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Subject:  Re: Canada's Canola Prices Are Soaring... Date:  8/10/2020  8:46 PM
Author:  DrBob2 Number:  597530 of 610711

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.

China is not having a good year and that includes agriculture.
Three headline issues are challenging China right now: floods, pestilence, and inventory problems.
- Above average rainfall and rising floodwaters are not just threatening to compromise China’s gargantuan Three Gorges Dam; rain and flooding are already disrupting rice, wheat and other crop production in the provinces all along the entire Yangtze River....

- In the month of June alone, China’s single month import volume of wheat from all sources was the highest in seven years....But last week press reports emerged citing the poor quality in some state owned corn inventories, some of which are years old. The reports coincided with two large Chinese purchases of corn from the United States, one of which was its largest purchase ever....

- The USDA’s Foreign Agricultural Service points to an unusually early and intense infestation of Fall Army Worm in June as the likely cause of China’s current corn angst.

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