Canola Chart

[ColevilleH2S]

Does anyone else think there is going to be a big move in Canola at the end of next week? There is quite a pennant forming here.

<a href="http://s335.photobucket.com/albums/m441/npksetal/Bucket/?action=view&current=Chart-crop-1.jpg" target="_blank"></a>

Now if one could just figure out if it will break to the upside, or down.

[rhoff]

Intresting. I heard a technical analyst say that
when a wedge formation breaks out it goes the
same direction as the trend was before the wedge
about 60% of the time. So how's that for a bold
call?lol.

[TOM4CWB]

Beans are not done yet on the up side.... general agreement on that.

After March 2013 the Oilseeds drop off a cliff... not much room for error... but the long term demand for grains of all types is huge.

I would say the short term high is in on Canola... harvest pressure will make any large move up unlikely. Even frost is getting less and less a wildcard to spike prices up.

But it is a 60 percent lower chance... 40 percent higher in the near term. Shipping of new crop will be 2 weeks sooner than the past 2 years... if we have 'normal' weather.

Have fun!

[ALLFARMER]

Harvesting started a week ago in the north peace.
Because of nearly no rain canola yielding 15 bpa
Wheat yielding 10 bpa near High Level. A
neighbor say he hoped his barley would do 30
(not a chance) My hay got 3/4 of a bale/acre and
only one cut this year. Another neighbor wants to
sell me his oat crop for "what he has in it" we'll
see..,

[Burbert]

Albertie gag spokesperson told a radio
station, that framers across the
province, with exception of a tiny
sliver of the peace country are starting
to harvest bumper crops of everything.
High, high, sky high prices are due to
the fact that the Albertie gobermont,
trashed and thrashed the Comedian Wheat
Bored into the dooo dooo bird that it
now is..... Yeah fer big C Alberties
ha, ha, ha, socialites......

[charliep]

Don't know how to post but I would also
spend some time on the soybean oil
charts. Need some excitement here to get
canola moving higher.

Outside factors include the loonie and
crude oil. Both are moving higher
although each has the opposite impact.

Comments on basis as well. As important
a factor as absolute futures.

[newguy]

Or maybe when actual yields start coming in. Have heard nothing but disapointing yields coming in on early harvested canola.

[fjlip]

4000 km on the highway Sk Mb Ab this summer and mostly poor canola crops. Our area is variable from crap to good but late crops, like still blooming.
The bu are not there IMHO. Prices need to adjust, perhaps in Feb-Mar!
We hope for 20, still below crop ins.

[Hopperbin]

I just swathed my heaviest canola crop ever last night. Was a strip of 20 feet that the nieghbour spray drifted from his oats. Just too bad it was still flowering in full bloom. Weird that spray drifted canola was like 6 foot tall 2 foot area of pods. I estimate 25 bushels per acre on the field as a whole.

Did the chart break up yet? Its trying right?

[Hopperbin]

Corn and soybeans up on lower yield and higher abandonment. This is possibly it. Bring it on.

[TOM4CWB]

Hopper,

It did break through the pennant to the up side today. Both Beans and Canola; looks like $20 beans and $10 Corn could be sooner than we think... especially if the EU gets their finances together! The ProFarm tour is heating up the market. Twitter at work!