By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were mostly lower late Tuesday morning, after United States President Donald Trump stated he could impose 25 per cent tariffs on U.S. imports from Canada and other countries as early as Feb. 1.
“There’s no question the tariffs will hurt the Canadian economy,” said an analyst, noting that canola will see reactive trading likely for the next three months.
Pressure on canola also came from losses in Chicago soyoil and European rapeseed, while Malaysian palm oil was little changed. Declines in crude oil added more weight onto the vegetable oils. Increases in Chicago soybeans and soymeal tempered further losses in canola.
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Agriculture and Agri-Food Canada issued its supply and demand report on Monday, forecasting canola production for 2025/26 to slip to 17.50 million tonnes from 17.85 million in 2024/25, with ending stocks for the coming crop year tightening to 950,000 tonnes.
The Canadian dollar was pulling back at mid-session Tuesday, with the loonie retreating to 69.60 U.S. cents compared to Monday’s close of 69.78.
Approximately 34,000 canola contracts were traded as of 10:30 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 625.60 dn 6.30 May 635.10 dn 4.40 Jul 641.50 dn 5.00 Nov 630.00 up 0.40
