WINNIPEG, Manitoba--The ICE Futures canola market made a late push before close on Wednesday after U.S. President Donald Trump said he was pausing reciprocal tariffs on most countries' goods for 90 days, while raising levies against Chinese goods to 125 percent.
China announced this morning it will raise tariffs on U.S. goods to 84 percent effective tomorrow.
Trade tensions between the U.S. and China could provide new opportunities for Canadian canola sales and could stave off potential Chinese tariffs on Canadian canola seed, according to an analyst.
Chicago soyoil was up, but European rapeseed and Malaysian palm oil were in negative territory. Crude oil was higher after Trump's announcement.
At mid-afternoon, the Canadian dollar was up four-tenths of a U.S. cent compared to Tuesday's close.
There were 70,696 canola contracts traded on Wednesday, which compares with Tuesday when 65,674 contracts changed hands. Spreading accounted for 42,952 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.
Price Change
May 651.40 up 5.20
Jul 658.80 up 6.10
Nov 636.80 up 6.70
Jan 643.50 up 6.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 3.10 under to 7.80 under 13,251 May/Nov 18.00 over to 8.00 over 786 May/Jan 10.60 over to 6.30 over 48 Jul/Nov 24.00 over to 15.40 over 5,367 Jul/Jan 15.60 over to 8.30 over 42 Jul/Mar 2.70 over to 0.80 over 21 Nov/Jan 6.50 under to 8.00 under 1,702 Nov/Mar 11.80 under to 13.00 under 42 Nov/May 15.10 under 9 Jan/Mar 4.80 under to 6.10 under 156 Mar/May 2.80 under to 3.90 under 39 May/Jul 1.70 under to 2.00 under 13
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
April 09, 2025 15:15 ET (19:15 GMT)
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