Ok Canola Basis is Zero In Eastern Sask, Are all the Bins Empty

[farmaholic]

Saskfarmer3, it is a combination of both specialty and commodity. The basis for commodity really narrowed(actually went positive) so the "premium" for specialty isn't so premium anymore(other than it being FOB farm, commodity 20 cents freight to termial). The list I provided is even chronologically correct. I too got nervous and let some go when I should have hung on--ah hindsight, left over buck-a-bushel on the table(so far). I still don't think I did too bad. Little bit to price yet and would be nice to see $14.00, isn't too far away anymore. Simply amazing market, just waiting to price the risk free portion of new crop CSCO, I am WAY out into 2013 for that. $13.36/bu for July 2013 after todays close, maybe I should price a portion of my risk free at that price, not a bad starting point.

[SASKFARMER3]

You did great! Get a plan and stick with it. If you
loose it happens you learn from your mistakes.

[cottonpicken]

Errol,you and i use very different tech systems.

The trend isn't broken till its broken.And yes
eventually it will break lower.

That being said we are at a critical point in time.

Personally,i'm a severe risk taker and timing format
i'm going to use in the next 10 trading days is not for
the faint of heart.

[cottonpicken]

Also,the sheer volumes involved mean something big
could be coming.

[Burbert]

Boy oh boy, is yous guys ever smart!
Chislers sellin highest prices ever.
Sold it, still gotts 70% in the bin.
Speedin along banned roads ta git her ta
markit, waitin in line, canolie heatin
in b train. What fun yous Comedians
must be havin, shit eatin grins all over
yers faces! Betcha mosta this is
bullshit, yous forward sold last Fall,
fer a lot less than current. Yous all
haulin bin swipe ta markit! Usual pile
of Comedian framer bull. The markets
high cousin they none left ta sell, here
it gonna go ta $100.00 a bushelll.......

[furrowtickler]

Wow, you need help.
Caught a burbot yesterday - left him on the ice for the ravens. Useless bottom feeders....

[bucket]

Something is up with the markets. I had a july 2012 flax contract called in the other day. Thought it was kind of wierd considering they were making me hold flax for a month back in november.

[wmoebis]

Bucket just a question.
Do you get paid extra when they ask you to hold and/or deliver early?

[bucket]

Not yet. I am happy that the cheque is good. And how much do you ask for really? The job of hauling the grain had to be done anyway. I was happy with the price, there was no false promises of more money later so its a wash I guess.

Do you think I should be asking for a premium?

[wmoebis]

I was just wondering how the system worked. I beleive if one has a contract to deliver within a time frame they must deliver when called or risk being penalized. I was interested if one could write into the contract for compensation if it worked the other way.

The grain companies have obligations to meet and rely on our deliveries to meet them, or we pay. However producers have obligations to meet but have no recourse if they grain companies don't fullfill their dates. Many have set up payments around deliveries and pay penelties to lenders/suppliers if they don't pay up on time.

As we move forward and will be selling more and more under contract this may become a bigger issue for many.

[Burbert]

Contracts kin be written in all sorts a
ways. Butt and its a big BUTT. Will
anybody deal wit ya? Big/boys/girls will
get SPECIAL deals, I guess cousin money
talks. Little boys/girls get the
leftovers, always have, always will, after
all framers are price takers not price
makers! Did ya ever here that pilea crap
before?

[charliep]

You need to read your contracts as to each company handles somewhat differently. Most have a 90 day window after the end of their contracted period with no carry paid (interest and storage). You need to read the contract further for actions the 90 days.

Way off the topic of canola basis but have heard more conversation about standardized contracts more fair to the farmer side. This would have been a feature of the clearing house project sponsored by Western Barley Growers Association.

A theme from this last winters ARD meeting. READ YOUR CONTRACTS (NEW WHEAT CONTRACTS AND EXISTING CROPS), KNOW WHAT YOUR COMMITMENTS/THE BUYERS COMMITMENTS ARE AND BE PREPARED TO LIVE THEM.

Before Burbert beats up on me (he will), I will ask how many people took the time to read their CWB contracts (delivery and pricing)? They had rules that really weren't/aren't much different than open market ones.