Pakistan buys canola from Australia and Black Sea
HAMBURG: Importers in Pakistan have in past weeks purchased 33,000 tonnes of canola – also known as rapeseed – from Australia and a further 19,000 tonnes from the Black Sea region, European traders said on Wednesday.
The Australian canola is for October shipment and was priced at $690 a tonne c&f, traders said. The Black Sea purchase was for shipment between Sept. 15-Oct. 15, while the price was unclear but thought to be around $695 a tonne c&f.
Pakistan is a major rapeseed importer with Australia, Canada and Europe the main competitors for the business.
The latest purchases means Pakistani importers have bought a total 206,500 tonnes of Australian canola for shipment between August and October, dealers said.
A 62,000 tonne shipment arriving in Pakistan from Australia this week was bought at between $680-$685 a tonne c&f, they said.
A 55,000 tonne Australian consignment was bought at $664 a tonne for September shipment and a further 56,500 tonnes was bought at between $678-$689 a tonne c&f.
Prices vary because of differing oil content of the rapeseed.
Pakistani importers have purchased about 737,000 tonnes of canola this year, mostly from Australia and Canada. Pakistan’s interest in the oilseed has been increased by current high prices of soybeans, traders said.