Interesting soybean close ..

**Agvocate** · Oct 12, 2017, 14:50

Pretty strong day on a bean chart. Canola looked to have run into a wall of farmer selling. Initial short covering on the report was met with pretty heavy hedge pressure closing well off the high's.

**Guest** · Oct 12, 2017, 21:05

maybe hit a wall ,but they're finding out $10.50 ain't gonna buy any canola here . lots of $11 already

**AlbertaFarmer5** · Oct 12, 2017, 22:55

I usually check the canola market multiple times per day, and days like to today are very common, it almost never closes at or even close to it's high. Beans and soyoil can both close at their highs, but canola will pull back every time. Not sure if us farmers just sell too much every time the market shows the slightest sign of life, or if merchandisers drive it down so all the grain that goes at spot price for the rest of the day is a little cheaper? It makes target orders a necessary evil.

**farming101** · Oct 13, 2017, 08:58

Nov17 beans touched 999.375. Two levels of resistance kick in here. A close above this level would make for a very strong showing to end the week.
Doubt that will happen.
Best case going forward is for this area to hold.
2nd best - staying above 9.84 today and next week
The 9.70 area will now provide good support
Nov contract a little long in the tooth but not dead yet

**farming101** · Oct 13, 2017, 13:56

1000.25 close. Very good. If nothing else it is saying the lows are in.

**Bowerpower** · Oct 14, 2017, 09:00

Originally posted by farming101 View Post

1000.25 close. Very good. If nothing else it is saying the lows are in.

Hope so. China demand up, Brazil dryness, USA crop downgrade. All of the above or just technical/seasonal rally?

**farming101** · Oct 14, 2017, 14:21

Once into Oct a bit soybeans often stage a rally till early Nov. Maybe 4%.
Right now I would say it is both seasonal and technical.

**Braveheart** · Oct 14, 2017, 15:28

Watching our local cash bids, I've noticed that with this little price bump basis levels have weakened in concert with rising futures prices.

Currencies and volatility are a factor but I'm sure there are other things.

**Bowerpower** · Oct 14, 2017, 19:20

[QUOTE=Braveheart;358704]Watching our local cash bids, I've noticed that with this little price bump basis levels have weakened in concert with rising futures prices.

Currencies and volatility are a factor but I'm sure there are other things.[/QUOTE

Can't let the producer have all the benefit of a rising market.

Interesting soybean close ..