Canola futures were little changed in trading Tuesday, with further strength in the Canadian dollar blunting reports of additional Chinese export demand.
A Reuters report today said Chinese buyers have purchased up to 8 cargos of Canadian dollar after Canadian Prime Minister Mark Carney and Chinese leader Xi Jinping struck a tariff deal earlier this month. The Chinese business is welcome news, as Canadian canola exports so far in the 2025-26 marketing year have been lagging well behind the year earlier pace.
Gains in crude oil and a mostly higher Chicago soy complex were supportive for canola as well. European rapeseed was mixed and palm oil lower.
On the other side, the Canadian dollar has now strengthened to a six-month high against its US counterpart, as the greenback fell for the fourth straight day amid general ‘sell America’ sentiment. A stronger Canadian dollar makes canola less attractively priced to foreign buyers.
March canola eased 40 cents to $646.70, and November was up 80 cents at $656.20.
