Canola futures were little changed in trading Wednesday as the market held its breath ahead of US President Donald Trump’s tariff announcement this afternoon.
The tariff announcement was expected at 4 pm ET, after the markets closed for the day, with markets concerned about the potential disruption to traditional trade flows.
Canadian canola oil and canola meal exports are already subject to a 100% import duty that Beijing imposed earlier this month in response to Canadian tariffs on Chinese EVs, and aluminum and steel. However, any potential tariffs from the US could be worse, as those levies could also hit canola seed, in addition to meal and oil.
According to the Canola Council of Canada, The U.S. is Canada’s No. 1 market for canola exports and also a market that is highly integrated with the Canadian canola industry. Total Canadian canola export value to the US in 2023 was $8.6 billion and in 2024 reached $7.7 billion, with record high volumes including 3.3 million tonnes of canola oil and 3.8 million of canola meal.
May canola slipped 60 cents to $626.50, and November eased $1.90 to $628.50.
