WINNIPEG, MANITOBA, CANADA — The Canola Council of Canada (CCC) said on April 17 that a trade mission to key Asian markets will increase opportunities for Canadian canola oil and meal.
CCC President Patti Miller participated in a trade mission led by Agriculture Minister Gerry Ritz in Japan and South Korea.
“The leadership and support shown by the Government plays an important role in securing and growing export markets for Canadian canola,” said Miller.
Minister and delegation meetings with key Korean import interests were a timely follow up to the March 11 announcement of the Canada-Korea Free Trade Agreement, which will allow Canadian canola seed, oil and meal to enter the Korean market tariff-free and on a level playing field with other oilseeds.
“We see increased opportunity for canola oil and meal to South Korea under the new trade agreement,” said Miller. “Canola product imports in the country could double.”
In Japan, Minister Ritz and CCC met with Japanese canola oil processors to address challenges related to transportation and timely grain export shipments.
“Government actions on transportation have helped assure Japanese customers of Canada’s ability to continue to be a reliable supplier of canola,” said Miller. Japan is a key market for Canadian canola seed, with exports valued at C$1.4 billion in 2013.
“With 90% of everything we produce going to export markets, missions like these are critical to our industry,” said Miller. “We are pleased with the government of Canada’s initiative and support to help set the stage for future growth.”
The CCC is a full value chain organization representing growers, seed developers, processors and exporters. The industry generates C$19.3 billion in economic activity in Canada annually.
Since Russia’s invasion of Ukraine in February, the world’s wheat supply has been thrown into question, with poorer nations facing scarcity and a potential food crisis, according to the United Nations.
Following are countries among the world’s least developed that are the most dependent on Russia and Ukraine for their annual wheat supply (2020), according to the UN Conference on Trade and Development. Nations in Africa import 44% of their wheat from Russia and Ukraine, according to the UN.
In marketing year 2022-23, the world is projected by the US Department of Agriculture (USDA) to produce 779.03 million tonnes of wheat and provide 204.89 million tonnes for export.
These are the eight major wheat importing nations/regions as listed in the monthly USDA World Agricultural Supply and Demand Estimates (WASDE) report and their annual tonnes with production.
Russia’s invasion of Ukraine in February and the persistent La Niña climate phenomenon have combined to create some of the most volatile market conditions in recent memory, sending prices skyrocketing as nations that depend on wheat to feed their populations scramble to secure supplies.
Each month, the WASDE releases new projections to reflect the most recent global market and production conditions, and this slideshow will be updated with those changes.