Canola futures closed higher on Wednesday amid news Canadian Prime Minister Mark Carney will travel to China next week.
Reports say trade and agriculture will be among the main focuses of the visit, although it remains unclear whether Carney will have a face-to-face meeting with Chinese leader Xi Jinping.
Prohibitive Chinese tariffs on imports of Canadian canola seed, meal, and oil remain in place - widely seen as Chinese retaliation for Canadian tariffs on Chinese EVs, steel, and aluminum. A Chinese official said previously Beijing would be willing to drop its tariffs if Canada did the same.
Gains in Chicago soybeans offered further support to canola today, although soyoil was slightly lower. Palm oil was higher while European rapeseed was a bit weaker.
March canola gained $6.10 to $620, and November 2026 was up $4.80 at $634.40.
