$12 canola

[caseman]

how soon before we see $12 canola again?? sure wish i would have dumped it all last week when it was $12.16

If it gets back to $12 this week i will consider dumping it all.

[fjlip]

Depends on a lot of factors, Chinese interest rates seem to have spooked the traders. The charts were going up for months, and always correct, just because specs make money going down. Hope everyone sold some over $12, a rare profitable price. Like Larry says "pigs get slaughtered".

[RedRiverMB]

We are pretty much sold on the 2010 crop other
than oats, we have not priced any oats yet. I would
rather be selling on the way up rather than down,
and if it continues to rise than it presents more
opportunity into the next year crop. And that being
said, we are also well priced into next fall crops
already, probably will do a little more when the
fight for acres start in new year. This years oats
should take another good run up in the new year as
from what i hear inventory is full into Jan but then
the market will be scrambling to find oats.

[ado089]

If $12 won't get guys to sell $10 will. I wouldn't buy into this cage rattling. This drop was a fund profit taking, they'll reposition and keep ridding things up until the fundamentals change.

[ry0972]

With beans and corn both up 15 cents tonight and our dollar fairly flat so far Canola "should" rally some .
Any chart guys know what the next level of resistance is??
I am thinking $600/t by Nov 26.

[cottonpicken]

We have nothing to worry about.

[furrowtickler]

might even be back today

[bgmb]

clear sailing to 600?

[cottonpicken]

Today is interesting because we are seeing strength
even in the face of a rising usdx and carnage last
week.

[furrowtickler]

the market may have caught china's interest rate bluff to get a sale on corn. 600 canola may be in the cards after it is all said and done, if china "alows" it without baning something(blackleg, gmo's) on a whim again or pretends to monkey with some monetary issue to drive commodities down. Oh - the power of the asian elephant is interesting.

[fjlip]

Caseman, did you sell over $12? Dead cat bounce yesterday, technicals are negative today. China not the reason, but markets NEED to correct, to make money going down. And to uncover demand.

[bgmb]

Guess its not clear sailing to 600.

[furrowtickler]

Ummm, china anounces interest rate hikes for sure now? Maybe?

[caseman]

did a $12.oo target for Jan. this am.

[furrowtickler]

Good move, you should get it soon.