US President Donald Trump’s tariff threats overhung the canola market on Friday.
Trump on Thursday threatened US imports of Canadian goods with a 35% tariff, although reports today indicated goods covered under Canada-U.S.-Mexico Agreement – such as most grains - as well as energy and fertilizer, will be exempt.
Chicago soybeans were lower on the day following the release of the USDA’s monthly supply-demand update. Soyoil managed gains amid a sharp upward revision in the amount of soyoil expected to be used in biofuel production. European rapeseed was weaker as well, with crude and palm oil higher.
A weather system is expected to deliver some much-needed rain to the Prairies beginning Sunday, with southwestern Alberta seeing the largest amounts. Today’s Alberta crop report showed improving major crop conditions for the province. The canola crop was rated 64% good to excellent as of Tuesday, up 6 points from a week earlier.
November canola fell $2.40 to $682.70, and January was down $2.50 at $691.10.
