One to watch: China was a last nail in the coffin
The Financial Post takes a look at 11 people and companies we’ll be watching closely in the new year.
It wasn’t insignificant then that Serfas turned his back on canola this year, especially since he’s vice-chair of Alberta Canola and a director on the Canola Council of Canada. The boycott became a flashpoint in an already deteriorating diplomatic relationship between Ottawa and Beijing that began with the arrest of Huawei Technologies Co.’s chief financial officer Meng Wanzhou in Vancouver on a U.S. extradition request.
The recent misfortunes besetting canola have broken a long-held rule of thumb for farmers across Western Canada: you might not make much on your other crops, but canola will almost always turn a profit. Though Canada has started selling more canola to Europe and other markets, none of those opportunities have been enough to offset the loss of China’s massive demand. Farmers are left sitting on a record oversupply of more than four million tonnes of unsold canola.
“It’s been awful to be honest, most of the crops were a writeoff because of rain,” he said. “We’re doing the same amount of work as ever and getting so much less. Everybody is looking for the next canola, but it’s been 20 years and it hasn’t happened. Now nothing is really making a whole lot of money.”
“That had a lot to do with it,” he said. “I’ve never spent more time looking at what’s going on in the world and where the next hiccup will be or the next train wreck in world relations.”
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