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: Veteran Farmers: A Legacy of Service in Rural America

Veterans Day is a time to honor the men and women who have selflessly protected our freedoms and values. And for some, the transition from military service to civilian life brings them back to the farm.

At Farm Bureau, we believe it’s important to not only celebrate veterans but also those who continue to make a difference in agriculture and their community. We've partnered with Farm Credit to establish the Veteran Farmer Award of Excellence to shine a light on those who have continued to go above and beyond to serve their communities.

This year, we recognize retired Colonel Joe Ricker as the inaugural Veteran Farmer Award of Excellence winner. Joe served over 30 years in the Army before retiring from the Pentagon and completing tours in both Iraq and Afghanistan. Since leaving the Army, his commitment to excellence in farming and enriching the lives of veterans has blossomed in a myriad of ways in both his local community of Wilkinson, Indiana, and across the country. Joe grows apples and raises bees on his farm in Indiana. Joe founded “Veterans IN Farming,” an organization, now with more than 1,100 members, dedicated to providing veterans in Indiana with the tools and training to succeed in agriculture.

The American Farm Bureau Federation is an independent, non-governmental, voluntary organization, comprised of and directed by farm and ranch families who engage in all types of food, fuel and fiber production.