WINNIPEG, Manitoba/BEIJING (Reuters) – Canadian canola prices have soared to the highest in nearly two years, despite a diplomatic dispute between Ottawa and Beijing, as exporters find roundabout ways to reach top oilseed buyer China. A deer feeds in a western Canadian canola field which are in full bloom this week before it will be harvested later this summer in rural Alberta, Canada July 23, 2019. REUTERS/Todd Korol Chinese authorities have since March 2019 blocked canola shipments by two Canadian exporters, an action they took after Canadian police detained a Huawei Technologies executive in late 2018 on a United States warrant. The dispute however, has not spoiled China’s appetite for canola, which is mainly processed into vegetable oil. While China is buying less from Canada directly, it has bought canola oil instead from Europe and the United Arab Emirates, with some of that oil made from Canadian canola, traders said. ICE canola futures RSc1 on Tuesday hit the highest nearby price since October 2018. Prices of China’s rapeseed oil, another name for canola oil, have also rallied, partly because of limited Canadian supply. “Profits are extravagant. Anyone who has the resources to import (canola oil) will definitely buy,” said a… Read full this story
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