After two straight days of losses, canola futures closed higher on Friday ahead of the long holiday weekend.
Gains in palm oil and European rapeseed helped to underpin canola, although Chicago soybean oil and crude oil were weaker.
US President Donald Trump formally announced reciprocal tariffs on Thursday, but canola did draw some support from the fact any such tariffs will wait until April to give time for study. Trump’s separate threat of a 25% tariff on US imports of Canadian goods – pushed back until March – continues to lurk in the background.
The canola market is closed on Monday as different holidays are celebrated in the provinces.
March canola was up $4.90 at $663.50, and November added $6.50 to $653.70.
