Decided to sell off a large chunk of Canola

[Hopperbin]

Was looking seriously at selling a chunk of Canola for some time now. Hind sight should have sold it couple weeks ago cannot change the past. What triggered my sale today after the close was the Harami(Sell Signal) In the Canola, Soybean Oil and Corn charts, indicating prices ready to resume the downtrend. Also seeing the sell off of our fertilizer companies today still in shock about that, with the world financial unrest what would canola or any other commodity price look like after an 8 percent price decline. Anyways sold a large chunk for 12.66 off the combine so averaging the price is easy to swallow. Could say my sell was panic as I did it at 5pm and did not want to wait till after the open tomorrow, but still happy I have good profit. Delivery over the next 2 weeks is good as I don't like to defer the income this year. Feel will have more tax issues next year, hopefully. :-) I don't intend to be giving financial advice here, I would just like to hear what others are doing with sales.

[parsley]

He who hesitates will be lost. Pars

[BreadWinner]

It will really hurt when the markets jump right back tomorrow.

[caseman]

my 2011 crop is 84 % sold, av. price around $11.75 per bu.

going to haul some $ 13 canola in dec.,
wish the last 15% was at $ 13.

i locked the first bit of 2012 canola today. $11 bucks sept. delivery,5 bu./acre.

[newguy]

Sold at 12.24 off combine and sold rest tuesday for 12.

[freewheat]

I had sold 15 bushels at 14.34 for Nov delivery, but not supposed to go until Dec. 9th now. GRRR...I priced a total production contract for 14 bucks for next year. This is HEAR canola, and it has some perks, but some negatives as well. One more year to see what it can yield on a normal year as I have never grown it on a year like the normal one we will have next year....lol

But 14 bucks is my crop insurance price, guaranteed, and as a young, poor pup, for me i believe it is the proper choice. For others, it may not be worth the yield hit, but again for me it offers a bit of a lowest case scenario or a base to start from. I think I'll do a side by side with some invigor this time. Just to appease my mind. My crop insurance yield coverage between it as an IP canola, and regular canola is only .8 bushels an acre, so it is a decent deal, I think?

[freewheat]

Oh I forgot, i hate to "farm" crop insurance, but as many of you know, we have had a rough few years out here, and it is one way I can kinda get my feet back under me. With a guarantee of 400 gross on my canola acres, I don't have to hold back on inputs so bad. KWIM? One more year!

[bigzee]

Sold my first 8% of new crop for 12. Plan on doing more at that level, too many negative factors to push it higher. Will need South America to have weather issues later, and hopefully the world crisis can get somewhat resolved. U.S. acres will be under the radar trying to secure acres, then we may see a turn up in the market. Dont look at last years prices cuz this yrs will be gone before you blink.

[craig]

Easy way to help the decision process. What is the upside and downside to this market. You are taking risks if upside is a dollar and downside is two dollars. Cannot see how the world economy will get itself out of this mess. Customers with no money will pay less, go with less or switch to cheaper options.

[cottonpicken]

http://www.agri-ville.com/cgi-bin/forums/viewThread.cgi?1308064457

[rook]

Freewheat - who carries and handles HEAR canola in your area? I've never heard of anyone growing it around here (Edmonton and area)

[Hopperbin]

Canadian dollar up slightly
USA dollar index down half a cent
Beans up 6 cents
Canola up 2.3 dollars per ton

In early trade, minorly up

Oh yes fertilizer company MOS up 3.64 percent already, hmmmm.

[freewheat]

rook, The only handler that I know of is Bunge. The one thing I do not like is limited choice with where to sell, but at least there is a guarantee. For me at least, they are good with dockage, good with a few heated, and good with keeping in touch, etc.. I feel a bit guilty growing an oil that is meant not to eat in this day and age, but they have the 2 buck premium, free trucking, an advance program, lower discounts for green, etc...

[freewheat]

BTW I do know they have growers in Alberta: The last few hundred bushels I sent to Nipawin, went in a truck with some alberta product.

[Hopperbin]

What are basis levels out there, seems they are dropping nicely. I got a 13 under Jan. from the most local elevator, 2 other delivery points had the same, Bunge was a whopping 50 cents per bushel less in price to farmer and CMI spalding was 10 cents higher but I did not want to spend the extra time hauling there and in fact never hauled there before so decided to go with the company that give me good service and fair dockage at harvest time. If futures continue to drop we should see better basis levels. Perhaps one should try to lock in a future only or write one of them contracts offering certain tons for a certain price, anyone with any luck with that lately?