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.
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