Canola futures fell on Friday under the weight of the likely implementation of US trade tariffs.
There was confusion in the market after US President Donald Trump said Thursday that American imports from Canada and Mexico would be hit with a 25% tariff on Saturday. However, reports today said the tariffs would be delayed until March 1 – a report that was later refuted by the White House, which said Feb. 1 remains the date.
The US is the No. 1 destination for Canadian canola oil and meal, and the imposition of tariffs would likely mean American importers would switch to other alternatives.
Losses in canola were limited by gains in Chicago soyoil. Palm oil and European rapeseed were mostly higher as well.
March canola lost $2.10 to $638.10, and November was down $2.30 at $638.60.
