ICE Close: Canola Lower on Follow-Through Selling

Sep 08, 2022

Canola futures closed weaker on Thursday, seeing follow-through selling after Wednesday’s drop below chart support.

Wednesday’s close below C$800/tonne in the nearby November contract was bearish from a technical standpoint, with the resulting speculative selling building on itself on Thursday. Losses in European rapeseed and Malaysian palm oil also weighed on canola, although a turn higher in Chicago soyoil provided some support.

Seasonal harvest pressure and relatively favourable Prairie weather were also overhanging the market, while scale-down end-user demand on the other side tempered the declines.

November canola lost $12.10 to $786.50, January dropped $13.20 to $793.20, and March fell $13.20 to $798.20.

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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.