Canola futures posted good gains on Tuesday amid rising optimism that Chinese tariffs on imports of Canadian canola seed and products could be eased.
A Bloomberg report today said China is prepared to offer some relief on the prohibitive tariffs in exchange for Canada lowering its tariffs on imports of Chinese EVs. Prime Minister Mark Carney visits China this week hoping to reset Canada’s relationship with the Asian giant, with trade expected to be high on the agenda. However, Ontario Premier Doug Ford remains staunchly in favour of continuing the EV tariffs.
Strength in crude added to the upside in canola, with Chicago soybean oil also closing higher. Rapeseed was up as well, with palm oil mainly higher.
March gained $12 to $632.80, and November 2026 $8.90 higher at $644.90.
