China Deal, Soft Canola and Argentine Wheat: Nov 5, 2026

Trent Klarenbach, BSA AgEc, PAg, founder and lead analyst, Klarenbach Research

Canada and China agreed on Nov 4 to extend favourable market access for Canadian canola meal and peas through the end of 2028.

January canola fell C$13.50 to C$768.30 per tonne on Nov 4 as Chicago soybeans, European rapeseed, palm oil and crude oil 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.

International Trade Minister Maninder Sidhu announced in Beijing that Canada and China agreed to a two-year extension, to the end of 2028, of the favourable market access under the Preliminary Joint Arrangement for Canadian canola meal, peas, lobsters and crab, Global Affairs Canada said. The extension was agreed at the Joint Economic and Trade Commission meeting co-led with China’s Minister of Commerce, Wang Wentao.

China’s 100% tariffs on Canadian canola meal and peas were paused from Mar 1 through the end of 2026 under the January arrangement, and that pause is now extended through 2028, CBC reported. Canola seed tariffs were cut from 100% to about 15% for five years in the January deal and were not part of this two-year extension. Pulse Canada said Canadian growers and exporters shipped more than 975,000 tonnes of peas to China between March and September after the March 1 pause, according to its Nov 4 release.

January canola fell C$13.50 to C$768.30 per tonne on Nov 4, March fell C$13.60 to C$777.70 and May fell C$13.90 to C$784.00, with 66,627 contracts traded, Glacier FarmMedia’s ICE review reported. Chicago soyoil, European rapeseed and Malaysian palm oil were lower, and a drop in crude oil prices added pressure on vegetable oils, the report said. Syngenta’s ICE close, citing DePutter Publishing, said November 2027 canola lost C$13.10 to C$760.70.

Argentina’s wheat harvest had advanced across 6.7% of the suitable area, concentrated in the north, according to the Bolsa de Cereales de Buenos Aires via ArgenFields. The survey also noted fusarium in the core region and foliar disease pressure in barley.

December Chicago soft red winter wheat closed at US$5.98½ a bushel on Nov 4, Kansas City hard red winter at US$6.32¾ and Minneapolis spring wheat at US$6.16¾, Pro Farmer reported. Both winter wheat contracts hit four-month lows early in the session before finishing lower on the day.

Russia, Ukraine and the United States remain scheduled for peace talks in Abu Dhabi on Nov 10-11, as reported in the Nov 4 Grain Report edition.

January soybeans closed at US$12.02¼ a bushel on Nov 4, another 2.5-month low, and December corn closed at US$4.44¼ after hitting another four-month low early in the session, Pro Farmer reported. December soybean meal rose US$0.60 to US$318.60 per short ton, and December soybean oil fell to a six-month low. Pro Farmer said a drop in crude oil late in the session weighed on soybeans and bean oil.

Private exporters reported sales of 167,000 metric tonnes of U.S. soybeans to Spain for delivery in the 2026/27 marketing year, USDA FAS announced on Nov 4 (FAS-ESR-101-26).

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Sources: Global Affairs Canada, news release, Nov 4, 2026 · CBC News, Nov 4, 2026 · Pulse Canada, Nov 4, 2026 · ICE Futures canola (via Glacier FarmMedia and Syngenta/DePutter), Nov 4, 2026 · Bolsa de Cereales de Buenos Aires (via ArgenFields), early Nov 2026 · CBOT, KC and MGEX futures (via Pro Farmer After the Bell), Nov 4, 2026 · USDA FAS, Export Sales Announcement FAS-ESR-101-26, Nov 4, 2026 · Canadian Grain Commission, Grain Statistics Weekly · Government of Saskatchewan, Crop Report · USDA, WASDE schedule