China sets temporary anti-dumping duty on Canadian canola
The provisional rate will be set at 75.8 per cent, effective from Thursday, the statement said.
China, the world's largest importer of canola - also known as rapeseed - sources nearly all of its supplies of the product from Canada.
'This is huge. Who will pay a 75 per cent deposit to bring Canadian canola to China? It is like telling Canada that we don't need your canola, thank you very much,' said one Singapore-based oilseed trader.
China's most active Zhengzhou rapeseed meal futures CRSMCV1 slid three per cent, the biggest daily drop since June 26.
The policy marks a shift from the conciliatory tone struck in June when China's Premier Li Qiang said there were no deep-seated conflicts of interest between the countries during a phone call with Canadian Prime Minister Mark Carney.
The Canadian embassy in Beijing did not immediately respond to a Reuters request for comment.
'This move... will put additional pressure on Canada's government to sort through trade frictions with China,' said Trivium China agriculture analyst Even Rogers Pay.
It also provides an opportunity for Australia, Pay added, which looks set to regain access to the Chinese market with a few test cargoes this year after a years-long freeze in the trade.
Canadian canola exports to China totalled $5.0 billion (US$3.63 billion) in 2023, the last full year before the investigation began.
Separately, China also launched an anti-dumping investigation into pea starch imported from Canada, which will last a year and could be extended for six months, it said in a statement.
(Reporting by Ella Cao and Lewis Jackson in Beijing, Naveen Thukral in Singapore; Editing by Christian Schmollinger, Bernadette Baum and Jan Harvey)
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Globe and Mail
29 minutes ago
- Globe and Mail
Cavvy Releases Q2 2025 Financial and Operating Results
Not For Distribution to United States News Wire Services or Dissemination in United States CALGARY, Alberta, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Cavvy Energy Ltd. ('Cavvy' or the 'Company') (TSX:CVVY) is pleased to announce the release of its second quarter 2025 financial and operating results. The Company produced 26,064 boe/d and generated Net Operating Income 1 ('NOI') of $26.5 million during the second quarter of 2025. Management's discussion and analysis ('MD&A') and unaudited interim condensed consolidated financial statements and notes for the quarter ended June 30, 2025 are available at and on SEDAR+ at Darcy Reding, President and CEO stated, 'Growing shareholder value remains the top priority for our team. Compared to the second quarter of 2024, and aligned with our strategic objectives, we grew third party processing volumes and revenue by over 120% and continued to optimize our business, including by keeping certain dry gas producing areas shut-in because they are uneconomic at current natural gas prices. Our continuing focus on lowering our debt resulted in net debt reduction of $18.6 million, to $166.9 million. As we head towards the end of 2025 our team remains focused on debt reduction, continuous improvement to our cost structure, filling our gas processing facilities, preparing for the expiration of a long-term fixed price sulphur marketing agreement on December 31, 2025, and evaluating opportunities for growth.' Q2 2025 HIGHLIGHTS Generated NOI of $26.5 million ($0.09 per basic and fully diluted share) and Funds Flow from Operations 1 of $14.5 million ($0.05 per basic and fully diluted share). Reduced Net Debt 1 by $18.6 million from Q1 2025 to $166.9 million. Reduced operating expenses by $12.6 million (24%) compared to Q2 2024 to $40.4 million, reflecting both the shut-in of uneconomic production and the continued reduction of operating cost structure. Increased third-party processing volumes by 66.0 MMcf/d (123%) compared to Q2 2024 to 119.8 MMcf/d. This yielded higher third-party processing and marketing revenue of $9.6 million, an increase of $5.4 million (129%) to compared to Q2 2024. Produced 26,064 boe/d (81% natural gas), down 16% from Q2 2024 mainly due to the voluntary shut-in of approximately 9,000 boe/d of uneconomic dry gas production from Q3 2024 through Q2 2025. Completed corporate rebranding to Cavvy Energy Ltd. on May 12, 2025, capping our strategic pivot to affirm our identity as a western Canadian based energy company. ____________________ 1 Refer to the 'non-GAAP measures' section of the Company's MD&A. Select Quarterly Figures 2025 2024 2023 ($ 000s unless otherwise noted) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Production Natural gas (mcf/d) 126,198 105,338 111,787 115,196 157,077 