ICE Review : Canola Lifted by New Trade Deal

Canola futures rose on the Intercontinental Exchange following a new trade deal between Canada and China, which reduces tariffs on canola seed to 15% and lifts tariffs on canola meal by March 1. An analyst noted the duty on canola seed is "not ideal" but surprising given the allowance of 49,000 Chinese electric vehicles at a 6.1% tariff. Exports of canola decreased to 112,600 tonnes for the week ended Jan. 11, down from 147,800 tonnes the previous week. The Canadian dollar fell slightly, and trading volume increased significantly.