Canola futures posted further gains on Tuesday, extending a bounce that began Monday following five straight days of losses.
Strength in Chicago soybean oil and European rapeseed offered support to canola, but soybeans and soybean meal did close lower. China’s newly announced 100% tariffs on imports of Canadian canola oil and meal also continued to overhang the market. Announced earlier this month, the tariffs officially take effect on Thursday.
Canola also remains the subject of a Chinese anti-dumping investigation.
On the other side, 2024-25 canola supply-demand dynamics remain tight, with farmers also expected to cut plantings this spring.
May canola added $4.90 to $574.20, and November inched up 20 cents to $591.70.
