China last month imported 477,000 tons of Canadian canola, while the average monthly figure is about 100,000 tons.
In addition, the indicated volume was the largest since January 2019, because already in March 2019, China introduced restrictions on the purchase of Canadian canola, which were lifted only in May 2022.
Demand will remain strong
Some market players expect Chinese importers’ demand for Canadian canola to remain strong. The development of this trend can also be stimulated by the fact that now the margin of oilseed processing in China is supported by prices for vegetable oils, and not for meals. Therefore, given that the level of oil content in canola is higher than in soybeans, the demand for this crop may be higher.
However, other market participants believe that demand for canola in China will not last long enough due to the problems caused by the COVID-19 pandemic in the country and economic difficulties.
Import/Export Statistics
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