Jill Dyer wrote: What about fish oil spray? Local hardware had spray cans (sorry if that doesn't fit with the ethos) of fish oil - highly recommended for outdoor situations, it's reputed to never dry out completely - a bit like linseed oil.
A non drying oil, or a vegetable based oil that gets tacky when it oxidizes, will probably hold onto the surface better. It will also hold onto stray particles better. Hay dust, feed dust , manure dust, dust dust. Hair too, and probably wool. Probably better for the metal than rusting, but may take some solvent if you ever want to remove it. Doesn't have to be a super harsh solvent; soap and water, lemon juice, vinegar, elbow grease are all worth trying before going for harsh or expensive stuff.
I think you're looking at a trade off in where you spend your time and money and effort. It can be in the future, replacing that metal after it rusts away. Consider what kind of steel it is and how fast it rusts. What can it be replaced with to avoid a repeat? Stainless? Wood?
It can be in maintaining a finish that excludes oxygen, so it won't rust. Oils and fats can be cheap, and some of them harden to a slick, hard, dry suface. Great, but weather is the enemy. Clean, inspect, reapply as needed.
It can be in using a non drying oil or one that gets sticky. The effort will be inspecting and maybe reapplying from time to time. If some of it scuffs off, a respray should reseal. A surface will form that's hard to clean but pretty durable. Brushing it clean will be difficult. If you ever want to clean it off and start new, that'll be a chore. But I expect it will help protect your metal, provided it doesn't find a way to trap water and/ or salt.