Canola prices

[frustrated1]

With stocks of canola seemingly higher than expected and soybeans everywhere, does ANYONE have any glimmer of hope for $7 canola again. This year.

[charliep]

Will leave for others thoughts other to comment we have a long ways to go higher before we reach $7/bu.

Would note that the market absorbed the news of a 7.7 MMT crop (a little bigger than expected) pretty well so far. The crashing loonie is helping (keeping in mind the loonie is still above 80 cents so still high relative to recent history).

My only other comment is I hate even numbered prices. If I were to set my grain pricing orders, I would have some just under and some just over the $7/bu (assuming this number is achievable).

[rodb]

Canola was barely $6.00 at Olds yesterday. I was told that we need to get to $5.50 before the japanese will buy, given Cdn $ and increased ocean freight. I had a target in for $6.98 but I am going to have to re-evaluate that as I think that ship has sailed in late August with the frost.

Anyone else have some insights?