Beans up big this a.m.

[furrowtickler]

errol, how far is this going?

[SASKFARMER3]

Read a article the other day where a guy
said Beans in Teens no Beans in 20s.
Argentina lowered this morning also oil
world said total production world wide was
down. We should be at 16.

[grrrr]

Another surge just when the experts said the top was in.

[errolanderson]

furrowtickler . . . believe in summer of
2007, soybeans shot briefly toward
$17/bu and canola powered toward
$725/MT. Had to look at a monthly chart
for these former market price blasts.

Amazing Apple results may be the overall
undertow of this rally today plus the
squeeze in old crop global stocks.

This 2007 rally was still about $100/MT
higher for canola and $2/bu higher for
soybean. Cash bids may act like a
cornered cat and remain very
unpredictable heading into crop year
end.

Errol

[LWeber]

$16.63 FOR BEANS

$769.90 FOR CANOLA

[LWeber]

That is the old highs in 2008.

[SASKFARMER3]

Will that be for my 0 basis off the July
by the 15th of july.

[SASKFARMER3]

AH HHHHHHH

[errolanderson]

thanks Larry . . . should the futures
spike further will basis levels suddenly
weaken?

will be interesting to see if the cash
market keeps up.

[charliep]

I would be watching the old/new crop spreads on
soybeans. Also have a handle on bean acres and
changes from intentions. Early seeding but the
incentive is there to look at soybeans versus corn - I
assume they have the same nitrogen cost and
availability issues. Agweb has a good video for US
farmers on making the corn to soybean switch
decision.

[agstar77]

New there had to be something up when Viterra was offering 12.50 for new crop.

[cottonpicken]

Never been so happy to be wrong.

[SASKFARMER3]

Have a number in mind to sell remaining
crop. I thinks it just might get to it.
Basis in place now just sit back and wait.
watch charts and a little luck were their.

[bucket]

When the temporary lay off notices go out at the crush plants, the high might be in.

Keep us posted about that kind of news SF3.

I am thinking that 15 bucks would be a good time to empty the bins. Somehow the shovelling will seem easy.

[farming101]

On Mar 4, 2008 the nov 08 contract was bid up to 769.30. The nov 12 contract still has another $190 to go to match it.
Also of interest....the nov 08 contract went off the board at 409.30, a drop of $360 from that March 4 high.