ICE canola narrowly mixed Thursday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mixed Thursday morning, recovering from overnight losses in choppy trade as markets continued to react to the shifting tariff news coming out of the United States.

On Wednesday, U.S. President Donald Trump announced a 90-day pause on most reciprocal tariffs although it was unclear at first if Canada was included in that reprieve. As it stands Thursday morning, Canada remains exempt from the 10 per cent baseline U.S. tariff but still faces other levies.

Chicago soyoil futures were lower in early trade, while soybeans posted gains. European rapeseed was up on the day, while Malaysian palm oil was trading near unchanged.

The U.S. Department of Agriculture is set to release its monthly supply/demand estimates at 11:00 CDT, with any surprises in the data likely to provide direction later in the session. Any fresh news from the U.S. administration on tariffs may also roil markets.

About 15,400 canola contracts had traded as of 8:54 CDT.

Prices in Canadian dollars per metric ton at 8:54 CDT:

Canola            May   653.60    up  2.20

Jul   660.30    up  1.50

Nov   636.60    dn  0.20

Jan   643.40    dn  0.10