Canola Prices Breaking Records

Canola prices have been breaking records.

 

Jon Driedger is vice-president with LeftField Commodity Research.

 

"Truly this canola market is unprecedented. We are well into record highs and far beyond. It really is quite something. Essentially it's a market that's just desperately trying to ration demand. In short, we have a market that is running out of canola far too quickly and basically to try and slow demand down by driving prices to a level where people use less and that's kind of the exercise the market is trying to go through right now."

 

Driedger was asked if the high prices will lead to an increase in canola acres this year.

 

"Well we will see more acres planted in western Canada this year, although probably not as dramatic an increase as one might think. If you just looked at a canola futures price and looked at how incredibly high prices are, it's just like a rocket ship. There's a couple of things that are maybe going to limit a little bit how aggressive the canola acreage expansion might be."

 

He notes those factors being good agronomic practices and high prices for other crops.

Video: Finding a Balance of Innovation and Regulation - Dr. Peter Facchini

Regulations help markets and industry exist on level playing fields, keeping consumers safe and innovation from going too far. However, incredibly strict regulations can stunt innovation and cause entire industries to wither away. Dr. Peter James Facchini brings his perspective on how existing regulations have slowed the advancement of medical developments within Canada. Given the international concern of opium poppy’s illicit potential, Health Canada must abide by this global policy. But with modern technology pushing the development of many pharmaceuticals to being grown via fermentation, is it time to reconsider the rules?

Dr. Peter James Facchini leads research into the metabolic biochemistry in opium poppy at the University of Calgary. For more than 30 years, his work has contributed to the increased availability of benzylisoquinoline alkaloid biosynthetic genes to assist in the creation of morphine for pharmaceutical use. Dr. Facchini completed his B.Sc. and Ph.D. in Biological Sciences at the University of Toronto before completing Postdoctoral Fellowships in Biochemistry at the University of Kentucky in 1992 & Université de Montréal in 1995.