Canola turning up....

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Canola turning up....

farmaholic's Avatar Dec 10, 2019 | 08:39 1 Name:  Screenshot_20191210-083514.jpg
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I'm a July guy. Use March if it means more and if you want.

What key prices need to be broken to sustain a rally?

Does canola have any legs of its own or is it only in a three legged race teamed up with soybeans competeing against palm etc. Reply With Quote
biglentil's Avatar Dec 10, 2019 | 09:08 2
Quote Originally Posted by farmaholic View Post
Name:  Screenshot_20191210-083514.jpg
Views: 482
Size:  19.7 KB

I'm a July guy. Use March if it means more and if you want.

What key prices need to be broken to sustain a rally?

Does canola have any legs of its own or is it only in a three legged race teamed up with soybeans competeing against palm etc.
The trend is your friend. With just a quick glance I see a trend of higher highs and higher lows. Looks positive moving forward. Reply With Quote
Dec 10, 2019 | 09:18 3 How can it not go higher. 2M tonnes still in the fields, probably 10% binned and heated or high green count. Another surpise in bags not checked yet. Reply With Quote
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  • Dec 10, 2019 | 11:04 4 It is turning up but only after Dec 2 painted a 2+ month low, matching the 475.70 made on Sept 27.

    My post back on Nov 20 of a notable high being made on the Jan chart turned out to be just that-a high.
    Went down till Dec 2. As Wiseguy would say, "No need to thank me"! (I was hoping for a few more higher highs)

    So, it could be construed as a double bottom. Lots of resistance to greatly higher prices. It will take fresh bullish news to change that.
    Support in July right now is about 478, then 477.20 and finally back down at 475.70. Resistance at 486.40 then 488.00 then major resistance at 493.90


    Crush margins are good, over 100. So domestic crush should keep up at a good clip. Probably that is the best reason for stable or a bit higher prices in the next little while. A good case for a new record of canola oil produced by the domestic crush.
    Also world veg oil prices are doing well and oil exports are good but looks like there is no need for anybody to bid up Canadian canola oil. It is following the veg oil complex, not leading it. Reply With Quote
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  • farmaholic's Avatar Dec 10, 2019 | 11:38 5
    Quote Originally Posted by wiseguy View Post
    Forget about the futures !

    Sell er before she heats !

    Take what you can get !
    Lol, you should be charging for that market info Reply With Quote
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