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Canadian canola cargoes have taken longer to clear Chinese customs amid a political dispute over the arrest of Huawei CFO Meng Wanzhou, and GMO import permits have become harder to obtain. Traders say some Chinese importers are avoiding Canadian purchases.
Canadian canola stocks reached a record high at year-end.
China takes about C$2.5 billion of Canadian canola yearly, so slower Chinese buying adds to record Canadian stocks and is bearish for canola and canola meal prices.
grainews.caRod Nickel, GFM Network NewsFeb 5, 2019
reuters.comRod Nickel, Dominique Patton, Hallie GuFeb 5, 2019After 20 past neutral geopolitics events, SOY moved a median -0.6% over 5 sessions (45% higher; middle half -2.2% to +1.5%), and +0.9% 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.
