COFCO contracts 50 thsd tons of Australian canola
Chinese state-owned company COFCO has contracted about 50,000 tonnes of Australian canola of the new crop, Reuters reports, citing traders.
The deal was concluded just a couple of days after the introduction of temporary increased tariffs on products from Canada – 75.8%. This is the largest supplier of this crop.
Australia, the second-largest canola exporter, lost access to the Chinese market in 2020 mainly due to Chinese phytosanitary requirements for the blackleg fungus.
COFCO contracted canola for delivery from Australia in November-December at a price below $ 600 per ton, including freight. Negotiations are underway on other similar deals, the sources said.
In July, it became known about trial batches that Australian farmers were preparing for shipment. It is not yet clear whether the volumes contracted by COFCO are included in these batches.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
Join strategic discussions and networking with industry leaders to gain актуальна insights, discover new business opportunities, and build partnerships with key market players.
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon