Canola

[farmaholic]

Any bets or educated "guesses" as to how high canola will go with this rally? What are the important numbers in relation to the charts?

[food4u]

11.40 here this afternoon with immediate delivery

[Partners]

Wait for 12..
The more it rains/screws around the longer it will take to harvest the remaining canola..

[farming101]

Although there has been a price rebound it doesn't have a lot of energy behind it yet. A short term buy signal in July has appeared but would look for a small pull back before any spec buying

Some targets that would indicate strength:
Ending the week above 512N or even better 520N
A pull back which holds the 503N area may get some buying interest.

CAD has faltered. Could be further weakness ahead possibly 73.5
Bean oil has rallied but again needs further advances. There is no indication of a good rally in bean oil
Crush margin has pulled back a fair bit

[Guest]

$11.50 tisdale delivery today

[HappyFarmer]

Although there has been a price rebound it doesn't have a lot of energy behind it yet. A short term buy signal in July has appeared but would look for a small pull back before any spec buying

Some targets that would indicate strength:
Ending the week above 512N or even better 520N
A pull back which holds the 503N area may get some buying interest.

CAD has faltered. Could be further weakness ahead possibly 73.5
Bean oil has rallied but again needs further advances. There is no indication of a good rally in bean oil
Crush margin has pulled back a fair bit

Well put 101. With bean oil up one would have to think this run is somewhat tied to some export business as well. And completely agree how we close the next few days key to a longer term direction.

Lots of talk out there about taking a old crop basis and rolling it to Nov right away and adding the extra to you basis. I think that frankly is a really bad idea. You can roll anytime and think these spread could likely widen even more. If you taking a basis make sure it's off the July. Remember the highest we have seen the july/nov spread his year is around 34 bucks so there is room for it to move yet. Fundamentals are way more bullish old crop than new crop, at least right now anyway.

[farming101]

Yes, did a zero basis on the majority of our remaining stocks

Trigger finger is real itchy now

[Sodbuster]

Tomorrow's Stats Can report will show which direction this rally will go.

[farmaholic]

There's always more canola in the bins than they thought and there's always record canola acres being seeded so who gives a shit about a speculative report...market should be heading lower with out it!

Is there even a new crop canola seed in the ground? Who knows what the growing season will produce....bullshit reports.

[SASKFARMER3]

It will crash so hard tomorrow it isn't even funny.

Canola acres will be higher,

it will depend how high we tell them and how high they think were fudging the numbers.

Ah farming what a crock.