the coming months and years, offering investors an attractive avenue for capitalizing on this thriving sector. As the demand for canola oil continues to rise, the potential for profit in the futures market becomes increasingly promising. The CEO of Vikmar Foods, commented on the potential of canola oil futures, stating, “Our analysis and industry insights lead us to believe that the canola oil futures market presents a remarkable opportunity for investors. The convergence of health-conscious consumers, the food industry’s embrace of canola oil, and its sustainable cultivation practices make this market exceptionally promising.”
How Inflation in Canada and Other Countries are Impacting Grocery and Food Grade Oil Prices Significantly in 2023
Mississauga, ON – December 5, 2022 — Inflation has become a critical concern for both consumers and businesses around the world in 2022, and Canada is no exception. In this climate of rising prices, one of the most tangible and immediate impacts is being felt in the grocery aisles and the cost of food-grade oils. The confluence of factors, both domestic and global, is driving up the prices of essential food items and cooking oils, affecting the budgets of households and businesses alike. In Canada, the inflation rate has been on the rise, reflecting a global trend. The effects of this inflation on grocery and food-grade oil prices are multifaceted: 1. Increased Production Costs: Inflation leads to higher costs for various aspects of food production, from planting crops to manufacturing processed goods. Rising prices for raw materials, such as grains, vegetables, and oilseeds, are being passed on to consumers. This, in turn, affects the overall cost of producing food products and cooking oils. 2. Supply Chain Disruptions: The global supply chain has been under stress due to the ongoing pandemic, geopolitical tensions, and natural disasters. Inflation exacerbates these supply chain issues, causing delays and disruptions in the movement of goods. These disruptions can lead to food shortages and increased transportation costs, impacting the final price of products on store shelves. 3. Exchange Rates: Inflation differentials between Canada and its trading partners can influence exchange rates. A weakening Canadian dollar can result in higher prices for imported food and cooking oils, as many commodities, including oil, are traded in U.S. dollars. 4. Global Oil Price Fluctuations: The cost of food-grade oil is closely tied to global oil prices. Inflation and geopolitical instability can contribute to spikes in oil prices, which are then reflected in the cost of cooking oils and food products that rely on these oils. 5. Consumer Impact: As inflation erodes the purchasing power of consumers, many are finding it more expensive to buy essential groceries. This can be especially burdensome for households on fixed incomes or those with limited resources. 6. Monetary Policy: Central banks, including the Bank of Canada, are actively monitoring inflation levels. Adjustments to interest rates to combat inflation can have ripple effects on consumer spending and borrowing, further influencing the demand for food and oil products. The impact of inflation on grocery and food-grade oil prices is a complex issue with no one-size-fits-all solution. Businesses and consumers are adapting to these challenges by exploring cost-saving measures and searching for alternatives. As governments and central banks respond to these economic challenges, businesses and consumers will be closely watching for policy changes and strategies to combat rising inflation. The resilience of supply chains and the ability of industries to adapt to these challenging times will also play a significant role in mitigating the impact of inflation on essential goods like food and cooking oils. As this issue unfolds, it is essential for consumers and businesses to stay informed and make informed choices in response to the changing economic landscape. The cooperation of governments, industries, and consumers will be key to addressing the impact of inflation on the cost of groceries and food-grade oils in Canada and beyond.
Vikmar Foods Donates to Share & Care Canada Food Bank, Mississauga, ON
Mississauga, ON – March 4, 2023 — Vikmar Foods continues its commitment to giving back to the community with a generous donation to the Share & Care Canada Food Bank based out of Mississauga, Ontario. As part of its ongoing mission to make a positive impact on the lives of those in need, Vikmar Foods is contributing a substantial quantity of food products to support local communities during these challenging times. The donation, which includes a variety of canola oil products, underscores Vikmar Foods’ dedication to addressing food insecurity and supporting families who rely on the services of food banks. Share & Care Canada Food Bank is a prominent organization in the region, known for its unwavering commitment to providing essential food items to those facing economic hardships. This initiative reflects Vikmar Foods’ belief in the power of community and social responsibility. It is an embodiment of their core values that prioritize not only producing high-quality food products but also ensuring that these products reach those who need them most. “We are proud to stand with Share & Care Canada Food Bank in their mission to provide sustenance to individuals and families experiencing food insecurity,” said Vikramaditya Kumar, CEO at Vikmar Foods. “At Vikmar Foods, we firmly believe in the importance of giving back to the communities that have supported our growth. This donation is a small way to express our gratitude and contribute to a cause we hold dear.” This act of generosity resonates with the spirit of the holiday season and extends the company’s ongoing commitment to social responsibility. It also reinforces Vikmar Foods’ dedication to making a positive difference in the lives of individuals and families facing economic hardships, not only through their products but through tangible actions that uplift communities. Share & Care Canada Food Bank expressed its gratitude for the donation, recognizing that such contributions are crucial to maintaining their ability to serve the community. Vikmar Foods’ generosity will undoubtedly help the food bank meet the increased demand for support, especially during these challenging times.
