December 04, 2009

Is China Buying Canola Again?

A mystery is deepening at the Port of Vancouver. A 60,000+ ton panamax class cargo vessel is scheduled to arrive mid December with intent to load up with a cargo of Canola or more specifically Canadian rapeseed ("Canola" is a trade brand that means literally Canada and oil). The news has excited Canada's futures markets for many believe the cargo of canola may be China bound. If so, it means Ottawa and Beijing have sorted out the suspension of canola trade imposed by Beijing on November 15 when China declared canola imports must be cleared by a phyto-sanitary certificate that the canola was free of Leptosphaeria maculans or blackleg. The restriction was sudden and Canada believes it is neither a health nor safety issue. China is Canada's number 1 market for canola, buying over 2.8 million tons last year. But no destination is yet recorded for the unnamed vessel.....

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