Source: Ukragroconsult (Ukraine)
On Friday, Canadian Prime Minister Mark Carney announced that Canada and the US had agreed to resume duty-free trade for most goods. According to him, 85% of trade between the countries will not be subject to tariffs.
He said, the Americans confirmed that they would not apply tariffs to Canadian goods specified in the CUSMA trade agreement. A 35% tariff will apply to other goods.
“As a result of this decision, the real customs duty rate on Canadian goods will be 5.6% compared to an average rate of 16% for the rest of the world. This is the lowest rate among all US trading partners. Canada now has the best trade conditions with the US. They are not what they used to be, but they are still better than any other country,” Carney said. To maintain these conditions, Canada has agreed to make mutual concessions to the US.
The settlement of duties with the US will give the market stability in the supply of canola to the US. So November canola futures have risen 2.5% over the last two sessions to CAD 666/t or $481.5/t (-5.1% for the month).
However, stock continues to rise today (and is now trading at CAD 673/t) amid statements by Scott Moe, Premier of the Canadian province of Saskatchewan, the country’s largest grain producer, that he will soon travel to China for talks aimed at convincing Beijing to lift the new tariffs.
As a reminder, on August 14, 2025, China introduced preliminary anti-dumping duties on imports of Canadian canola at a rate of 75.8%, which led to a 4.6% drop in November futures in one day to CAD 650/t.
November rapeseed futures in Paris remained at €475/t or $556/t last week.