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Canadian Farmers Cut Canola Acres Amid China Spat
USAgNet - 07/01/2020

Simmering trade tensions with China and cool spring weather spurred farmers in Canada, the world's biggest canola producer and a major wheat exporter, to shift more acres to the grain from the oilseed.

According to Bloomberg, Canola acreage this year fell 0.8% to 20.8 million, the third straight annual decline, Statistics Canada said Monday in a report. Exports of the oilseed, used in everything from salad dressings to deep frying, face hurdles because of the yearlong spat with China, the top buyer.

"Maybe it's just a case of the overhanging Chinese concerns," said Tony Tryhuk, the branch manager of an RBC Dominion Securities in Winnipeg, Manitoba. "People are looking at that and saying 'I don't want to plant another several fields of the stuff for fear their won't be a home for it.' "

Last year, China suspended the licenses of two major Canadian shippers, citing pest and quarantine concerns. The move was widely interpreted as retaliation over the arrest of a Huawei Technologies Co. executive in Vancouver. A May ruling that extradition proceedings may continue against Meng Wanzhou, the company's chief financial officer, dashed prospects for a resolution.


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