Mixed, with Declines in Old-Crop Months

Dec 23, 2021

Canola futures finished mixed on Wednesday with declines in the more heavily-traded old crop months.

The nearby March contract hit a new contract high of C$1,020.50/tonne earlier in the session, with support for the Canadian oilseed coming from strong upticks in the Chicago soy complex, Malaysian palm oil and European rapeseed, which saw new contract highs as well. Increases in global crude oil prices also lent support to edible oil values.

However, profit taking came forward to pull the market lower.

Tight supplies and the need to ration demand continued to underpin canola. However, there are ideas the market is now overvalued.

January canola fell $3.80 to $1,018.80, March was down $2.20 at $1,010.70 and May gained $1.10 to $977.70.

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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

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