Investing.com - Financial Markets Worldwide
🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Canada confirms China raised canola-shipment standard

Published 2016-02-24, 03:44 p/m
Canada confirms China raised canola-shipment standard
GLEN
-
RSc1
-

WINNIPEG, Manitoba, Feb 24 (Reuters) - The Canadian
government confirmed on Wednesday that China has toughened its
standard for canola shipments, an action that traders say may
discourage sales to the country.
China, Canada's top canola export market, notified Ottawa on
Tuesday of the new measures, Canadian Food Inspection Agency
(CFIA) spokeswoman Tammy Jarbeau said in an email statement.
Reuters reported exclusively on Tuesday that China's
quarantine authority, AQSIQ, told CFIA it would allow no more
than 1 percent foreign material - called dockage - in Canadian
canola shipments as of April 1.
The current allowable dockage range is 2 percent to 2.5
percent. Foreign material can include seeds of other plants or
straw.
Exporters say the new standard will be difficult to achieve.
China's canola imports from Canada tend to slow toward the
end of the August-July crop marketing year anyway, said Errol
Anderson, a crop analyst at Pro Market. Even so, canola futures
look to trade weaker in the near term, he said.
ICE Canada canola futures partly recovered on Wednesday
after tumbling to a nearly 10-month low in the previous session.
GRA/W
The Canadian government will work with China and canola
exporters on standards that are "commercially viable," the
CFIA's Jarbeau said.
Canola, also known as rapeseed, is crushed mainly to produce
vegetable oil.
Canada is the world's biggest canola exporter. Shippers
include Cargill Ltd CARGIL.UL CARG.UL , Archer Daniels
Midland Co ADM.N , Viterra Inc VILC.UL , Glencore Plc GLEN.L
and Richardson International.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.