Canola is their a great crop out their somewhere!

[Digger]

May 1st - canola futures were trading at $136.86 (CDN $/MT) discount to soybeans. Today - canola futures are trading at $52.78 (CDN $/MT) discount to soybeans. An improvement of $84.08/mt. Certainly not an expert but I would guess that the market is recognizing both points; a Canadian canola crop that is having issues and a US soybean crop that looks outstanding. Knowing that the crop is a long ways from the bin and considering that canola normally trades at a $40/mt (CDN) premium to soybeans a play may be Long Canola (you are long if you have it in the field) and Short Soybeans (soybean puts would get the job done).

[charliep]

I would highlight 70 percent of the value of soybeans comes from meal while 70 percent of canola comes from oil. I also note that everyone wants to do July July (old crop) comparisons but the relationship on November (new crop) is different.

[bucket]

I think we are looking at a sub 15mmt canola crop.
Just too much damage. 14/15 carryover starts to look pretty tight again.

[SASKFARMER3]

Even a thin sick canola crop looks good at a 70 mph drive by!
This is not 2013 some are going to be surprised.

[TOM4CWB]

Sf3

They put approaches along roads for a reason.

Even at 70mph I can tell if a canola crop just got hail... Or is thin and in trouble... Like the red tinge showing up on stressed plants... Or white wheat that is in HRS country.