Canola prices stagnant, caught in tariff limbo

Prices for Canadian canola and Chicago soyoil appeared to be in stasis during the week ended Oct. 21, as growers awaited news that could change the fortunes for both oils.

Prices for Canadian canola and Chicago soy oil appeared to be in stasis during the week ended Oct. 21, as growers awaited news that could change the fortunes for both oils.

Their steadiness was a surprise considering November Chicago soybeans jumped 24.25 cents per bushel after U.S. President Donald Trump posted on social media last weekend he believes a deal for China to buy U.S. soybeans can be done.

Sooner or later, U.S. soybean growers – and by extension, Canadian canola growers — will be in for a big disappointment.

Weeks after Treasury Secretary Scott Bessent teased an announcement regarding a financial aid package for the U.S. soybean industry, nothing has materialized.

Instead, Trump and Bessent shifted their focus to a US$20 billion currency swap with Argentina approved last week, with the possibility of another US$20 billion to come later.