Bean Oil

[farming101]

on a tear this morning. UP over $1.50/cwt right now

[furrowtickler]

I see it is dragging canola now from earlier this morning

[AlbertaFarmer5]

Any news behind todays move, or just more of the same?

I see crude palm oil is up 3.24% today as well.

[farming101]

12:22 PM CDT limit up......

[farming101]

.

[beaverdam]

101,

what are your thoughts about a new leg up in May Canola. Good recovery today, seems the last leg had a lot of resistance in the $802 area. The last leg could only add an addition $28 from the previous high(Feb 24th-Mar 16th) Whereas the leg prior to that added $106.90
IF we get nicely past the contract high, where is resistance? Can we get to $840?

Is canola pushing it's self up, or are we piggybacking bean oil?

Does anybody have a clue about unpriced tonnes left on farm?

ps Euronext May R-apeseed failed today. (maybe it was closed before bean oil took-off midday here)
https://www.barchart.com/futures/quotes/XRK21/overview https://www.barchart.com/futures/quotes/XRK21/overview

[farming101]

Sure May could go higher, but what will spot bids be?
Better prices for June/July and I think it will stay that way as graincos mop up whatever bit of seed is left.
I have no idea what is unpriced. History shows that the last guy to price never gets what he wants....

[AlbertaFarmer5]

History shows that the last guy to price never gets what he wants....

I resemble that remark.
But then i also Don't know what I want to yet either.

[Rareearth]

Lots of time yet before there is any certainty for new crop canola.
Its still march,
zero unpriced/uncontracted canola left on farm,
every forecaster predicts drought for western canada
Im forecasting next years crop at 17 mmt
Zero carry over or zero stocks to use residual
New crop demand is all front loaded for fall delivery
Do you seed cano”a into dry dirt and hope? Hope it rains in May

Etc

[Sodbuster]

If soy oil gains hold overnight we could easily see a $15 move in canola tomorrow. I think we blast right thru $802 on the way to $840 or beyond.

[beaverdam]

bean oil up over a hundred points tonight(midnight), hope she holds and moves higher.

[farming101]

Alarm buzzer ringing for some reason, must be a glitch. Gap up today, what could go wrong.

Be wary of a gap down tomorrow. May contract needs to sit on or stay above 55.50

[farming101]

May up as high as 57.34 this am.

[farming101]

Gap filled. 55.69 low so far

[farming101]

The elevator is going down.....
Just not sure which floor was selected.....