ICE Midday: Canola market in standstill ahead of tariff announcement

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was mixed on Tuesday, ahead of United States President Donald Trump’s announcement of his reciprocal tariffs at 3 p.m. CDT.

An analyst said canola may be pressured by declining prices in the Chicago soy complex after the latter’s rally on Tuesday. He also believes “the worst of the sentiment” is already factored into canola prices.

Chicago soyoil and Malaysian palm oil all made gains on Wednesday morning, while European rapeseed was mostly higher. Crude oil was slightly down as tariff concerns outweighed lower supply.

The Canadian dollar was up nearly two-tenths of a U.S. cent compared to Tuesday’s close.

About 27,100 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 627.70     up  0.60

Jul 632.90     up  0.10

Nov 629.30     dn  1.10

Jan 637.60     dn  1.30