Canola,,, where we a goin' ? ? ?

[SASKFARMER]

1.33 away from 16. it's going the right direction.

[farming101]

Continuous November Canola contract. Set to roll 14 days before expiry.
The red lines point to the annual December closing price.
December 2020 saw the second highest close for the month. Only December 2012 was higher, by 50 cents

[furrowtickler]

Will be interesting to see how long this lasts .
We are getting trigger happy on the balance we have left .
When China stops buying is the party over ? Happened many times in the past .
But this has a different feeling to it with so much going on at once .

[AlbertaFarmer5]

Will be interesting to see how long this lasts .
We are getting trigger happy on the balance we have left .
When China stops buying is the party over ? Happened many times in the past .
But this has a different feeling to it with so much going on at once .

Ask yourself this.
Is/are China such poor marketers, that they will blindly buy everything they need driving prices higher than necessary, then just stop when they have enough knowing that they were the only buyer propping prices up, and watch them fall back to where they would have been otherwise? Then not take advantage of those lower prices because they already bought enough substantially higher?

[Oliver88]

Huge move in the oilseeed market this morning
Canola +12.00
Soybean +46
Soyoil +1.60
Yesterday’s pullback is screaming back with new highs.

[ATTACH]7375[/ATTACH]

Huge day.

[farming101]

Turn-around-Tuesday?

Nice recovery this morning,,, maybe yesterday's action were just the "whales" knocking out the small players ahead of the next move up!???

Could be. As of December 29 there were no additional whales but the barbers and taxi drivers were bailing in...

[beaverdam]

Green for oilseeds, corn, wheat still not waking up.

Brugler Marketing soybean comments;

Soybeans are 10 to 17 cents per bushel higher this morning, despite the end of the last strike (Urgara) in Argentina’s soy export sector. Soybeans ended Thursday down by 4 3/4 to 6 1/2 cents, after seeing some double digit intraday losses. Preliminary OI suggests the soybean drops yesterday were some light profit taking, dropping a net 943 contracts. Soymeal futures ended the day down $3.80 to $6.10/ton. BO futures also rallied off the midday lows and closed less than 10 points lower. Malaysia has decided to delay full implementation of the B20 biodiesel blend requirement until 2022, presumably due to tight palm oil stocks and the highest prices since 2008. Ahead of USDA’s January reports, analysts surveyed have the Dec 1 soybean stocks at 2.92 bbu. For the MY ending stocks the trade is anticipating a further 36 mbu cut for an average estimate of 139 mbu. Production is estimated to be reduced to 4.158 bbu on an additional 0.2 bpa yield cut. USDA reported just 36,964 MT of sales from the weekly Export Sales report. That was a MY low and well below the range of estimates. China was switching unknown destinations bookings rather than buying additional cargos at $13 futures. Soymeal bookings were reported at 124,102 MT. BO bookings were a low 3,526 MT on the week ending 12/31. Monthly export data showed 407.72 mbu of soybeans shipped in November. November soymeal exports were 1.170 MMT according to monthly Census data. That was a 6-yr high for November. Soy oil shipments were 80,397 MT.

[beaverdam]

April - May full???

Trading today makes me wonder whether interest in May is waning and moving to June - July already.

A little early to drop the May, but July is discounted to May, so a move to July would be about a dollar/bus drop.

[farming101]

Bear spreading May July would have helped. Potential $21.30 was there since last Tuesday

[beaverdam]

May canola sets new contract high this morning.

[SASKFARMER]

This is fun.

[jazz]

$18 spot today. Hauling my contracts all in. If we get some decent moisture out of this storm coming that could signal end of the drought trade for a while.