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Australian grain farmers are set to cash in after sidestepping Chinese trade sanctions on barley exports by switching to canola.
Barley grown in Australia was slapped with heavy tariffs by Chinese authorities last year amid worsening relations between Beijing and Canberra.
Fearing being shut out of a key export market, many grain farmers switched to growing more canola - a yellow flouring oilseed crushed to make oil and used in food products and biofuels.
Australian farmers are set to cash in on a booming canola harvest. (AP)
It has now paid off after near-record prices and ideal weather conditions, Reuters reports.
Australia is forecast to harvest a record canola crop of more than five million tonnes this season, Federal Government research shows.
"When you lose your biggest market you need to find alternatives," Lyndon Mickel, a grain farmer in Western Australia, said.
The Australian canola export price is forecast to rise to an average of $812 per tonne in 2021–22, government data showed, compared with average prices of $500 a tonne.
The soaring price is driven by drought affecting the world's top producer, Canada.
Australian grain farmers switched to growing more canola after barley exports to the key China market were hit with heavy tariffs. (Nine)
About 75 per cent of Australia's canola exports go to the European Union.
Barley was among a number of Australian exports hit by Chinese trade sanctions over the past 18 months.
They were triggered by the Morrison Government's call for an international investigation into the origins of the COVID-19 pandemic and the introduction of foreign interference laws.
www.9news.com.au
LOL at the CCP, they are falling apart.
Barley grown in Australia was slapped with heavy tariffs by Chinese authorities last year amid worsening relations between Beijing and Canberra.
Fearing being shut out of a key export market, many grain farmers switched to growing more canola - a yellow flouring oilseed crushed to make oil and used in food products and biofuels.
Australian farmers are set to cash in on a booming canola harvest. (AP)
It has now paid off after near-record prices and ideal weather conditions, Reuters reports.
Australia is forecast to harvest a record canola crop of more than five million tonnes this season, Federal Government research shows.
"When you lose your biggest market you need to find alternatives," Lyndon Mickel, a grain farmer in Western Australia, said.
The Australian canola export price is forecast to rise to an average of $812 per tonne in 2021–22, government data showed, compared with average prices of $500 a tonne.
The soaring price is driven by drought affecting the world's top producer, Canada.
Australian grain farmers switched to growing more canola after barley exports to the key China market were hit with heavy tariffs. (Nine)
About 75 per cent of Australia's canola exports go to the European Union.
Barley was among a number of Australian exports hit by Chinese trade sanctions over the past 18 months.
They were triggered by the Morrison Government's call for an international investigation into the origins of the COVID-19 pandemic and the introduction of foreign interference laws.
Aussie farmers defy China trade sanctions with bumper canola crop
Australian grain farmers are set to cash in after sidestepping Chinese trade sanctions on barley exports by...
www.9news.com.au
LOL at the CCP, they are falling apart.
