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Canada still enjoys old NAFTA benefits as new deal awaits ratification: Freeland

OTTAWA - Foreign Affairs Minister Chrystia Freeland says Canada has kept its privileged access to the U.S. market even as the new North American trade deal hangs in the balance.
 
That was Canada's core goal all along as it sat down with the United States and Mexico to renegotiate NAFTA in August 2017, she said Tuesday.
 
The leaders of all three countries signed the deal last fall but its formal ratification remains uncertain amid political jockeying in and between the U.S. and Mexico. Freeland is hinting the government isn't worried about the way forward, saying Canadians can continue to enjoy the benefits of the existing 25-year-old North American Free Trade Agreement, which remains in place.
 
That wasn't the case with recently completed free-trade deals with the European Union and 10 Pacific Rim countries because they had to be ratified before Canadians could enjoy access, she said.
 
"NAFTA is an entirely different situation," she said after a Tuesday cabinet meeting on Parliament Hill. "The Canadian objective from the outset has been to maintain Canada's privileged access to the U.S. market, which is so valuable to all Canadians. We have been quite willing to consider modernizations, improvements, but our core objective has always been to keep that access in place."
 
Mexican lawmakers recently told The Canadian Press they're OK with the status quo if the new trade pact can't be ratified.
 
The apparent laissez-faire positions of Canada and Mexico ignore one other fact: that President Donald Trump could serve a six-month notice he's pulling out of NAFTA.
 
Freeland is to appear before the Senate foreign affairs and trade committee later Tuesday.
 
A Canadian ratification deadline in June is looming because Parliament will break then and won't reconvene until after the October federal election.
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USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension

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USDA took Trumps comments that China would buy more U.S. soybeans seriously and headline news that the U.S./China trade truce would be extended when Trump/Xi meet in the first week of April was a BIG WIN for soybeans this week! 2026 “Mini” U.S. ethanol boom thanks to 45Z + China’s ban of phosphates from Feb. – August of 2026 will not help lower fertilizer prices anytime soon! 30 mmt of Chinese corn harvest is of poor quality and maybe a technical breakout in wheat futures.

*Apologies! Where we talk about the latest CFTC update as of 10th Feb 2026, managed money funds covered their net short position in canola to the tune of +42,746 week-on-week to flip to net long 145 contracts and not (as we mistakenly said) +90,009 wk/wk to 47,408.