What day will Canola Crack the 500 Mark.

[SASKFARMER3]

My guess is very close to end of May. If the weather doesn't change soon and the Media finally get their heads around that were not really having a nice warm spring I believe the price will go to 500 and a little beyond.
My guess is May 28Th.

[roju6]

I'm hooked up with this Ag-Chieve company out of Winnipeg and that's the same thing they've been saying since the end of February, they said we'd go back and challenge the January highs (at the $450 mark) and once we push through that they said the objective was $508.
Getting closer, will be a nice target to be cleaning out old crop on the July basis I have.

[Hopperbin]

Can anyone else confirm that about Agchieve? Just like to double check these predictions. I'm still holding 12 thousand bushels.

[jefarms1]

I can confirm this. I joined up with Agchieve back in November 2008. They have been telling me to wait for around 500 for at least 3 months now. I am sitting on a lot of my old crop and will not be selling until they tell me to. Hope this helps!!

[furrowtickler]

told ya s/f, canola is going to pay if we can get a crop.

[pilpilsner]

Who cares about 508 canola
12 buck beans is what you have to watch

[roju6]

They've been saying that as well about beans, short term they're looking for at least $12, nothing says it's going to stop there either given the situation in the US and worldwide, which will have its pull on canola as well.
Could be seeing beans in the teens again?

[charliep]

One thing that will hold canola back will be the loonie. 87 cents currently with 90 cents a possibility (based on USD $65 to $70/barrel crude oil).

$12/bu beans close to a reality on the July but note the big inverse on new crop. Beanoil close to 40 cents/lb new crop with no inverse.

[charliep]

Should note at the time of writing you are $10 to $15 away from $500 on 2010 ICE contracts and $20 on remaining 2009 contracts.

[a2farms]

looking further away each day! $456.3 todays close...only 2 days left in May..

[roju6]

True, but it was due for a correction on the daily contract. Solid support is at $450/mt and we've held that, gone down to test it but ultimately held. Weekly and monthly charts are still pointing up too. Still holding out for higher prices through the next few weeks, end of June to priceout July basis contracts.
With seeding problems could see new crop moving up as well I'd think.

[cowcalf1]

looks like some real resistance at $480.