US EditionChinese Importer Buys First Canadian Canola Cargo in Months After Carney Visit, Reuters Sources Say
The deal reduces Chinese tariffs on Canadian canola from about 85% to 15%, reopening a $4 billion market and boosting exports after months of restricted trade.
- By March 1, China will lower tariffs on Canadian canola to about 15%, reopening a $4 billion market, according to the Beijing agreement negotiated by Prime Minister Justin Trudeau.
- Trade retaliation last year, including duties on canola, set the stage for talks after China imposed tariffs following Ottawa's levies on Chinese electric vehicles.
- Lead researcher Farzana Shirin welcomed the deal but warned, `We don't want to have the same market concentration and keep the sector vulnerable to retaliatory tariffs or trade policy changes,` she said Monday.
- Major channels for oilseed imports have been unblocked, boosting feed supplies for China's livestock sector and likely lowering domestic oilseed prices, which should help Canadian livestock producers' margins.
- The Simpson Centre for Food and Agricultural Policy shows canola depends heavily on two markets, with nearly 90% of exports, while EU GMO restrictions and Canadian infrastructure limit diversification.
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Despite deal with China, Canadian canola remains at risk to external forces: report
Despite Canada's recent landmark deal with China on reducing canola tariffs, new research shows the major Prairie crop remains a vulnerable export.
China deal eases pressure, but Canadian canola market still at risk: report
An analysis from The Simpson Centre for Food and Agricultural Policy at the University of Calgary shows the major Prairie crop remains a vulnerable export, overreliant on two major markets: China and the United States.
Canola prices strengthen to start the year
The canola market has strengthened recently, bucking the negative trend of other commodities. Canola strength Is reportedly coming from expectations that Canada and China may resolve their trade dispute. Another factor, according to market analysts, is short covering by funds.
Exclusive: Chinese importer buys Canadian canola, denting Australian export hopes
A Chinese importer bought a cargo of Canadian canola shortly after Canadian Prime Minister Mark Carney's visit to Beijing last week, trader sources said, boosting prospects for Canadian farmers and potentially undercutting sales by rival supplier Australia.
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