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: 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.