With possible US tariffs on hold for at least another month, canola futures closed higher on Tuesday.
US tariffs that were originally set to take effect today against Canada, as well as Mexico, were pushed back until March following commitments from both countries to beef up border security. Mexico’s reprieve came during trading yesterday, helping to lift sliding markets, while the postponement for Canada was reported after the close.
Chicago soybeans were higher today as well, but soybean oil lost ground with the delay in tariffs likely to keep Canadian canola oil flowing over the border. The Canadian dollar was higher as well, limiting canola’s upside.
March canola was up $6.70 at $647.20, and November gained 50 cents to $643.
