Glacier FarmMedia – Canola futures on the Intercontinental Exchange showed modest gains on Friday after Canada and China announced a new trade deal this morning.
China will eliminate tariffs on Canadian canola meal, lobster, crabs and peas beginning on March 1, while canola seed will see a sharply reduced 15 per cent tariff. There were no announcements made on Canadian canola oil or pork.
An analyst said the 15 per cent tariff on canola seed was “not ideal, but interesting”. While the new deal was better than he thought, he was surprised that Canada would allow up to 49,000 Chinese electric vehicles at a 6.1 per cent duty.
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By Glen Hallick Glacier FarmMedia – Following the trade agreement reached between Canada and China, canola futures on the Intercontinental…
Chicago soyoil was down, but European rapeseed and Malaysian palm oil were up. Crude oil was higher due to ongoing unrest in Iran.
The Canadian dollar was down less than one-tenth of a United States cent compared to Thursday’s close.
About 86,000 canola contracts have traded at 10:19 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 638.00 up 3.60
May 647.10 up 4.00
Jul 652.50 up 3.30
Nov 647.80 up 3.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
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