FX.co ★ Canola Futures Up to 7-Month Highs

Canola futures rose above CAD 690 per tonne, approaching their highest level since July 2025, supported by stronger demand and higher soy oil prices. China announced it will remove key tariffs on Canadian canola, following an agreement reached between the Canadian and Chinese governments during Prime Minister Mark Carney’s visit in January. Carney indicated that China would reduce rapeseed (canola) tariffs to 15% as of March 1, although the final rate has not yet been confirmed. In anticipation of the policy change, Chinese traders had already begun booking cargoes, while domestic demand remained robust.