Global Markets: China to resume importing Canadian canola

By MarketsFarm

WINNIPEG, March 31 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
After over a year-long ban, China has agreed to allow Canadian canola imports again. This move comes after the COVID-19 pandemic lowered Chinese soybean stocks to the lowest point in almost a decade. “The market is worried about oilseed supplies. And there is no energy left for any (trade) fights now,” said a person affiliated with a major agriculture products importer to Reuters.
COVID-19 cases around the world top 800,000, with the highest number in the United States. So far, the U.S. has nearly 163,500 confirmed cases and over 3,000 deaths. The global death toll is over 37,000. Spain reported 849 deaths overnight, which is the largest jump since the start of the pandemic, bringing the number of fatalities in that country to over 8,000.

Despite crude oil values hitting record lows, TC Energy Corp. plans to go forward with constructing the US$8 billion Keystone XL Pipeline project. The company also expects Alberta’s provincial government to invest approximately US$1.1 billion into the project, covering construction costs until the end of the year. The pipeline will carry 830,000 barrels of crude oil per day from Hardisty, AB., to Steele City, NE.

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