FX.co ★ Canola at Over 3-Week High

Canola futures surged beyond CAD 610 per metric ton, reaching their highest point since March 7th. This rise comes as investors prepare for potential U.S. tariffs set to be announced on Wednesday, while also analyzing the latest planting estimates from the USDA. On Sunday, U.S. President Donald Trump revealed that the April 2 tariffs would extend to all countries, encompassing primary agricultural partners such as China, Mexico, and Canada. This announcement follows Beijing's implementation of a 100% import duty on Canadian canola oil and canola meal earlier this month. Meanwhile, the USDA's latest March Prospective Plantings report foresees a 7% decrease in canola acreage within the U.S., predicting it will fall to 2.6 million acres from last year's record high. If this forecast holds true, it would still represent the second-largest planted area in history.