Canola futures managed moderate gains on Monday, as a tariff uncertainty continued to overhang the U.S. markets.
The U.S. Supreme Court on Friday struck down struck down the tariffs the White House had levied under the International Emergency Economic Powers Act (IEEPA). However, US President Donald Trump over the weekend announced a new 15% global tariff under a different legal authority, which will require the approval of Congress if it extends beyond 150 days.
Chicago soybean futures closed mixed today, although nearby gains in soybean oil did offer some spillover support to canola. European rapeseed and palm oil were also higher on the day, while declines in the Canadian dollar further underpinned canola.
May canola was up $2.30 at $689, and November was $4.20 higher at $691.80.