175,356 174,211 155,763 Condensate (bbl/d) 2,507 2,454 2,149 2,191 2,472 2,781 2,384 2,020 NGLs (bbl/d) 2,524 2,574 1,788 1,726 2,210 2,613 1,921 2,273 Sulphur (tonne/d) 1,128 1,076 968 1,444 1,376 1,491 1,284 1,124 Total production (boe/d) (1) 26,064 22,584 22,568 23,116 30,861 34,620 33,340 30,253 Third-party volumes processed (mcf/d) (2) 119,761 81,777 71,497 66,518 53,763 58,423 67,350 57,363 Financial Natural gas price ($/mcf) Realized before Risk Management Contracts (3) 1.73 2.24 1.55 0.77 1.14 2.53 2.32 2.65 Realized after Risk Management Contracts (3) 3.23 3.58 3.36 3.43 2.71 3.21 3.12 3.25 Benchmark natural gas price 1.72 2.14 1.46 0.68 1.17 2.48 2.29 2.59 Condensate price ($/bbl) Realized before Risk Management Contracts (3) 84.60 95.15 94.87 92.13 99.96 91.18 97.15 97.47 Realized after Risk Management Contracts (3) 85.88 88.29 90.61 84.61 87.75 84.49 86.34 80.49 Benchmark condensate price ($/bbl) 87.71 100.24 98.85 97.10 105.62 98.43 104.30 106.30 Sulphur price ($/tonne) Realized sulphur price (4) 32.40 17.00 12.09 8.86 18.43 14.49 22.54 13.34 Benchmark sulphur price 373.11 246.36 180.54 128.47 103.19 94.84 118.29 107.09 Net income (loss) 4,147 2,666 (20,921) 7,496 (19,196) (6,284) 7,414 (16,254) Net income (loss) $ per share, basic 0.01 0.01 (0.08) 0.04 (0.12) (0.04) 0.06 (0.10) Net income (loss) $ per share, diluted 0.01 0.01 (0.08) 0.04 (0.12) (0.04) 0.04 (0.10) Net operating income (5) 26,491 32,550 13,720 19,818 7,652 23,418 25,441 11,650 Cashflow provided by (used in) operating activities 1,599 22,612 (592) 2,260 (1,555) 7,049 31,983 7,577 Funds flow from operations (5) 14,502 21,707 2,824 8,234 (4,874) 12,044 14,269 (1,422) Total assets 553,216 571,470 612,423 615,040 585,940 590,531 638,541 564,921 Adjusted working capital deficit (5) (20,144) (30,540) (29,777) (42,658) (37,986) (31,671) (31,830) (21,454) Net debt (5) (166,878) (185,438) (197,564) (206,779) (219,204) (209,964) (204,046) (205,536) Capital expenditures (6) 2,391 6,538 5,800 10,002 5,003 4,897 9,306 16,363 (1) Total production excludes sulphur. (2) Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals. (3) Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, (together 'Risk Management Contracts'). The realized natural gas price after Risk Management Contracts shown above is normalized to exclude the impact of the hedge monetization. (4) Realized sulphur price is net of deductions such as transportation, marketing and storage fees. (5) Refer to the 'Net Operating Income', 'Capital Resources', 'Funds Flow from Operations' and 'Working Capital and Capital Strategy' sections of the Company's MD&A for reference to non-GAAP measures. (6) Excludes reclamation and abandonment activities. OUTLOOK Management's near-term priority remains strengthening our balance sheet while safely and responsibly operating our assets. Delivering on this priority requires continued focus on attracting incremental third-party volumes, implementing cost reduction initiatives, optimizing infrastructure, and executing non-core asset dispositions to maintain profitability during all periods of the commodity cycle. Our long-term strategy requires continuous improvement in the business while identifying opportunities to generate growth for our shareholders. While guidance remains unchanged at this time, management expects 2025 NOI at or above the high end of the guidance range. 2025 guidance remains unchanged as follows: 2025 Guidance ($ 000s unless otherwise noted) Low High Total production (boe/d) (1) 23,000 25,000 Net operating income (2) (3) (4) 75,000 95,000 Operating netback ($/boe) (2) (3)(4) 9.00 11.00 Capital expenditures 25,000 30,000 (1) 2025 production guidance assumes persistence of previously announced shut-ins in Central AB and periodic production of previously announced shut-ins in Northern AB and Northeast BC through 2025. (2) Refer to the 'Net Operating Income' and 'Operating Netback' sections of the Company's MD&A for reference to non-GAAP measures. (3) Assumes unhedged average 2025 AECO price of $1.85/GJ and average 2025 WTI price of US$ 66.92/bbl. (4) Includes the impact of hedge contracts in place at August 12, 2025. Specific priorities for 2025 are: Sustain a safe and regulatory compliant business Minimize facility outages to maximize sales and processing revenue Capture opportunities to grow our third-party gathering and processing business Meaningfully reduce operating expenses to improve corporate netback Deliver attractive ROI on value adding optimization projects included in the 2025 capital program Reduce long term debt to improve financial flexibility Our ongoing priority to grow third-party gathering and processing revenues at our operated facilities has