By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were weaker late Thursday morning as China proceeded with its tariffs on Canadian canola meal and oil. So far through 2025, China has been Canada’s number-two foreign customer for the meal and oil.
The levies are said to be in response to Canada imposing a 100 per cent tariff on imports of Chinese electric vehicles along with 25 per cent duties on its steel and aluminum taken in last summer. The Canadian government acted in concert with similar tariffs imposed on China by the United States and European Union.
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Additional pressure on canola was coming from more declines in the Chicago soy complex. However, gains in most Malaysian palm oil and European rapeseed contracts helped to stymie further losses. Strength in crude oil also lent support to the vegetable oils.
As well, there is some end user buying interest as canola is relatively cheap compared to the other veg oils.
The Canadian dollar fell back by mid-session Thursday with the loonie at 69.68 U.S. cents, compared to Wednesday’s close of 69.80.
Approximately 27,500 canola contracts were traded as of 10:33 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 573.20 dn 11.00 Jul 584.70 dn 9.80 Nov 589.20 dn 9.30 Jan 597.20 dn 8.80
