wheat

[malleefarmer]

Was wheat up another 13 or a holiday in usa and its yesterdays gain?

[farmaholic]

I wonder how much canola is left.

How much wheat is left? 14/15 carry in plus 15/16 production less exports to date for this crop year?

farming101, got any positive waves?

[furrowtickler]

Me thinks carry over of both good wheat and canola will be much lower outa Canada

[SASKFARMER3]

Elevators not crushers offering 10 basis or less for june. Canola is empty.
HRS is almost out.

[farming101]

As has been said many times Canada's wheat marketing year has been supported by a low CAD
Lower carryout will mean prices are supported in here. However there could be a standoff shape up
where buyers won't chase prices, grain handlers have enough and remaining farm stocks are
held by strong hands. A bump in price to high 6's or 7 will likely get stocks down to forecast levels.
Wild card may be a freeing up of US wheat stocks with a continued drop in the USD.
MWN is being supported quite well but without weather problems I'm thinking there is quite a thick ceiling
around the 5.75 to 6 area.

Canola stocks are always a moving target and continue to surprise me. However the industry is growing and cannot afford to run out. Positive for Canola going into the close of the crop year. Deliveries are going great guns and looks like there may well be just enough to keep things going until new crop.

[farmaholic]

How good are the legs in the MGEX wheat and ICE Canola futures?

Anyone locking the bins.

[Guest]

canola $11 here for May . must be time for a strashcan report to drop prices ? I'm sure they'll come out with a very big carryover report in canola soon

[Guest]

and not real good at math. but I think that's $12.20 /bu cad ifwe still had a 68 cent dollar ?

[farming101]

Intraday prices in MWN above 5.43-5.47 should indicate a good chance of seeing
another 40 cents by mid June. I'm looking for some give and take with a general
rise over the next three weeks. But it has to break away from 5.43-5.47
to validate.

This is only a guess and could be completely wrong. DYODD

[fjlip]

Typical after bins are empty, prices go up. Hope new crop NOT inverted.

[farmaholic]

Intraday prices in MWN above 5.43-5.47 should indicate a good chance of seeing
another 40 cents by mid June. I'm looking for some give and take with a general
rise over the next three weeks. But it has to break away from 5.43-5.47
to validate.

This is only a guess and could be completely wrong. DYODD

101, but MWN settled yesterday at 5.57-4. Will the volatility come from fund profit taking?

Will one good rain in the SW Canadian Prairies stall this? Although I have a hard time believing Canadian weather is driving this thing.

Another 40 cents would take us to about $7 for high quality high protein wheat.

It will be interesting to see how the basis reacts to a higher wheat price, will it claim(some of) the rise in prices or will they have to give even more up to pry it out of the cold dead hands of those who still have some?

We are in a new marketing era, not everyone has sales to fill so some companies may have better offers than others. They aren't all just "toll handlers" for generically priced CWB grain anymore.

[wmoebis]

It would be nice to know who has those sales and who has sales coming.

[farmaholic]

Wmoebis, that would be giving the serfs/peasants too much information and information is power. And I can't see them forfeiting any.....

[farming101]

Was meaning intraday needs to move away from that range.
Ships in Vancouver have dropped right off. Just a lull or ??.

[wmoebis]

Did they load or just pull out to find loads else where. Some thought they were just sitting waiting to scoop a load.