Will front month canola break 400 this week.

[SASKFARMER3]

Just wounder if the march contract will break the 400 this week.
demand for oil will increase because of cold temp in eastern USA, oil will be up, will push canola up it think, demand is increasing but basis is stupid with local eastern Sask crushers. US soybean crop could be lowest in years. Also stats can latest report shows what I have said all along the Crop of 06 wasn't as big as every one thought.
Surprise surprise.
My bet 425 will be hit before spring.
Any comments!!

[cottonpicken]

We hit 387.9 last night.Beans were strong to.I would guess 400 this week possibly today.

The real story is n. gas were up over 7% in overnight trade.

[cottonpicken]

Cp, I watch markets closely. Where you thought Canola would hit 400 today blows my mind?? By the way you were wrong!!

[SASKFARMER3]

OK snappy ill bite when do you think the front month will hit 400?

[cottonpicken]

I thought i said possibly today,oh wait i did.
A 3% move on a monday is common.
I thought you said you watch the markets closely?

[cottonpicken]

Saskfarmer, I believe we might have to wait a couple weeks. No doubt I agree with you we are going to get there. I would suspect that on Friday that the USDA report will be Bearish on Soyabeans. There are a ton on Beans in supply, don't be fooled the only reason the Beans are doing what they're doing is simply because they're afraid to many acres are being switched to Corn. Once they know those acres are there.. Look out. I believe that the biggest annoucment of the year will be March 31 with US seeding intentions.

Canola for the short term is a little Bearish. There is trouble at the coast loading ships, thus this putting pressure on Canola. If you were looking to move Canola in the next 2-3 weeks my not be a bad idea to locking in on this recent rally. Hope this helps.