Canola futures snapped a five-day losing streak on Monday, as the market finally rebounded from a sharp fall caused by the March 8 announcement of Chinese tariffs on imports of Canadian canola oil and meal.
The nearby May canola future fell more than 13% last week, setting the stage for a bounce today as farmers put cash and forward contract sales on hold. China’s 100% tariffs are set to take effect on Thursday.
Some support for canola came from advances in Chicago soybean oil. European rapeseed and palm oil were also higher, as was crude oil.
May canola gained $8.80 to $569.30, and November was up $6.70 at $591.50.
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