Canola futures gained back a portion of the previous day’s heavy losses on Wednesday.
The canola was battered on Tuesday in the wake of an announcement from China that it had slapped a provisional anti-dumping duty of nearly 76% on imports of Canadian canola beginning tomorrow. However, the duty has not yet been finalized, and reports said today’s price action may reflect some doubt in the market as to whether it will be lasting.
China is Canada’s second-largest market for canola and related products, with exports valued at $4.9 billion in 2024. If upheld, the preliminary duty will make Canadian canola commercially unviable in China.
Canola also garned support from gains in Chicago soy complex and advances in palm oil and European rapeseed.
November canola was $9.50 higher at $659.80, and January was up $9.70 at $672.80.
