Grain markets continue up

[beaverdam]

StubblejumpingC o n f u c i u s says;

"Continually raising the price often makes firm hands, even firmer.
Sometimes to free grains from firm hands "they" must lower the price, rather than raise it."


Can't believe you can't type C o n f u c i u s, without it being edited.

Canola up $19.50/t this morning !

"They" took it down,,, shook out what they could,,, now coming back for more !

For chart readers,,, I'm wondering if March canola looking like were heading to the "head" of a head and shoulders formation?

[checking]

Canola up $19.50/t this morning !

"They" took it down,,, shook out what they could,,, now coming back for more !

For chart readers,,, I'm wondering if March canola looking like were heading to the "head" of a head and shoulders formation?

Quit while you're "ahead" comes to mind!

[furrowtickler]

Impressive to see after a short correction

[farming101]

Canola up $19.50/t this morning !

"They" took it down,,, shook out what they could,,, now coming back for more !

For chart readers,,, I'm wondering if March canola looking like were heading to the "head" of a head and shoulders formation?

Head and shoulders pattern forming is a total unknown.

What I am watching is for price to take out the Jan 11 high of 673.30 Mar contract. With a little bit different pattern there could have been an island top form in the last three weeks. It didn't, so it's not valid but still something to I'm watching.
Right now I would guess sideways, with a bit of doubt that 692.30 will be bested. So that would mean no head and shoulders; I don't know...
Great price action into the close. 692.30,Jan 13 high, next resistance

[Maver]

Mar canola up 30.00, may up 19.80 and july up 12.30.
Why such a difference from mar to july?

[beaverdam]

At 50% retracement on the $47/t drop,,, would bring us back to $668.60

Blew past that today closing at $679.60/t,,, at the high for the day up $30.00/t

[shtferbrains]

Expanded limit tommorow?

[farming101]

Expanded limit tommorow?

No, March settled at 26.10 higher

[jazz]

Market head fake trying to shake out the weak players. Never sold a bushel during it.

[Sodbuster]

Elevators and crushers are phoning around today to secure more canola, market is getting nervous about supply. Holding and hoping for a happy ending.

[AlbertaFarmer5]

Elevators and crushers are phoning around today to secure more canola, market is getting nervous about supply. Holding and hoping for a happy ending.

Their poker face was quite revealing last week. One elevator sent out a special for spring at nearly 60 cents over the closing price in the midst of last week's panic sell off.
I usually judge the direction of feed grains by the number of brokers who call me to tell me that the feedlots are all booked up, and won't need to buy again after this last opportunity.

[Ronski]

Started selling canola at 12 dollars and I had 40% left a week ago, priced part of that friday for the highest price I have ever sold canola for. Now I have 10% left and will wait for summer to price that (bin bottoms so why go in till mid july when it warms up nicely).
I admire you guys that can hold but I look at the downside risk and am very very happy with my pricing so far (bought and paid for 2021 seed, fert and fuel before year end so I have to get some cashflow but $5.50 feed barley Sept 2021 was a great starting point).
We have seen great prices come and go before, why not lock in a profit while it is here? We all want to hit a home run but if I can lock in expenses and a $200 per acre profit why not???

[helmsdale]

Sold high falling number, high Px #1 wheat into the feed market for nearly 3x what I sold for in 2013 when I gave #1 wheat away because the railroads shit the bed...

Everything else is spoken for except maybe 1.5 loads of peas, and the same of durum. Would love to have held onto peas till now, but the bank is only so forgiving...

[Dr Tone]

We all want to hit a home run but if I can lock in expenses and a $200 per acre profit why not???

Go for it. If I could lock in a new crop per acre profit i would. Unfortunately mother nature doesn’t allow taking that risk.

[farming101]

Many games have been lost when the loosing team put a solo home run on the board.

For canola historic resistance sits at 728.40