China’s COFCO Agri will open a Canadian crop trading office in Winnipeg [Manitoba Province, central Canada] by the time farmers harvest their new crops, the state-owned agricultural trader said Tuesday [28 June 2016]…Full Article: Alberta Farmer Express June 2016
- COFCO’s Winnipeg office will focus on canola (rapeseed), canola oil, canola meal, wheat, barley, and soybeans. In general, Canada harvests these crops from August to October.
- In 2014, agricultural goods accounted for approximately 25% of trade between Canada and China. During that year, China imported 4.3 million MTs of canola seed and 500,000 MTs of canola oil from Canada.
- In May 2013, Chinese canola importers were reportedly looking to increase imports owing to lower foreign prices vis-à-vis domestically subsidized canola.
- In April 2013, Canada, the world’s largest canola producer, was granted increased access to crushing plants in China. As a result, Canada could export canola to 11 Chinese crushing facilities (capacity of 5.5 million metric tons).
- In March 2013, COFCO announced that it received $4.82 billion in loans from the China Development Bank in order to stabilize food prices and improve productivity.
- In November 2012, COFCO announced that for the next four years it had approximately US$10 billion to fund overseas mergers and acquisitions.
- In October 2012, China agreed to purchase 295,000 MTs of Canadian spring wheat (delivery in from November 2012 to January 2013). During the 2011 to 2012 season, China purchased just under 377,000 MTs of Canadian wheat, excluding durum wheat (i.e. spring wheat). In the five years prior to this, China purchased on average 110,500 MTs of Canadian wheat per season.