Canola up today

[Quadtrack]

Just read something about more flooding in Brazil, and more rain in forecast for Friday.
NWT Unity was $11.17 today June del.

[farming101]

$35 basis at that time here. Actually a few of the elevators might have been higher but we usually are pleased with dockage at the plant so it mostly goes there.
Basis has improved for next July at the present $11.30 with a $16 basis

[MBgrower]

Canola export basis apparently $75/tonne over at vancouver. Lots of room for country basis to improve if farmers slowed down deliveries.

[farmaholic]

As is with wheat, remember the freight to port also needs to come off that port price for canola. Its a cold hard reality that farmgate prices are reflective of that fact. I , the buyer, pay the freight for a combine to the farmgate but the buyer of my product doesn't pay the freight from my factory. Could you imagine the marketing disadvantage if Canadian grain prices weren't quoted port position.

[bucket]

Vancouver prices are 40 bucks per tonne higher but the basis comes off the Saskatoon prices.


So the selling price at Vancouver accounts for freight but that is direct profit for the graincos because they use Saskatoon to price out here ...not Vancouver.

[farmaholic]

Weber's newsletter provided weekly price summary for Jan 6/17 provided through AAFC has Vancouver track "asking prices" at $521.40, Sktoon par---$471.40, ICE canola quotes aren't far off West Coast asking.

????????????????????

[farming101]

Farma, I would think those numbers are fairly close for that date. I would think sales were being made for those export values

[farmaholic]

And its up again nicely this morning. Canola that is.

101's chart had domestic use a healthy 1.2ish mmt up, about a third more, from the same time last year and not even half way through the crop year.

T-t-t-t-twelve.....?

[Oliver88]

Canola up $4/tonne.

Soybeans up 15 cents/bushel.

[bucket]

Wiseguy

Good point....I tried to buy some shit durum from a grainco when they had a poor price....I offered them 50 cents a bushel premium over their price and they wouldn't sell. Their price was 1.50 and I offered them 2.00 ......no go....




I could have filled a contract and we would have both made a profit.......


Wiseguy makes good points.....