ICE Canola Midday: Shrugging off Trump tariff threats
Canadian oilseed turning around after earlier losses
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were recovering late Friday morning from losses generated by tariff threats from United States President Donald Trump on Thursday.
As Canada-U.S. trade talks progress towards the deadline of July 21, the president said he would slap an additional 35 per cent levy on U.S. imports from Canada effective Aug. 1. However, such wouldn’t apply to items covered by the Canada-U.S.-Mexico agreement as well as energy and fertilizer.
Canola is also being guided by positioning ahead of today’s U.S. Department of Agriculture supply and demand estimates due today at 11 a.m. CDT. Any changes to Chicago soy will likely spillover into canola.
In the meantime, losses in Chicago soybeans and soymeal weighed on the Canadian oilseed while support came from gains in soyoil. Upticks in Malaysian palm oil found their way into canola, but declines in most European rapeseed contracts weighed on values.
Increases in crude oil were underpinning the vegetable oils.
The Canadian dollar was relatively steady by mid-session Friday, with the loonie at 73.04 U.S. cents compared to Thursday’s close of 73.08.
Approximately 26,700 canola contracts were traded as of 10:31 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 685.60 up 0.50 Jan 693.80 up 0.20 Mar 703.60 up 3.20 May 709.50 up 3.40
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
