# ICE Closing Review: Middle East, China push up canola prices | The Western Producer

> 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.

- Date: 2026-03-02 · published 2026-03-02T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/20293-ice-closing-review-middle-east-china-push-up-canola-prices-the-western-producer
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2026-03-08 | 5 | +6.5% | 3.4 | Crude-driven gains in canola on March 2 reflect broader vegetable oil strength that spilled over to palm. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-07-31 | [Asia steps up US WTI oil imports as Middle East prices rise, sources say \| MarketScreener](https://feedsoft.ai/events/23933-asia-steps-up-us-wti-oil-imports-as-middle-east-prices-rise-sources-say.md) | -8.0% | -9.0% |
| WTI | 2025-05-12 | [Oil Prices Jump on US-China Tariff Reduction](https://feedsoft.ai/events/12549-oil-prices-jump-on-us-china-tariff-reduction.md) | +2.4% | +6.2% |
| WTI | 2025-05-09 | [Week in Review: Fuel Prices Climb on Trade Talks and US Supply Strains - Mansfield Energy](https://feedsoft.ai/events/12548-week-in-review-fuel-prices-climb-on-trade-talks-and-us-supply-strains-mansfield.md) | +2.9% | +7.0% |
| WTI | 2026-09-12 | [Argentina soybean sales speed up as prices rise on China demand, US crop concerns - Markets - Business Recorder](https://feedsoft.ai/events/13779-argentina-soybean-sales-speed-up-as-prices-rise-on-china-demand-us-crop.md) | +0.2% | -4.4% |
| WTI | 2019-01-04 | [Oil prices rise on US-China trade talks and OPEC cuts](https://feedsoft.ai/events/10834-oil-prices-rise-on-us-china-trade-talks-and-opec-cuts.md) | +11.7% | +14.6% |
| PALMOIL | 2017-06-09 | [Indonesian biodiesel producers turn to China - Business - The Jakarta Post](https://feedsoft.ai/events/70367-indonesian-biodiesel-producers-turn-to-china-business-the-jakarta-post.md) | +1.3% | +3.0% |
| PALMOIL | 2019-01-25 | [Rapeseed price rises to 376.00 EUR / t - Canola ships](https://feedsoft.ai/events/61185-rapeseed-price-rises-to-376-00-eur-t-canola-ships.md) | +0.2% | +3.4% |
| PALMOIL | 2019-10-17 | [Wilmar takes hit as China welcomes Argentina soybean meal imports \| Singapore Business Review](https://feedsoft.ai/events/56643-wilmar-takes-hit-as-china-welcomes-argentina-soybean-meal-imports-singapore.md) | +1.2% | +17.5% |

## Sources

- producer.com: https://www.producer.com/market_update/ice-closing-review-middle-east-china-push-up-canola-prices/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.