Loonie Hammered

[errolanderson]

Loonie having one rough day today . . .
.

Big Ben's jest that QE may be pulled
back this summer plus stagnant Cdn
retail sales released this morning have
crunched the spot Cdn to 96 3/4 cents.

This is supporting canola today. New
crop up sharply as a result.

Interesting factors affecting today.

[Hopperbin]

Errol new crop should not be at 12;35 anyways. Why is it so low? New supply and farmers needing to sell, time to buy more bins and air fans. To hell with 12;35.

[errolanderson]

Hopper . . . find the loonie action
interesting right now.

If TD Bank is right about a 90 cent spot
loonie into 2014, canola bids could be
subtantially higher just on currency
devaluation. Personally, not that
bearish on loonie as all countries want
a low currency. Also, at some point the
U.S. dollar will fall back providing
support to our dollar.

Unfortunately, the $12.50 new crop bids
reflect what's occurring in glabal veg
oil values right now. Loonie is key.
(IMO).