Canola futures were pounded lower on US trade uncertainty to end the week.
The market was dragged down after American President Donald Trump said he was ending trade discussions with Canada immediately amid a dispute over Canada’s digital services tax. The US is by far Canada’s largest trading partner, with over C$17 billion of Canadian grain and grain products exported across the border every year.
Meanwhile, the canola was little impacted by today’s Statistics Canada acreage report. The report pegged national canola planted area for 2025 at 21.457 million acres, down from March intentions of 21.6 million and below the average trade estimate of 21.7 million.
Chicago soybean oil futures were also lower today, but European rapeseed oil was higher. Plam oil did not trade due to a holiday.
November canola dropped $18.60 to $692.90, and January lost $18 to $702.10.
