Prime Minister Mark Carney said he had “constructive” trade talks with Chinese Premier Li Qiang on the sidelines of the U.N. assembly in New York and covered agri-food products like canola as well as seafood and electric vehicles.
As Canada’s western provinces experience the second-worst wildfire season in decades, driven by hotter and drier conditions due to climate change, some canola farmers say they are seeing an unexpected benefit to the hazy summer skies.
Chinese state trading firm COFCO has bought up to nine 60,000-metric-ton cargoes of Australian canola, three trade sources told Reuters, after Beijing last month imposed preliminary anti-dumping duties on imports of the oilseed from traditional supplier Canada.
The majority of Canadians are in favour of lowering tariffs on Chinese electric vehicles if it would help improve market access for Canadian canola according to new data from the Angus Reid Institute.
Expect canola futures to fall back in the coming months, said analyst Jerry Klassen of Resilient Capital in Winnipeg. Klassen pointed to the Statistics Canada production update and China as two reasons for the coming declines.
Feed millers in Vietnam are taking advantage of bargain prices with rare purchases of Canadian canola meal after China imposed hefty tariffs on the oilseed.
Speculative fund traders have moved to a net short position in canola futures for the first time in five months, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Canadian officials had constructive talks with their Chinese counterparts about Beijing’s tariffs on canola during a recent visit, Prime Minister Mark Carney’s office said in a statement on Friday.