yielded growth in processed volumes at the Caroline Gas Plant over the last four quarters, reflecting strong demand and increased utilization. As a result, third-party processing revenues are forecasted to exceed management's expectations for the year. The legacy fixed price sulphur contract, entered into in 2019, expires on December 31, 2025. Under this contract, the Company receives a fixed price of approximately $6/tonne for the majority of its sulphur production capability of approximately 1,400 tonnes per day. On January 1, 2026, the Company will receive market price for all sulphur production, less normal deductions for transportation, handling, and marketing. The expiration of this contract represents a significant potential revenue opportunity beginning in 2026. As of August 12, 2025, the spot west coast sulphur price was US$252.50/tonne, prior to processing, transportation and marketing costs. Due to the current outlook for North American natural gas prices, Cavvy is not planning to resume drilling operations in 2025, although may participate in a low working interest, non-operated, liquids rich gas drilling prospect in Central AB. The Company will only develop its portfolio of high impact conventional Foothills drilling opportunities once natural gas prices sustainably recover and the Company has achieved its deleveraging target. HEDGE POSITION Cavvy hedges to mitigate commodity price, interest rate and foreign exchange volatility to protect the cash flow required to fund the Company's operations, capital requirements and debt service obligations, while maintaining exposure to commodity price upside. Cavvy continues to execute its risk management program governed by its hedge policy and in compliance with the thresholds required by senior lenders. The Company has 110,000 GJ/d of its 2025 natural gas production hedged at a weighted average fixed price of $3.32/GJ, and 1,679 bbl/d of its 2025 condensate production hedged with a weighted average floor price of CAD$84.42/bbl and a weighted average ceiling price of CAD$92.32/bbl. The Company's aggregate hedge position for 2025 totals 19,055 boe/d, or approximately 80% of the production guidance range. As of June 30, 2025, the Company is hedged in accordance with the requirements of its senior loan agreements. The discounted unrealized gain on the Company's hedge portfolio at August 12, 2025 was approximately $52.5 million using the forward strip on August 11, 2025. The tables below summarize the hedge portfolio as of August 12, 2025: 2025-2026 Hedge Portfolio (1) Q125 Q225 Q325 Q425 2025 Q126 Q226 Q326 Q426 2026 AECO Natural Gas Sales Total Hedged (GJ/d) 110,000 110,000 110,000 110,000 110,000 78,500 71,854 68,340 65,025 70,886 Avg Hedge Price (C$/GJ) $3.32 $3.32 $3.32 $3.32 $3.32 $3.32 $3.34 $3.40 $3.41 $3.36 WTI / C5 + Sales Total Hedged (bbl/d) 1,721 1,692 1,663 1,641 1,679 1,622 1,529 1,364 1,350 1,465 Avg Collar Cap Price (C$/bbl) $92.73 $92.45 $92.03 $92.05 $92.32 $91.69 $90.94 $91.67 $91.68 $91.48 Avg Collar Floor Price (C$/bbl) $84.14 $84.25 $84.61 $84.67 $84.42 $84.09 $83.83 $85.64 $85.70 $84.82 Power Purchases Total Hedged (MW) 53 54 54 54 54 45 45 45 45 45 Avg Hedge Price (C$/MWh) $79.19 $79.10 $79.07 $79.08 $79.11 $75.87 $75.88 $75.88 $75.88 $75.88 2027-2028 Hedge Portfolio (1) Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028 AECO Natural Gas Sales Total Hedged (GJ/d) 63,340 28,154 - - 22,637 - - - - - Avg Hedge Price (C$/GJ) $3.41 $3.40 - - $3.41 - - - - - WTI / C5 + Sales Total Hedged (bbl/d) 1,171 1,151 1,125 1,125 1,143 785 750 - - 382 Avg Collar Cap Price (C$/bbl) $91.40 $88.80 $90.05 $90.05 $90.08 $90.40 $86.50 - - $88.50 Avg Collar Floor Price (C$/bbl) $84.37 $84.08 $90.05 $90.05 $87.14 $90.40 $86.50 - - $88.50 Power Purchases Total Hedged (MW) 25 25 25 25 25 - - - - - Avg Hedge Price (C$/MWh) $70.19 $70.19 $70.19 $70.19 $70.19 - - - - - (1) Includes forward physical sales contracts and financial derivative contracts as of August 12, 2025 CONFERENCE CALL DETAILS A conference call and webcast to discuss the results will be held on Wednesday, August 13, 2025, at 8:30 a.m. MDT / 10:30 a.m. EDT. To participate in the webcast or conference call, you are asked to register using one of the links provided below. To register to participate via webcast please follow this link: Alternatively, to register to participate by telephone please follow this link: A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above. ABOUT CAVVY ENERGY Cavvy Energy is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from Western Canada. Cavvy's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs. For further information, visit or please contact: Forward-Looking Statements