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Bean Oil

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  • farming101
    Senior Member
    • Mar 2011
    • 3955
    #1

    Bean Oil

    on a tear this morning. UP over $1.50/cwt right now
    Tags: None
    • furrowtickler
      Senior Member
      • Dec 2004
      • 22000
      #2
      I see it is dragging canola now from earlier this morning

        Comment

        • AlbertaFarmer5
          Senior Member
          • Oct 2010
          • 12557
          #3
          Any news behind todays move, or just more of the same?

          I see crude palm oil is up 3.24% today as well.

            Comment

            • farming101
              Senior Member
              • Mar 2011
              • 3955
              #4
              12:22 PM CDT limit up......

                Comment

                • farming101
                  Senior Member
                  • Mar 2011
                  • 3955
                  #5
                  Click image for larger version Name: Limit up.jpg Views: 1 Size: 87.7 KB ID: 770885.

                    Comment

                    • beaverdam
                      Senior Member
                      • Mar 2018
                      • 1451
                      #6
                      101,

                      what are your thoughts about a new leg up in May Canola. Good recovery today, seems the last leg had a lot of resistance in the $802 area. The last leg could only add an addition $28 from the previous high(Feb 24th-Mar 16th) Whereas the leg prior to that added $106.90
                      IF we get nicely past the contract high, where is resistance? Can we get to $840?

                      Is canola pushing it's self up, or are we piggybacking bean oil?

                      Does anybody have a clue about unpriced tonnes left on farm?

                      ps Euronext May R-apeseed failed today. (maybe it was closed before bean oil took-off midday here)
                      https://www.barchart.com/futures/quotes/XRK21/overview https://www.barchart.com/futures/quotes/XRK21/overview
                      Last edited by beaverdam; Mar 22, 2021, 14:04.

                        Comment

                        • farming101
                          Senior Member
                          • Mar 2011
                          • 3955
                          #7
                          Sure May could go higher, but what will spot bids be?
                          Better prices for June/July and I think it will stay that way as graincos mop up whatever bit of seed is left.
                          I have no idea what is unpriced. History shows that the last guy to price never gets what he wants....

                            Comment

                            • AlbertaFarmer5
                              Senior Member
                              • Oct 2010
                              • 12557
                              #8
                              Originally posted by farming101 View Post
                              History shows that the last guy to price never gets what he wants....
                              I resemble that remark.
                              But then i also Don't know what I want to yet either.

                                Comment

                                • Rareearth
                                  Senior Member
                                  • Aug 2012
                                  • 1618
                                  #9
                                  Lots of time yet before there is any certainty for new crop canola.
                                  Its still march,
                                  zero unpriced/uncontracted canola left on farm,
                                  every forecaster predicts drought for western canada
                                  Im forecasting next years crop at 17 mmt
                                  Zero carry over or zero stocks to use residual
                                  New crop demand is all front loaded for fall delivery
                                  Do you seed cano”a into dry dirt and hope? Hope it rains in May

                                  Etc

                                    Comment

                                    • Sodbuster
                                      Senior Member
                                      • Mar 2017
                                      • 1133
                                      #10
                                      If soy oil gains hold overnight we could easily see a $15 move in canola tomorrow. I think we blast right thru $802 on the way to $840 or beyond.

                                        Comment

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