Canadian farmers weigh future as Chinese tariffs hit canola prices
Global News
China hit Canadian canola seed with a 75.8 per cent tariff. The duty is seen as a response to Canada's 100 per cent tariff on Chinese electric vehicles.
As Chinese tariffs on Canadian canola products continue to hamper the cash price of one of the country’s most valuable crops, farming experts say producers have big decisions ahead of them.
Market analyst Chuck Penner with LeftField Commodity Research said while future prices are down slightly, the cash price farmers receive for their canola, also known as the basis, is much lower.
He said the drop has resulted in farmers losing at least $140 million on their canola in the last two weeks. But compared with March, when China imposed a 100 per cent tariff on canola oil and meal, losses amount to $800 million, he said.
“There’s other factors going on in the market as well, but that’s just a quick and dirty look at it,” Penner said.
“(Farmers) don’t like it, and they feel like they’re being sacrificed to support eastern Canadian industries, whether that’s true or not.”
The hit to Canada’s canola industry comes more than two weeks after China hit Canadian canola seed with a 75.8 per cent tariff.
Beijing’s duty on canola seed was seen as a response to Canada’s 100 per cent tariff on Chinese electric vehicles.
Penner said farmers plan on growing canola next year, but just how much will depend on market forces and their land management practices, known as crop rotations.
U.S. Trade Representative Jamieson Greer told members of Congress this week that next year's joint review 'will depend on the successful resolution' of several issues.
The Appeal Court's three-judge panel has declared the Oath of Allegiance requirement unconstitutional and of no force or effect, meaning it is no longer required in Alberta.
Residents of Outlook, Sask. could remain without safe drinking water for several days, with an official saying it's "difficult to say" when access will return.
Speaking to reporters on Tuesday, Chow said there would be an update on the status of the rapid transit line next month, confirming it would not be open to the public before.
Since applying a cap on international students at the beginning of 2024, the federal government has been reducing the number of applicants each year.
Children are especially vulnerable to the new strain of influenza, with most infections being detected in people under 19, according to Health Canada.
Nova Scotia RCMP say they issued a ticket and seized cannabis and cash after executing a search warrant on Monday at a cannabis dispensary in Digby, N.S.
The Mounties stressed the accused didn’t intend to damage essential infrastructure or harm national security.
A proposed settlement of $18 million has been reached in a class action filed on behalf of passengers of Air Canada Flight 624, 10 years after the crash landing.
Manitoba’s police watchdog says charges won't be laid after a shooting left one man dead and an officer recovering from a stab wound to the throat.
Prime Minister Mark Carney said he played a role in the floor crossings and hinted that he expects more MPs to cross the floor over to the Liberals.
Rodriguez's leadership campaign has been under scrutiny, with allegations people may have received cash rewards in exchange for votes and that donors had their money reimbursed.
A Toronto man has been charged following a threats investigation at King’s University College in London after allegedly compiling a list of people he said he wanted to kill.