A slump in oilseed prices as a result of Donald Trump’s trade war with China isn’t phasing Canadian farmers, who may plant the most canola acres ever amid the global spat.
Bloomberg Quint reports Canola sowing probably will rise 5% to a record 24 million acres (9.7 million hectares) in 2019, according to Tony Tryhuk, the branch manager of RBC Dominion Securities office in Winnipeg, MB.
Canola is still the go-to cash crop for farmers despite bearish influences from the U.S.-China trade war and the fact that Canadian shipments haven’t grabbed a bigger slice of the global market as the two nations feud, he said.