Certain of the statements contained herein including, without limitation, management plans and assessments of future plans and operations, Cavvy's outlook, strategy and vision, intentions with respect to future acquisitions, dispositions and other opportunities, including exploration and development activities, Cavvy's ability to market its assets, plans and timing for development of undeveloped and probable resources, Cavvy's goals with respect to the environment, relations with Indigenous people and promoting equity, diversity and inclusion, estimated abandonment and reclamation costs, plans regarding hedging, plans regarding the payment of dividends, wells to be drilled, the weighting of commodity expenses, expected production and performance of oil and natural gas properties, results and timing of projects, access to adequate pipeline capacity and third-party infrastructure, growth expectations, supply and demand for oil, natural gas liquids and natural gas, industry conditions, government regulations and regimes, capital expenditures and the nature of capital expenditures and the timing and method of financing thereof, may constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws (collectively ' forward-looking statements '). Words such as 'may', 'will', 'should', 'could', 'anticipate', 'believe', 'expect', 'intend', 'plan', 'continue', 'focus', 'endeavor', 'commit', 'shall', 'propose', 'might', 'project', 'predict', 'vision', 'opportunity', 'strategy', 'objective', 'potential', 'forecast', 'estimate', 'goal', 'target', 'growth', 'future', and similar expressions may be used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources and the risk factors outlined under 'Risk Factors' and elsewhere herein. The recovery and resources estimate of Cavvy's reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Cavvy believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Cavvy can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Cavvy operates; the timely receipt of any required regulatory approvals; the ability of Cavvy to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Cavvy has an interest in to operate the field in a safe, efficient and effective manner; the ability of Cavvy to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Cavvy to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Cavvy operates; timing and amount of capital expenditures; future sources of funding; production levels; weather conditions; success of exploration and development activities; access to gathering, processing and pipeline systems; advancing technologies; and the ability of Cavvy to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Cavvy's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website ( and at Cavvy's website ( Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Cavvy assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws. Forward-looking statements contained herein concerning the oil and gas industry and Cavvy's general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Cavvy believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Cavvy is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors. Additional Reader Advisories Barrels of oil equivalent ('boe') may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Abbreviations Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release
National Post
29 minutes ago
- National Post
Canada's laws ‘outdated and inadequate' to fight cross-border crime, head of police chiefs group says
VICTORIA — The head of the Canada's police chiefs association says they are guided by 'outdated and inadequate' laws that were never designed to take on the current criminal landscape that no longer respects international borders. Article content Thomas Carrique, president of the Association of Chiefs of Police, said police would have been in a better place to 'disrupt' transnational crime, if the federal government had listened to his group in 2001, when it last proposed legislative changes. Article content 'Across Canada, police are confronting the domestic fallout of international disorder, but we are being asked to do so using tools, and authorities built for a different era, guided by outdated and inadequate legislation that was never designed to address today's criminal landscape,' he said on Tuesday. Article content Article content Carrique said 'geopolitical instability and social unrest' around the world are driving what he called 'a new wave of public safety threats' as Canadian police confront transnational organized crime, extremism, drug trafficking and exploitation through the internet. Article content 'Whether it's human smuggling as well as illicit exportation and importation