On Nov 4, Canada and China agreed to extend favourable market access for Canadian canola meal and peas through the end of 2028, the Grain Report notes, citing Global Affairs Canada.
January canola fell C$13.50 to C$768.30 per tonne that day as soybeans, European rapeseed, palm oil and crude traded lower. Argentina’s wheat harvest covered 6.7% of the suitable area, and U.S. exporters reported 167,000 tonnes of soybeans sold to Spain for 2026/27.
PGI’s takeaway: tariff relief into 2028 is the policy headline; soft oilseed and energy markets set the near-term price tone. Levels and the full crop read are in the Grain Report.
Sources: Klarenbach Grain Report — https://www.grainreport.klarenbach.ca/p/china-deal-soft-canola-and-argentine-wheat-nov-5-2026. Figures above are as reported in that edition.
Trent Klarenbach, BSA AgEc, PAg
Founder and Lead Analyst, Klarenbach Research