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ICE canola futures were mostly lower late Tuesday morning after Donald Trump said he could impose 25% tariffs on U.S. imports from Canada and other countries as early as Feb. 1.
Pressure also came from weaker Chicago soyoil and European rapeseed, with the Canadian dollar slipping to 69.60 US cents.
Tariff risk threatens Canada's canola exports, which are overwhelmingly bound for the US, so the threat weighs on canola and its oil and meal prices. Canola meal also competes with soymeal, so the downside pressure extends across the oilseed complex.
marketsfarm.comGlen HallickJan 21, 2025Not enough comparable past events yet for a historical read.
After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% over 20.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
