Canola futures remained pointed higher on Friday, as a fall in the US dollar helped spark a rally in the Chicago soy complex that spilled over to support the Canadian oilseed.
The greenback fell to a three-year low against the euro, boosting Chicago crop futures even as trade tensions between the US and China continued to escalate. China said today that it was raising its tariff against imports of American goods to 125%, closer to the 145% levy the US has slapped on imports from China.
The tight old-crop Canadian supply situation was a supportive influence in pushing canola to its fifth straight day of gains as well. The USDA also lowered its estimate of 2024-25 world rapeseed production to 85.24 million tonnes on Thursday, down 450,000 from its March forecast and now more than 5% below a year earlier.
European rapeseed futures were higher today, along with palm oil. Crude oil posted gains as well.
May canola was up $6.70 at $660.70, and November added $4.40 to $642.80.
