The threat of US tariffs continued to overhang the canola market on Tuesday.
Canola remained under pressure following US President Donald Trump’s insistence on Monday that he will levy tariffs on US imports of most goods from Canada and Mexico beginning next week. The US is not a major importer of Canadian canola seed but is the biggest buyer of canola oil and meal.
Weakness in Chicago soybean oil futures and crude oil added to the downside in canola. However, European rapeseed and palm oil were higher, helping to limit the declines.
March canola lost $1.60 to $646.30, and November was down $2.30 at $657.
