BEIJING, China (Reuters) — Chinese companies have bought as much as 300,000 tonnes of Australian canola.
It was the first such purchase after China lifted a ban on Australian canola imposed in 2009 over concerns about blackleg.
China, the world’s biggest consumer of canola, imported 2.93 million tonnes of the oilseed last year, almost all from Canada. It was a 132 percent increase from the previous year.
The canola, for delivery from April to June, was offered at about $680 per tonne, which compared with Canadian canola quoted at about $716 per tonne, the China National Grain and Oils Information Center said.
China agreed to allow imports of Australian canola under specific conditions, an Australian industry group said.
Canola is crushed into edible oil and meal, which is used chiefly in fish farming in China.
The Chinese are consuming more meat as the country urbanizes rapidly. China is also the world’s largest buyer of soybeans.
