Canola quotations increased by 2.5% amid the resolution of tariffs with the U.S. and hopes for tariff removal by China.

On Friday, Canadian Prime Minister Mark Carney announced that Canada and the United States have agreed to restore duty-free trade for most goods. According to him, 85% of trade between the countries will not be subject to customs duties. Carney said that last week, the Americans confirmed the non-application of duties on Canadian goods as stipulated in the CUSMA free trade agreement (known as USMCA in the United States). A 35% rate is applied to the rest of the goods. "As a result of this decision, the U.S. real customs 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 U.S. trading partners. Now Canada has the best trade conditions with the U.S. They are not as they were before, but still better than any other country," said Carney. To maintain these conditions, Canada has agreed to make mutual concessions to the U.S. Settling duties with the U.S. will give stability to the canola and canola oil ...