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ICE canola futures closed higher on March 2 after US and Israeli strikes on Iran lifted crude oil, with May canola above C$700 at one point. China began applying reduced tariffs on Canadian canola seed and meal, though it kept a 100% levy on canola oil.
Statistics Canada was set to release planted area estimates for 2026/27.
Lower Chinese tariffs on canola seed and meal support export demand, while crude-driven strength lifts vegetable oil values. Feed buyers should expect firmer canola meal prices.
producer.comMar 2, 2026Not enough comparable past events yet for a historical read.
After 36 past bullish trade events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (69% higher; middle half -2.0% to +4.5%), and +0.7% over 20.
After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Crude-driven gains in canola on March 2 reflect broader vegetable oil strength that spilled over to palm.
