Canola Demand Rationing

[farming101]

China r a p e seed oil 2 yr nearby chart

[furrowtickler]

Interesting to see all the charts , thanks 👍👍

[wheatking16]

So WK, in a few words, canola toppy or not?

I dont really want to hold until January. I am very concerned about the broader economy and how that could pull things down.

The chart feels toppy to me and also considering the corn, soybean and wheat charts.

The weekly Canola chart is in a no-trade zone for me as I am waiting for it to either resolve higher with a weekly close above the green line or a weekly close below the red line.




The Daily Chart has today's candle below the 50 Day Moving Average. The green 50 DMA is still advancing so I anticipate some sideways price action. I get bearish once that 50 DMA rolls over and a new Daily close low is made.

Different charts can tell different stories.

Which chart you use depends on your timeframe.





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[furrowtickler]

Thank you guys for breathing new life into this commodity market forum 👍👍

[SASKFARMER]

The truth is cupboards are bare but they are getting fed lots of cheap 12 to 15 dollar canola that was prepriced

[furrowtickler]

The truth is cupboards are bare but they are getting fed lots of cheap 12 to 15 dollar canola that was prepriced

Unfortunately that is the reality this year

[wheatking16]

Nasty red candle on the Canola daily chart.

[wheatking16]

Almost every time I see the red candle on that chart it’s the start of a rally, no?

Maybe it will rally again.

[AlbertaFarmer5]

Almost every time I see the red candle on that chart it’s the start of a rally, no?

I saw the same pattern and came to the same conclusion when he first posted the chart. Not sure I can take that to the bank though. Perhaps the USDA will surprise us all tomorrow and the pattern will hold.

[AlbertaFarmer5]

I saw the same pattern and came to the same conclusion when he first posted the chart. Not sure I can take that to the bank though. Perhaps the USDA will surprise us all tomorrow and the pattern will hold.

So far so good. Yesterday's Big Red bar followed by up 17 so far. Report wasn't particularly positive grains but they responded positively. Canola along for the ride.