Canola futures closed lower for the first time in four sessions on Thursday, as Chinese tariffs officially came into effect.
China announced earlier this month that it would be slapping 100% levies on imports of Canadian canola oil and meal, effective March 20. The tariffs - which weighed on the market all last week before a bounce earlier this week - are expected to curtail Canadian access to the key Chinese market. In 2024, total Canadian canola exports to China were valued at almost $5 billion and included 2 million tonnes of canola meal, valued at $918 million and 15,351 tonnes of canola oil, valued at $20.6 million.
The Chinese tariffs are in response to Canadian government levies on imports of Chinese EVs, as well as steel and aluminum.
May canola fell $11.50 to $572.70, and November lost $9.70 to $588.80.
