Canola Price

[shtferbrains]

What are the bar chart and the purple line on that chart.
I assume volume and open interest but they don't match others.

How do you use the bottom of the chart to indicate trends?

[Marusko]

What are the bar chart and the purple line on that chart.
I assume volume and open interest but they don't match others.

How do you use the bottom of the chart to indicate trends?

volume and open interest, yes

my Simple Joe interpretation. bottom line indicates support. upper line is resistance. Wherever it breaks through those lines, it should continue and trade in a new range in that direction. Errol called it a breakout triangle, so maybe this converging of lines indicates a new trading range is imminent. Since support is fairly level but the highs are trending downward, the general trend is downward. So the futures are more likely to head toward a downward range in my back of the napkin opinion. but don't you dare sell till March futures hit 855, I want my GPO to hit.

Unless, of course, it breaks through that resistance line, and trades in a new range above, so you should hold for 900. Tongue only slightly in cheek. The pattern works... until it doesn't!

disclaimer: amateur opinion. I know nothing about iron butterflies and doji candles and whatever. If someone wants to correct me, please do.

[crusher]

I've got my targets at $839 then $857. See what happens. That's against the May.

[LWeber]

A good start to the week.

[ATTACH]11899[/ATTACH]

COT are running behind by three weeks... so this was only posted Friday Feb 24.

Funds are front month traders; the same week the bullish Doji formed; they added 5,876 short contracts or 15.67% of their short position to finish Jan 31 with a net short in canola of 43,368 contracts. What did they see that the Doji did not?

Trust the Doji and your dog....

[Marusko]

still bullish Larry? I'm starting to think my 855 was optimistic. don't think crusher's 839 hit either.

[LWeber]

still bullish Larry? I'm starting to think my 855 was optimistic. don't think crusher's 839 hit either.

I haven't been bullish canola for a long time.
Where Mallee lives - AWB in Victoria, AUS bids for canola after yesterday's close:
CAD$631/661/MT
ADM Lloyd closed yesterday at $833 for March del

[jazz]

Oil is rising, I wouldnt get too worried. In spring you will see prices jump back. I see no bags in the fields.

[Marusko]

I must be misinterpreting your Doji comments then, can you explain?

[crusher]

Still waiting for my $839. If I had used March futures it would have triggered. May has only reached $835. Still lots of days yet. Buyers are still out there, getting specials on a regular basis, though last months $19.75 was $19.50 last week and $19.25 today. I’m comforted in the fact it’s 28 on the golf course in Punta Cana today. Oh well.

[Partners]

Price slowly going down.
Farmers keep selling.
RP 19 buck premium was full in a
Blur.
Best when train coming, and they need to fill.
Sounds like lots of 27 dollar canola still in the bins also..

[Guest]

Price slowly going down.
Farmers keep selling.
RP 19 buck premium was full in a
Blur.
Best when train coming, and they need to fill.
Sounds like lots of 27 dollar canola still in the bins also..

You had it right in the fall , Me, not so much !

[Guest]

86 degrees in the water, reef is great
Dive on !

[Marusko]

dropped my target, sold at 829, basis got me to 19.50, pretty good price still. i'm sold out now. time will tell if that was wise or not but i've got a feeling there's lots of canola in the bins yet. So far have lost on my gamble to hold on to wheat, waiting for more ukraine war disruption, so i cashed in my canola.

[Marusko]

If you're pooping your pants on canola's swing down this week, there may be hope yet:



https://marketsfarm.com/confirmation-of-large-canola-short-position-slowly-appearing/?_ga=2.209515157.625519779.1678478549-1171420672.1678478549&_gl=1*d7kcgn*_ga*MTE3MTQyMDY 3Mi4xNjc4NDc4NTQ5*_ga_ZHEKTK6KD0*MTY3ODQ4NjI5My4yL jEuMTY3ODQ4NzIyMy4xNC4wLjA.

what century are we in? This site doesn't allow you to put links in????

[LWeber]

If you're pooping your pants on canola's swing down this week, there may be hope yet:

The size of the fund short position in canola rose in February and likely grew even larger in March

You think funds are selling the s/hit out the market and hoping it goes up?