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.
ICE canola futures recovered off five-month lows over the week ended Sept. 10, but were lacking any clear direction as the harvest picks up across Western Canada and trade uncertainty with China persisted.
The White House is considering a plan that would require large oil refineries to cover around half or less of the biofuel blending requirements recently waived for smaller facilities, according to three sources familiar with the matter.
Combining in Manitoba advanced 11 points during the week ended Sept. 9, which brought the harvest to 40 per cent complete provincewide, Manitoba Agriculture reported.