Canola futures rebounded on Wednesday following heavy tariff-related losses a day earlier.
After slapping a 20% levy on US imports of most Canadian and Mexico goods, including agricultural products on Tuesday, US President Donald Trump agreed today to delay auto tariffs for 1 month. The compromise – while limited – offered some cheer to markets, including the Chicago soy complex, which finished higher on the day. Ideas that yesterday’s losses in canola were overdone added to the upside, especially as the 2024-25 supply-demand situation remains tight.
On the other hand, European rapeseed and palm oil were both lower.
May canola was up $11.20 to $632.50, and November was $9.20 higher at $630.40.
