Canola managed small gains on Thursday amid news the federal government could be poised to offer support to canola growers impacted by Chinese tariffs.
Reports today said the government could announcement support measures as soon as tomorrow after China slapped 100% tariffs on imports of Canadian canola oil and meal in the spring, and an anti-dumping duty of nearly 76% on imports of Canadian canola seed last month. China is Canada’s second largest market for canola and canola products with exports to China valued at $4.9 billion in 2024.
Saskatchewan Premier Scott Moe and federal MP Kody Blois are also reportedly leaving for China on Saturday as part of trade mission that will try to get the canola tariffs and duties lifted.
Manitoba and Saskatchewan crop reports released this week showed better harvest progress this past week, although relatively little canola has come off yet. The Saskatchewan harvest reached 23% complete as of Monday, up from 11% a week earlier, while the Manitoba harvest advanced to 29% done from 10%.
Weakness in the Canadian dollar was supportive for canola, with palm oil futures also moving higher. On the other hand, Chicago soybean oil and European rapeseed slipped.
November canola was up $3.30 to $620.20, and January was $3.70 higher at $632.10.
