Canola Moves Lower with Soyoil

Jun 04, 2021

Canola futures closed lower on Thursday, pressured by speculative profit-taking as a downturn in Chicago Board of Trade soyoil futures weighed on values.

Soyoil had climbed to its highest levels in 10 years at one point, but ran into resistance and settled with steep losses. Canola had lagged soyoil to the upside and also lagged to the downside, which helped temper the declines in the Canadian oilseed to some extent.

Persistent concerns over hot and dry weather conditions across Western Canada were also supportive, with much of the Prairies in need of precipitation. The Canadian dollar was weaker on Thursday, providing some support for canola.

July canola was down $18.40 at $889.80, November lost $6.30 to $743.70 and January dropped $6.40 to $738.10.

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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.