Canola futures managed just a mixed close on Tuesday, on a day when Chicago soybeans soared.
US markets were closed for the Martin Luther King holiday on Monday, when new US President Donald Trump officially took office. Trump surprised by choosing to hold off on imposing any tariffs, which left soybeans playing catch up today with large advances.
Gains in canola on Monday were largely due to the lack of tariffs, so the news was already at least partially reflected in the Canadian market. Meanwhile, Trump has indicated US tariffs on imports of Canadian and Mexico goods are still coming and could be imposed as of Feb. 1, a bearish threat that will continue to overhang the market.
March canola eased $2.40 to $629.50, and November gained $2.50 to $632.10.
