ICE canola sinks after tariff threat

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market took a tumble on Tuesday despite mixed sentiment in comparable oils and a weaker Canadian dollar.

Hours after being sworn in, United States president Donald Trump suggested 25 per cent tariffs on imported Canadian goods starting Feb. 1.

Chicago soyoil was down, while Malaysian palm oil was higher and European rapeseed was mixed. Crude oil was down nearly US$1 per barrel.

The Canadian dollar was down more than four-tenths of a U.S. cent compared to Monday’s close.

Nearly 16,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CST:

Mar.  618.80  dn 13.10

May   627.70  dn 11.80

Jul.  634.70  dn 10.30

Nov.  624.90  dn  4.70