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Global Markets: China shuns Canadian canola

By MarketsFarm

WINNIPEG, March 22 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Chinese importers have stopped purchasing Canadian canola, according to the Canola Council of Canada. Earlier in March China ceased imports from Richardson International, a major Canadian canola supplier, citing concerns regarded to “dangerous pests” in the crop. China imported approximately $2.7 billion in canola seed in 2018. “We urge the government of Canada to continue to intensify efforts to resolve the situation,” CCC president Jim Everson said.

– European Union leaders have permitted United Kingdom Prime Minister Theresa May two weeks to win the U.K. parliament’s approval for a deal to leaving the EU. Originally slated for March 29, May will now have until May 22, if the Withdrawal Agreement is approved by parliament next week.

– Saudi Arabian officials said that the oil-rich nation plans to keep oil trading at $70 per barrel or higher this year by steeply cutting exports. This move came as United States President Donald Trump’s demands for OPEC to help reduce prices while sanctioning oil produced by Iran and Venezuela. Saudi Arabia aims to “put a floor under oil prices” at around $70, according to reports.

– U.S. President Donald Trump said trade negotiations with China are soon to reach a final agreement. Meanwhile, the administration is engaged in ongoing trade talks with the EU, citing issues with the European auto sector. “We get a 25 percent tariff on that segment – that’s our best segment by far. And yes, we will absolutely be able to keep it – not only keep it going, I really think we have tremendous potential,” said Trump in an interview with Fox Business Network.

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