January 28, 2022

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Why Canada has a strategic stock of maple syrup (20 times more than its barrel oil)

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  • BBC News World

Image source, Getty Images

Title,

Maple syrup production may be affected by climate change.

Shortly after the US-led powers announced that they would release a portion of their strategic oil reserves to ease pressure on energy markets, they decided to use another unique and very kind of strategic reserve of the world’s unique in Canada. More than raw: honey or maple syrup.

The Quebec Maple Syrup Manufacturers Association (QMSP) has announced it will release about 22,000 tonnes from its global strategic reserve to address the shortage of so-called maple syrup (or maple syrup). Maple, By English name) This product on the market.

The link between the increase in demand over the last two years and the lower harvest than the previous harvest Had raised fears about problems in delivery This syrup, Which is made with the juice of maples and used as a side of pancakes.

Early thaw and the arrival of unusually hot temperatures in April produced 60,000 tonnes this year, down from 79,000 in 2020.

As explained by QMSP, the processors and bottles of this product have noticed that this 2021 harvest is moderate. Increased their orders to ensure delivery, Which decided to use the reserve to avoid disruptions in the market.

Balancing the market

Quebec accounts for 72% of the world’s maple syrup production. The rest agree with the United States.

Image source, Getty Images

Title,

Maple syrup is used to sweeten pancakes.

Therefore, in years of high productivity, The surplus is placed in sealed and sterilized barrels They are stored in a facility the size of about five football fields in the city of Larrierville.

Like this year, when demand is high, syrup is extracted from stock to supply the market.

Currently, The strategic reserve is about 44,000 tons This product, therefore, will be halved in the announced release.

This product is important business for both Quebec and Canada.

QMSP brings together more than 11,000 manufacturers from the region.

According to Bloomberg, This system establishes limits on alleged production, sets wholesale prices and transfers surpluses to strategic reserves, with market control similar to that implemented by the Organization of the Petroleum Exporting Countries (OPEC) in the world. crude oil.

A liter of Canadian maple syrup is worth about $ 9, according to statistics. This is 20 times higher than the current oil price.

According to QMSP, Quebec manufacturers will sell about 67,000 tons of maple syrup by 2020. It represents about $ 780 million of Canada’s GDP.

The figure that sweetens anyone’s mouth.

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