of drugs, precursors, and firearms, organized crime groups are taking advantage of systematic blind spots, outdated statues, and digital platforms to victimize Canadians,' he said. Article content While geopolitics and social unrest might be beyond the control of Canadians and their government, their level of preparation and response is not, he said. Article content Article content The current Strong Borders Act legislation proposed by the federal governments gives police many — but not all necessary _ tools to confront globalized crime, he said. Article content Article content The government said the bill would help authorities combat transnational organized crime, stop the flow of fentanyl, crack down on money laundering and bolster police response to criminal networks. Article content He said the federal government's legislation aligns closely with several resolutions the group has passed during the conference this week. Article content Carrique said there are a 'number of loopholes' that must be closed to reflect the realities of 21st century crime, such as the inability of police to get a search warrant for any Canada Post package under 500 grams. Article content 'So, a judge cannot even issue a search warrant for a package of that size that may contain enough fentanyl to kill a number of people.'
CTV News
29 minutes ago
- CTV News
Region of Waterloo plans to use modular childcare centres to address childcare crisis
A new report is recommending the purchase of two modular childcare centres to meet rising demand in the Region of Waterloo. CTV's Spencer Turcotte has more. As the demand for childcare continues to grow, Region of Waterloo staff are recommending a new way to meet that need. At a Community and Health Services meeting on Tuesday, staff suggested the region purchase a pair of modular childcare centres, because they believe it is the most innovative response to the issue. Modular childcare centres are similar to a portable. Some are the size of shipping containers, others are larger, but they are made in a factory and can be assembled on-site in a short amount of time. They have access to running water, hydro and washroom facilities. As childcare operators across the region struggle to find affordable new sites in priority neighbourhoods, a staff report shows over 13,400 children are waiting for licensed child care in the region, 8,700 of which are looking for care immediately. 'We're opening a new centre in September and when we opened our waiting list six months ago, within the first day we have over 1,000 children on the waiting list,' said Lori Prospero, CEO of RisingOaks Early Learning Ontario. Prospero supports the region looking at modular childcare centres because other parts of the country have found success with them. 'It helps with the capital costs of building new childcare spaces,' said Prospero. 'The other thing it helps with is making sure that it's low-cost rent and it can be assembled and built fairly quickly. I think the region is proposing that this modular childcare centre would be open by the end of 2026. Other projects I'm looking at right now as new builds, they're not going to be available until 2028.' Regional staff told council the modular buildings could help address the region's target of creating 4,136 new childcare spaces by 2026. To do so, staff recommended the region borrow $4.4 million to purchase two 88-space modular child care centres. Regional councillor Natasha Salonen asked for clarification on the financial front. 'Why is this coming outside of budget? This is a pretty big budget ask,' Salonen said. The director of Region of Waterloo Children's Services, Barbara Cardow clarified. 'While there is an upfront debenture cost, all costs will be recovered through the lease to the child care operator,' said Cardow. The reason the region needs to borrow the money is because funding isn't available for such a model under the current framework for the Canada-Wide Early Learning and Child Care agreement. Following the clarification, councillors went forward with the staff recommendation, and it was carried. However, it will still need to be ratified at a council meeting later this month. For now, all signs point to modular childcare being used as a method to address the child care crisis locally. The region will look to lease the two units to a not-for-profit operator at a long-term affordable lease rate. Each site will include utility hook-ups and playground installation. The thought has Prospero feeling hopeful of making a dent in the extensive child care waitlist. 'We have submitted an expression of interest to be considered,' said Prospero. 'We would be excited to work on this project.'
