Canola sales

[furrowtickler]

What percent canola sales is everyone at for '06 crop, what about '07?
As of friday old crop at $8.35 spot, $8.40 for march, $8.25 for fall.
We are now at 70% old crop and 20% new crop, might do more if this rally goes further on moday-tue?

[crusher]

50% old crop, 0% new crop, 35% spread of short July - long Nov. If it breaks through previous top I'm not selling for a while. If it falters I'll sell 10% more of old crop and start selling new crop. Probably use futures only on new crop because of crappy basis currently.

[TOM4CWB]

Crusher,

What makes you so bullish on Nov Canola... in January!

I would have thought a long July short Nov would have been more prudent!

[sawfly]

we are 65% old crop and 15% newcrop

[SASKFARMER3]

On Friday we had our first sale 35% of old crop, 0% on fall of 07 but we sell Oats and Peas off the combine.

[crusher]

Tom,

Long Nov - short July: Because of near record production and large carryover plus better demand in the future. Still haven't got my head around the funds/commercials buying acres though. I would have thought they would be buying new crop rather than supporting old crop. Is it because they prefer to trade a nearer month where there is more volume?

The trade is a month old and I got in at $20 premimium July and its been in the black ever since - you think I should lift?

[bgmb]

I am 60% old and 10% new crop.
I am 80% new crop oats.

[TOM4CWB]

Crusher,

Conventional wisdom is that it will reverse... seldom is there ever carry between old and new crop it may well be dependant on where the black oil price goes...

Up and the beans stay strong,

Black oil heads for $45... and beans won't hold together... but who knows... we ARE charting new ground here!