Tapping Québec’s Strategic Reserve… or We’ve Got Your Pancakes Covered

Few Americans are likely aware that Québec maintains a strategic reserve that was recently tapped to keep your pancakes and waffles covered in maple syrup. On November 19, 2021, the Federation of Québec Maple Syrup Producers (QMSP) announced that 50 million pounds (about 4.5 million gallons) of maple syrup valued at more than US$145 million would be released from its strategic reserve; 1 an amount equal to about one-half of the existing reserve, or 70.6 percent of annual U.S. imports or 46.5 percent of annual U.S. consumption in 2019. This EBOT describesthe Québec maple syrup marketing system and how it and other factors affect the interdependence of the U.S. and Canadian maple syrup markets.