Grains industry news in brief 6.1.19

Grains industry news in brief 6.1.19

Grain
China has approved a US genetically modified soybean for import.

China has approved a US genetically modified soybean for import.

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Canadian wheat stocks lowered, India cuts oil duties and China approves a GM soybean for import.

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Canadian wheat stocks down

THE OFFICIAL Canadian agricultural forecaster Agriculture and Agri-Food Canada (AAFC) has slashed 150,000 tonnes or 2.5 per cent from the nation's wheat stocks as of the end of November.

AAFC said there was 5.85 million tonnes of wheat in stocks, from estimated Canadian production of 32.35m tonnes.

Canadian wheat growers endured a torrid end to their growing season, with harvest hampered by an early onset of the snow season in some parts, causing crops to be abandoned.

India cuts import taxes on edible oils

THE INDIAN government has shown its willingness to cut import taxes on some food commodities, with a reduction on tax for crude and refined palm oil from Association of South East Asian Nations (ASEAN) members.

Australian pulse producers are looking hopefully to see if there may be relief on the pulse front in the form of a relaxation of the duties and tariffs on crops such as chickpeas and lentils.

The oil tax breaks will extent to virtually all India's palm oil imports, as the lion's share comes from Indonesia and Malaysia, both in ASEAN.

The duty on crude palm oil was lowered to 37.5 per cent from 40pc, while the tax on refined products was cut from 50pc to 45pc.

GM soybean approved in China

CHINA has approved an insect tolerant genetically modified (GM) soybean widely grown in the United States for import.

The announcement of the decision to allow the variety, developed by Dow AgroSciences was made last week.

It is likely to play an important role in trade talks between the two nations.

In the past China has rejected shipments of conventional corn due to contamination with trace amounts of GM material.

This decision marks a softening in China's stance on importing GM food products.

Meanwhile, China has also eased soybean import restrictions in its inland ports in the north to help facilitate soybean imports from countries such as Russia and Kazakhstan.

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