? for canola chart guys

[crusher]

With today's action in Nov canola, is it possible we put in a reversal? Or does the high end of the trading range need to exceed yesterdays? I think we are in a downtrend but thought I'd ask.

[charliep]

Not a chart guy (numbers guy) but note there has been a fair bit of support around the $520 to $525 area (look at weekly and monthly). CBT beanoil chart doesn't look so pretty.

Another area of price support is the crashing loonie. Another thread but need to evaluate this as well.

[URL="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?page=chart&sym=RSX11"]nov canola[/URL]

<a href="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?page=chart&sym=ZLV11">oct beanoil</a>

<a href="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?page=chart&sym=D6Z11">dec loonie</a>

[cottonpicken]

Bad things are happening,rumors of margin changes
coming and 2000 corn sellers for every one buyer,big
technical pain to boot.

[charliep]

Not canola but interesting MGEX wheat about the only positive number this week in a sea of red.

[URL="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?page=chart&sym=MWH12&domain=farms&stu dies=Volume;&cancelstudy=&a=W"]weekly MGEX[/URL]

Interesting I(and painfull) to look at fpc values/basis.

Converted futures today - $341.03/tonne ($302.27 last Friday).

Adjustment factor today - plus $3.85/tonne (plus $4.19 last Friday).

Basis today - minus $42.61/tonne (minus $22.10 last Friday)

FPC today - $302.27/tonne ($304.03 last Friday)

<a href="http://www.cwb.ca/db/contracts/ppo/ppo_prices.nsf/fixed_price/2011_index.html">fpc tables</a>

[charliep]

Mistake alert - converted futures $341.03/tonne today. Last Friday (Sept 23) was $321.94/tonne (not $302.27) sorry about that.

[crusher]

Carrying lots of open basis, not impressed.