Safe Food for Canadians Act before the House of Commons

Nov 14, 2012

Safe Food for Canadians Act in its Final Review and Third Reading

The Safe Foods for Canadians Act – Bill S-11 that was put forward by the Harper Government and was tabled on June 7, 2012, seeks to strengthen and modernize the country’s food safety system is in its final stage for passage. The Act was adopted by the Senate on Oct. 17, 2012 and last week, the Agriculture and Agri-Food Standing Committee completed its final review and sent it to the House of Commons for its third reading.

The new food act would enhance the way food safety is administered in Canada and will allow inspection and enforcement powers to be consistent across all food commodities. It will also give more powers to the Canadian Food Inspection Agency, providing them with more authority to address food safety risks.

The key highlights of the Act include:

• Have tougher penalties for activities that put food safety and human health at risk
• Enhanced control over imported food commodities
• Implement a more consistent and rigorous inspection process for food commodities
• Strengthen food traceability initiatives

The Act has been a long time in the making and was a result of a recommendation that was outlined in a report that was published in 2009 following the 2008 Listeriosis outbreak. The report recommended that the government modernize the federal legislation that is related to food safety. The act will be vital to ensure that both food safety and consumer confidence remains a priority.

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.