Canola futures rebounded on Monday following sharp losses to end last week.
Gains in the Canadian oilseed were attributed to continued support from US President Donald Trump’s tariff announcement last week that allowed imports from Canada and Mexico to escape the baseline 10% tariff applied to most other countries. Still other countries, including China, were hit with even steeper levies.
Markets swung wildly today after a report that Trump planned to pause all tariffs for 90 days, although the rumour was shot down quickly by the White House. However, Trump did threaten additional tariffs on China after Beijing fired back in the trade war on Friday.
Chicago soybeans closed mixed today, while soyoil was lower. Plam oil was also lower on the day.
May canola was up $14.60 at $636.60, and November was $13.20 higher at $627.90.
