Canola Higher but then Falls Back

Aug 12, 2021

Canola futures ended lower on Thursday in trade that saw prices initially spike up following the release of the monthly USDA supply-demand update only to fall back into the red by the close.

The Chicago soy complex was relatively steady and provided little direction for canola by the end of the day. Support came from gains in European rapeseed, while lower Malaysian palm oil weighed on the values. Lower ICE crush margins also added pressure on canola.

Prairie temperatures are forecast to begin their climb towards 30 degrees Celsius by the weekend. Temperatures will then moderate, with some possibility of rain next week.

The weekly Saskatchewan crop report stated that 7% of the province’s total crops have been harvested. However, the report noted that no canola had yet been combined.

November canola fell $5.60 to $883.40, January was down $4.90 at $872.70 and March lost $4.30 to $858.20.

Click here to see more...

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.