The canola market has paused its upward movement recently as tariff concerns seem to have overridden the impact of tightening canola supplies. There is uncertainty about how a tariff on Canadian canola products (oil, meal, and seed) would potentially change basis levels in North Dakota. There are some predictions that local basis would increase while ICE canola futures prices would drop. Local canola basis could possibly become strongly positive with local prices increasing. However, this would be uncharted territory for the canola market and the final impacts remain to be seen. There is some talk that tariffs will be delayed again.
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Canola market volatile as tariff concerns override tight supplies
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