Canola Fails to Hang onto Early Gains

Nov 30, 2021

Canola futures pulled back on Monday, after rallying to new contract highs during the overnight session.

Downward pressure came from the liquidation of the January contract as well as market concerns over the new Omicron strain of COVID-19. Losses in the Chicago soy complex and European rapeseed also weighed on values, while those for Malaysian palm oil were mixed.

The trade will get some clarity on this year’s crop production in Canada when Statistics Canada releases its next crop production report on Dec. 3. Expectations downward revisions in the production of canola and other major crops.

January canola dropped $11.50 to $1,027.40, March lost $5.80 to $998.10 and May closed down $4.30 at $959.20.

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Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.