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Chinese importers report instructions from Beijing to cancel new Canadian canola orders and to conduct strict inspections of other agri-food products. One importer cancelled purchasing plans for Canadian wheat, peas, linseed and canola meal.
Richardson International was the first exporter blocked, on March 1, and China buys about 40 per cent of Canada's canola seed, oil and meal exports.
Cancelled orders for wheat and canola meal reduce Chinese demand for Canadian feed and grain, which is bearish for those markets and may push Canadian supplies toward other buyers at lower prices.
thelogic.coCatherine McIntyreMar 22, 2019After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
