Canola closed mixed on Thursday, with the nearby May contract higher but new-crop November lower.
The upward momentum in the nearby contract was attributed to relief that Canada emerged largely unscathed from US President Donald Trump’s tariff announcement a day earlier. Although previously announced American levies on imports of some good Canadian goods remain in place, Canada, as well as Mexico, avoided the 10% baseline tariff that Trump slapped on countries around the world. As a result, goods covered under the US-Mexico-Canada trade agreement, including canola and canola products, will continue to see a 0% tariff into the US.
Reports said the reprieve prompted buying in the nearby contracts and selling in the more deferred futures.
May canola was up $9.40 at $635.90, and November fell $2.70 to $625.80.
