Closing Market Update: Canada, China reach new trade deal, U.S. grains higher | Jan. 16, 2026

Canola futures made gains on Friday after Canada and China reached a new trade deal which would lower or eliminate tariffs on Canadian canola. In exchange, Canada will allow up to 49,000 Chinese electric vehicles to be sold per year at a 6.1 per cent tariff. Meanwhile, U.S. grains and oilseeds were also higher. Here’s Adam Peleshaty from The Western Producer with your Jan. 16 closing grain and oilseed market update.