ICE canola rises after avoiding additional tariffs

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market gained strength in the nearby contracts on Thursday morning, after Canada avoided any additional levies under United States President Donald Trump’s new global tariff scheme announced on Wednesday.

Global markets were nearly universally weakened, with European rapeseed, Chicago soyoil and Malaysian palm oil all showing sharp drops. Crude oil lost approximately US$5 per barrel.

Canola’s gains were limited by the Canadian dollar which rose more than a U.S. cent compared to Wednesday’s close.

Nearly 33,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT:

May   633.40  up  6.90

Jul.  638.40  up  7.00

Nov.  628.10  dn  0.40

Jan.  636.50  dn  0.50