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.

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.