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ICE Close: Canola Higher Despite Heaviest July 31 Stocks in Four Years

Canola futures started the week with solid gains, despite a Statistics Canada grain stocks report this morning showing ample supplies at the end of the 2023-24 crop year. 

The report pegged total nationwide canola stockpiles as of July 31, 2024 – ending stocks for the now concluded 2023-24 crop year – at 3.092 million tonnes, up almost 67% from the previous year’s 1.853 million and highest July 31 stocks since 2020. However, stocks were still no heavier than generally expected by the market. 

Strong domestic demand - which StatsCan reported as record high in 2023-24 at 11.5 million tonnes, up 8.1% on the year – has helped stabilize canola prices near their August low. 

November canola gained $14.40 to $583.60, and January was $14.90 higher at $595.80. 

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2024 AGM Day 1 Panel - Succession Planning & Risk Management

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Statistics Canada’s 2021 Census of Agriculture indicates that 75% of all farms operating in Canada operate as sole proprietorships or family partnerships. While incorporated farms make up just over a third of Canadian farm operations most of those are also family-run corporations. If the issue of farm succession planning is not on the minds of Canadian farm producers, it probably should be. That same Statistics Canada Census of Agriculture indicates that the average age of a Canadian farmer is 56 years of age with the 55 plus age group becoming the fastest growing segment in Canadian agriculture.

Despite these statistics, the same Census reports that only 1 in 10 Canadian farm operations have a formal succession plan. While each farm has its unique issues when it comes to transferring the business to the next generation, there are some common topics that almost all farmers must address. Join financial, legal, and tax experts to learn about how to begin the process, key tips on ensuring a smooth transition from one generation to the next, and how to manage the strong emotions the topic can create within the family.