Canola Rallies with Soy Complex

Jul 01, 2021

Canola futures ended stronger on Wednesday, as a rally in the Chicago Board of Trade soy complex on the back of a pair of bullish reports provided support.

Acreage and quarterly stocks numbers from the USDA sparked a rally in soybeans, which spilled into canola, with planted area coming in well below trade expectations and quarterly stocks seen as tight. Record-high temperatures across Western Canada this week, with little precipitation in the immediate forecasts to alleviate the heat, contributed to the gains in canola.

Canadian markets will be closed Thursday for Canada Day, while US markets remain open. Positioning ahead of the holiday likely accounted for some of the activity in canola. U.S. markets will be closed Monday, July 5, for Independence Day.

July canola was up $30 at $839.50, November added $17.10 to $811.70 and January was $20.70 higher at $809.

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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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