US tax policy changes will worsen Canadian canola export prospects
The US has become Canada’s most important market for canola and meal in recent years.
Canola producers and processors in Canada may face difficulties due to changes in U.S. tax policy, said Chris Vervat, director of the Canadian Association of Oilseed Processors, MarketsFarm reports.
As the expert specified, the biggest threat is the recent changes in tax incentives for biofuels in the U.S. and the possibility of imposing a 25% duty on all goods imported from Canada.
He recalled that in recent years, the U.S. has become Canada’s most important market for canola and meal. Thus, in the first 11 months of 2024, 96.2% of Canada’s total canola exports are to the U.S. (3.14 million tons), and up to 65.5% of Canada’s canola meal is shipped to the U.S. (3.44 million tons).
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