Canola futures gained on Wednesday amid a rally in Chicago soybean oil.
Soyoil jumped with crude oil after the White House today announced a 90-day pause on many of the global tariffs announced by US President Donald Trump last week. Equity markets also shot strongly higher on the news. However, US tariffs on China, boosted to 125%, will remain, with China’s retaliatory levies still in place as well.
Both European rapeseed and palm finished lower on the day, although those markets closed before the US tariff news broke.
May canola was up $5.20 at $651.40, and November added $6.70 to $636.
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