Canola Mostly Lower Despite Bullish StatsCan

Apr 29, 2021

Canola futures were mostly lower on Tuesday, despite what seemed to be a bullish acreage report from Statistics Canada.

Statistics Canada projected a 3.6% increase in 2021 canola planted area to 21.5 million acres, which was on the low end of market expectations. There is already speculation the federal agency understated the amount of canola to be seeded, and plantings could be higher yet.

Only the soon-to-expire May contract made gains in what was a very volatile session. Tight old-crop supplies boosted May canola, along with strong support from the May contracts in Chicago soyoil and European rapeseed. However, those edible oils saw declines in their other positions. Meanwhile, Malaysian palm oil was higher in its most active months.

May canola managed a $7.50 gain to $901.90, but July was down $2.90 to $837.10 and November dropped $4.50 to $693.90.

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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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