WINNIPEG, Manitoba (Reuters) – ICE canola futures reversed course from weakness in the overnight market to steadily rise Monday on optimism U.S. tariffs can be avoided.
• March canola settled up $2.40 at $640.50 per metric ton. Other contract months also rose.
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• “It’s pretty impressive performance from canola, given what happened over the weekend,” said a trader, referring to the string of tariff threat headlines buffeting Canada since Friday. “Welcome to Trump markets 2.0. Things change on a dime.”
• Traders said that the canola market was feeling relieved that the U.S. is postponing tariffs on Mexico, which might mean it will also delay imposing 25 per cent tariffs on Canadian products like canola seed, oil and meal.
• Chicago Board of Trade soyoil futures rose 0.87 per cent.
• Euronext August rapeseed futures fell 0.24 per cent and Malaysian palm oil futures rose 1.82 per cent.
• The Canadian dollar also recovered some losses on optimism that tariffs can be avoid
