Old-Crop Canola Holds Gains as Crude Falls Back

Dec 01, 2021

Canola futures saw increases in the old-crop months on Wednesday, while new crop positions closed slightly lower.

Support for edible oils from strong upticks in global crude oil prices evaporated by the close of the grain markets, which weakened edible oils.

Railcar unloads at the Port of Vancouver dropped 87% during Week 16 of the marketing year, according to Quorum Corp. The report took reflected the stoppage in rail traffic due to the heavy rain and flooding in southern British Columbia that severed ground links for a number of days.

Ahead of Friday’s Statistics Canada crop production report, trade expectations for canola production are 11.5 million to 13 million tonnes. In September, the federal agency pegged production at 12.78 million tonnes.

January canola was up $7.20 at $994.30, March was $7.30 higher at $967.30 and May gained $6 to $930.20.

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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.