Condo developer to ship canola oil to China, Canada says

[SASKFARMER3]

This I think is a ok deal, Their using a Canadian to move product to China.
A condominium developer has signed a $1 billion deal to export Canadian canola oil to China, according to the Canadian government.

The deal was one of more than 20 commercial agreements signed during Prime Minister Stephen Harper’s visit to China, which wrapped up this week.

The government said on its website Saturday that LeMine Investment Group, an Ontario real estate, investment and trading company, had signed a seven-year deal to export canola oil to China and agreed to promote it with Guizhou Fengguan Group.

LeMine executive director Thomas Liu was in China and was not immediately available for comment, one of the company’s staff said.

“We’re really supportive of anything that’s going to improve trade because China is a huge and growing market for us,” Patti Miller, president of the Canola Council of Canada, said Thursday.

LeMine must arrange to purchase from an existing Canadian seed crusher canola oil that it can then export, Miller said, adding that she did not know details of the agreement.

Companies with Canadian canola-crushing operations include Bunge, Archer Daniels Midland, Richardson International, Cargill, Viterra, TRT-ETGO and Louis Dreyfus.

The government would not release further details, saying the agreement was private.

Canada shipped 885,000 tonnes of canola oil to China in 2013, making it the second-largest export market after the U.S., according to Statistics Canada data.

[bucket]

But there is government money involved or they wouldn't be making a big deal out of this.

something doesn't pass the smell test.

CPP buys a bunch of land and not a peep from government officials but a private deal like this gets press.

All I can say is its good but there is more we should know.

[SASKFARMER3]

Bucket the CPP land deal to me is a Conservative land bank. except they are not picking who rents it like the NDP land bank of old.
This deal announced in China is maybe their way of having a middle man of Chinese ancestry to broker the deal. If Canada put money up for this BS it is BS. China would buy canola oil deal or no deal.

[farmaholic]

Maybe they sweetened the pot with some cheap wheat from those same companies they have to buy the oil from. ;-)

[sumdumguy]

Back room deals?

[bucket]

Is CPP still buying land?

[ajl]

So we are shipping canola oil to China in exchange for ownership of condos in a Chinese ghost city. Looks like a winner. Well at least their was a photo op. Doesn't pass the smell test. It seems the Chinese can find suckers everywhere. Reality is the Chinese economy is as phony as a $3 bill and needs to be propped up otherwise its gunna crash and take a lot of commodity based economies with it.

[bucket]

Sumdumguy

For sure.

Let's see who gets a board seat out of this.

[farmaholic]

Just a comment on buckets question, The CPP Assiniboine Land Co. bailout, there is likely dots that can be connected.

Kinda like: the Taxpayer through the CPP bails out some Card Carrying Members of the CPC. Has a nice ring to it.

Back to the original topic....

[wmoebis]

Didn't they just add another middleman by signing this deal? Any one of the crusher Co's can sell oil. I'm sure the condo Co will want to make a little cut.
Is this over and above all regular sales or will this cut into the 850 thous T's we already sell them?
1/2 a story is just like no story at all.

[bucket]

That's right move along folks nothing to see here.....

The canola oil deal just seems to have a certain bad taste to it.

Or maybe it's just my conspiracy theories on this government since they have fooled me too often.

Here is the current list.

1. Reduction in ag supports while the US increases theirs.

2. A complete **** up on rail service. BTW csx locomotives are on CP main lines.

3. A botched implementation of the open market.

4. I will include the CPP deal as they buy at a high only certain land? Why not anyone that offers to them? It's the people money being used. Tell a few union guys they now own farmland.

5. No open accounting of the new cwb. Ritz is hiding something by now releasing annual reports.

etc etc.

[bucket]

Correction.

5. By not releasing the annual reports.

[wmoebis]

1B in oil = how many T and how much per T of canola?

[wmoebis]

Of course we want to know farm gate figures.

[Braveheart]

Do you really think there is Govt money involved in era where trade rule and law are constantly scrutinized? No way.

Canola oil doesn't need any help for a sale. It sells itself.

The best thing to happen to canola oil is that Dr. Oz supported it over olive oil a couple weeks ago.