Vikmar Foods Achieves “A” Grade in 2024 BRCGS Audit: Testament to Excellence in Food Safety
Mississauga, ON – April 17, 2024 — Introduction In the realm of food safety and quality, obtaining a high grade in audits is a significant milestone that speaks volumes about a company’s commitment to excellence and recently accomplished this feat by achieving an A grade in their 2024 BRCGS audit. This achievement not only highlights Vikmar Foods’ dedication to stringent quality standards but also reinforces their position as a trusted provider of safe and superior food products. Understanding BRCGS Certification. The British Retail Consortium Global Standards (BRCGS) is a leading global safety and quality certification program recognized by retailers, manufacturers, and regulatory bodies worldwide. BRCGS certification signifies that a company has met rigorous standards in areas such as food safety, traceability, quality management, and legal compliance. Achieving an A grade in a BRCGS audit is a testament to a company’s commitment to maintaining the highest standards of food safety and quality. Preparation for the 2024 Audit Leading up to the 2024 BRCGS audit, Vikmar Foods embarked on a comprehensive preparation process to ensure compliance with the stringent standards set forth by the certification body. This involved: Reviewing and updating existing food safety and quality management systems. Conducting thorough internal audits to identify areas for improvement. Implementing corrective and preventive actions to address any non-conformities. Providing extensive training to employees on food safety protocols and best practices. Enhancing traceability systems to track the journey of raw materials from source to finished product. Collaborating closely with suppliers to ensure the quality and safety of incoming ingredients. Conducting mock audits to simulate the actual audit process and identify areas of strength and improvement. The Audit Process The 2024 BRCGS audit for Vikmar Foods was conducted by a team of experienced auditors who evaluated every aspect of the company’s operations related to food safety and quality. The audit process included: Document Review: Auditors examined Vikmar Foods’ documentation pertaining to food safety policies, procedures, records, and certifications. On-Site Inspection: Auditors visited Vikmar Foods’ facilities to assess hygiene practices, sanitation procedures, equipment maintenance, and overall operational compliance. Interviews: Auditors interviewed key personnel at Vikmar Foods to gauge their knowledge and adherence to food safety protocols. Testing: Samples of finished products were tested in accredited laboratories to ensure compliance with safety and quality standards. Review of Corrective Actions: Auditors reviewed Vikmar Foods’ corrective and preventive actions taken in response to previous audit findings. Achieving an A Grade Following a thorough evaluation, Vikmar Foods emerged successful in the 2024 BRCGS audit with an impressive A grade. This achievement reflects Vikmar Foods’ dedication to continuous improvement, robust food safety systems, and a culture of excellence across all levels of the organization. Key Factors Contributing to Success Several key factors contributed to Vikmar Foods’ success in obtaining an A grade in the 2024 BRCGS audit: Leadership Commitment: The leadership team at Vikmar Foods demonstrated unwavering commitment to food safety and quality, setting the tone for the entire organization. Employee Training: Extensive training programs ensured that employees were well-equipped with the knowledge and skills required to maintain high standards of food safety. Process Optimization: Continuous improvement initiatives and process optimization efforts enhanced efficiency and effectiveness in meeting audit requirements. Supplier Collaboration: Collaborative partnerships with suppliers ensured the quality and safety of raw materials, contributing to the overall integrity of Vikmar Foods’ products. Data-driven Approach: Utilizing data and analytics helped Vikmar Foods identify trends, anticipate potential issues, and proactively address them before they escalated. Impact on Stakeholders The achievement of an A grade in the 2024 BRCGS audit has a positive impact on various stakeholders associated with Vikmar Foods: Customers: Customers can have increased confidence in Vikmar Foods’ products, knowing that they meet the highest standards of food safety and quality. Suppliers: Suppliers benefit from strengthened partnerships with Vikmar Foods, as the company’s commitment to quality extends throughout its supply chain. Regulators: Regulatory bodies acknowledge Vikmar Foods’ compliance with industry standards, reinforcing the company’s reputation as a responsible food manufacturer. Employees: Employees take pride in contributing to a company that prioritizes safety, quality, and continuous improvement, fostering a positive work culture. Future Outlook Looking ahead, Vikmar Foods remains committed to maintaining and exceeding the standards set by the BRCGS certification. The company will continue to invest in technology, training, and process enhancements to further elevate its food safety and quality practices. Vikmar Foods’ success in the 2024 BRCGS audit serves as a testament to its ongoing pursuit of excellence and dedication to ensuring the well-being of its customers and the integrity of its products. Conclusion Vikmar Foods’ achievement of an A grade in the 2024 BRCGS audit is a significant milestone that underscores the company’s unwavering commitment to food safety, quality, and continuous improvement. Through diligent preparation, robust systems, and a culture of excellence, Vikmar Foods has demonstrated its ability to meet and exceed the rigorous standards set by global certification bodies. This accomplishment not only instills confidence in stakeholders but also sets a benchmark for industry best practices, positioning Vikmar Foods as a leader in the realm of food safety and quality assurance.
Vikmar Foods Elevates Industry Standards: A Quality Commitment, Adds Multiple State-of-the-Art Eriez Pipeline Metal Detectors in production process.
Mississauga, ON – April 5, 2024 — By integrating multiple Eriez Pipeline Metal Detectors into their production lines, Vikmar Foods has solidified its position as a leader committed to elevating industry standards.
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