Soybean Strength Lifts Canola

Dec 30, 2020

Canola traders returned from the Christmas holiday in a buying mood, with futures solidly higher on Tuesday.

Chicago soybeans provided spillover support to canola, with the US market up sharply amid the continued port strike in Argentina, which has slowed export movement of agricultural goods out of the country. Persistent dryness for the soybean crops in Argentina and Brazil added to the upside.

Tightening domestic supplies also continued to underpin canola, with Agriculture Canada this month forecasting 2020-21 ending stocks at just 1.2 million tonnes, down from the November estimate of 2.25 million and more than 61% below the previous year. If accurate, 2020-21 Canadian canola ending stocks would be the lowest since 588,000 tonnes in 2012-13 and represent a stocks-to-use ratio of just 6%.

January canola was up $8.60 at $623.80, March gained $8.90 to $617.40 and May was $5.40 higher at $603.90.

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.