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National & World Ag News Headlines |
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China Lifts Restrictions on Canadian Canola
USAgNet - 05/20/2022
China has removed a three-year restriction on imports of Canadian canola seed, Canadian officials said in a statement on Wednesday that didn't provide a reason for the lifting of curbs, but trade is likely to be limited by low stocks and high prices.
According to Reuters, the world's top oilseed buyer suspended two Canadian canola exporters in March 2019, alleging that pests had been detected in shipments.
Customs officials in Beijing didn't immediately respond to a request for comment.
China's claims, disputed by Canada at the time, came amid political and trade tensions between the two countries following the arrest of Huawei executive Meng Wanzhou in Vancouver for extradition to the United States.
"We welcome this decision to remove the restrictions and immediately reinstate the two companies to allow them to export Canadian canola seeds," said Canadian Trade Minister Mary Ng and Agriculture Minister Marie-Claude Bibeau in a statement.
Low stockpiles of canola, which is crushed into meal to feed animals and oil for cooking, are expected to curb flows of the oilseed to China however.
Canada, the world's biggest producer and exporter of canola, produced its smallest canola crop in 13 years in 2021, pushing buyers to look elsewhere for supplies, and supporting record global edible oil prices.
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