Friday, February 3, 2023

China snapping up Canadian grains

China has ordered about a third of the grains and oilseeds that Canada exported during the first five months of this crop year, reports the Canadian Grain Commission.

China is the top buyer of Canadian wheat, canola, barley, soybeans and peas.


Japan is the second-biggest buyer.


Recently the Canadian Agriculture Policy Institute issued a report by Ted Bilyea commenting on China’s increased purchases which, he noted, are also leaving less available for poor and hungry people in other parts of the world.


Not only is China buying more grains and oilseeds, but it is also increasing its storage capacity for grains and oilseeds to buffer disruptions in supply, Bilyea said.


It now has more than half of the world's supplies of stored wheat, rice and soybean meal, he said.


That means exporters, including Canada, have less in storage to deal with disruptions that trigger urgent demand for food, he wrote.