Canola Weekly Close

[wheatking16]

Funds currently net long 80,000 canola contracts, what is the next level of resistance? Still sitting on some of my old crop and wondering where to put my next target at.

I shared my thoughts here, behind the paywall.

[url]https://www.grainreport.klarenbach.ca/p/analyzing-canola-futures-key-support-and-resistance-levels[/url]

[TechAnalyst]

Funds currently net long 80,000 canola contracts, what is the next level of resistance? Still sitting on some of my old crop and wondering where to put my next target at.

For compliance sake, this is Not a recommendation, simply an opinion for discussion purposes.

There is light resistance at $725/t (Nov '23), then $821/t (Aug '23), then significant resistance at $854.80/t (July '23).

If it were me, and I hadn't rewarded this recovery from the March low yet, I would make a small sale here. Then depending on how much I had left, risk tolerance and cash flow considerations, that sort of thing -- I would divide the remaining up either into 2 or 4 increments. Then have target orders based on $750'sh (July futures) and $815'sh if only 2 lots left to sell. Or $725, 750, 775 and 815 if 4 lots left to sell. Then have a plan on how to alter it if the outlook sours.

My 2 cents - and good luck to all seeding.

[TechAnalyst]

I didn’t realize I was answering at the same time as Trent.

My response wasn’t meant to take away from his.

[wheatking16]

I didn’t realize I was answering at the same time as Trent.

My response wasn’t meant to take away from his.

Oh god no

This is an open forum and you provided content.

[farming101]

Looking at a resistance value of 720 in the July which needs to be challenged by the end of this coming week. A couple closes above that would open up further opportunities for higher values.
Not a recommendation

[Old Cowzilla]

How many more days before dryness across canola belt starts pushing Sept. prices ?

[TechAnalyst]

For compliance sake, this is Not a recommendation, simply an opinion for discussion purposes.

There is light resistance at $725/t (Nov '23), then $821/t (Aug '23), then significant resistance at $854.80/t (July '23).

If it were me, and I hadn't rewarded this recovery from the March low yet, I would make a small sale here. Then depending on how much I had left, risk tolerance and cash flow considerations, that sort of thing -- I would divide the remaining up either into 2 or 4 increments. Then have target orders based on $750'sh (July futures) and $815'sh if only 2 lots left to sell. Or $725, 750, 775 and 815 if 4 lots left to sell. Then have a plan on how to alter it if the outlook sours.

My 2 cents - and good luck to all seeding.

July canola hit $730.90 today in case $725’sh was being used for a target.

[wheatking16]

NOV Canola

[farming101]

Retrace!
July has tested support at 696.30 or so and November at about 667.30,
Don't need any closes below those values

[wheatking16]

I shared my thoughts here, behind the paywall.

[url]https://www.grainreport.klarenbach.ca/p/analyzing-canola-futures-key-support-and-resistance-levels[/url]

Almost to the tick.