Australian CBH lowers its return estimate for rapeseed joint venture sales

According to the latest report released over the weekend by CBH of Western Australia, the joint venture sales return estimate for rapeseed in 2009 has been cut by A $15 to A $455 per tonne, FOB price.

CBH said the negotiations between Canada and China had created an atmosphere of uncertainty in the market and exacerbated the bearish atmosphere in the market. Improved weather in the United States and Canada and good growth of rapeseed crops in the Northern Hemisphere have also put pressure on rapeseed sales in Australia.

The Chinese General Administration of quality Supervision, Inspection and Quarantine said that from November 15, 2009, the official inspection and quarantine departments of Canada and Australia should carry out batch testing of rapeseed stem-based canker pathogen imported to China, and indicate the test results in the additional declaration column of the plant quarantine certificate.