Strong close on both canola and soybean oil in a sea of red for cereals and beans/meal. My old thinking was every penny higher/lower on soybean oil, canola futures should move $10/tonne. Doesn't always work but an easy benchmark.
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It will get swallowed up in Basis levels somehow. Regardless of fx or futures markets , the line in the sand will be 10 ish till they start running short.
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I'm sitting on a good basis and I'm hedged at 450 on July. I have a short spec position around 445 on march that is making me nervous. I could have cut and run yesterday but I'm figuring on a little bit of softness through some shitty earnings and good S.A. harvest. Oh ya and Cargill was saying they expect canola to drop back down close to $400 and usually what they say they do.
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Some companies discount sometimes. Some don't. It depends on how easy it is to segregate, whether it's going to a State mill (involving some subsidization), etc. Shop around. Varieties can even make the difference ie Faller no discount through ADM.
Right now their price is so poor and grain movement is so dismal, in ND, for our farm local bids are better. Your experience where you are might be different.
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Maybe Hobbies A/R insurance would be a good fit if you have an uneasy feeling about the deal.
I would hope the Any Broker wouldn't broker a deal where they knew or even thought there was a chance the buyer would default on payment.
In the same breath, their job is only to match buyer with seller. DYODD....
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