'Like gold': Canadian canola prices spike as shippers find back door to China - Reuters

WINNIPEG, Manitoba/BEIJING (Reuters) - Canadian canola prices have soared to the highest in nearly two years, despite a diplomatic dispute between Ottawa and Beijing, as exporters find roundabout ways to reach top oilseed buyer China.

While China is buying less from Canada directly, it has bought canola oil instead from Europe and the United Arab Emirates, with some of that oil made from Canadian canola, traders said.

Prices of China’s rapeseed oil, another name for canola oil, have also rallied, partly because of limited Canadian supply.

Anyone who has the resources to import (canola oil) will definitely buy,” said a manager with a China-based canola importer.

China meanwhile boosted canola oil imports from Europe, Russia and Australia, with some of that oil made from Canadian canola, said another China-based trader.

“Canadian canola has the biggest edge,” it said.