Canadian grain exporters may get a boost from Washington’s “deteriorating relationship” with China, CoBank says in its 2023 outlook.
A number of trade disputes as well as tensions over Taiwan are spilling into the grain sector, the lender said in its outlook.
“China has made it clear that it would like to minimize its dependence on imports of U.S. farm products,” the report states. “We see that signal clearly in China’s recent political decision to allow for the first time several major international traders to ship corn from Brazil, our largest competitor for grain and oilseed.”
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China’s “buy only if we have to” attitude will not only affect exports of soybeans, but also American meat, poultry and dairy products, said CoBank, a major lender in America.
