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: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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