Glacier FarmMedia — ICE canola futures were at fresh one-month lows Friday morning, as the market reacted to the latest tariff threats from the United States.
U.S. President Donald Trump said in a letter late Thursday that tariffs on Canadian imports would climb to 35 per cent on Aug. 1, from the current level of 25 per cent, and would increase further if Canada retaliated. The exclusion of goods covered under the Canada-U.S.-Mexico Agreement (CUSMA) is expected to stay in place.
Weekly Canadian canola export sales came in at only 48,400 tonnes, which was down 72 per cent from the previous week. However, crop year-to-date exports at 9.15 million tonnes compare with 6.29 million at the same point the previous year.
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Chicago soyoil was firm in early trade, although soybeans were steady to lower. European rapeseed was weaker while Malaysian palm oil posted small gains.
The U.S. Department of Agriculture is set to release updated supply demand estimates later in the day, with any surprises in the data likely to provide direction for the grains and oilseeds — including canola.
About 14,800 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Nov 674.20 dn 10.90
Jan 683.30 dn 10.30
Mar 690.10 dn 10.30
May 696.00 dn 10.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
