Soybeans Punch Through Resistance

[charliep]

Just a gentle highlight that soybeans and its products have pushed through resistance. Both soybeans and soybean meal are at record highs. Canola hasn't seen quite the boost but also right at resistance on the chart ($645 ish on the Nov). Cereal prices (corn and wheat) remain in their range.

Did the QE 2 trip to Calgary this weekend with a Saturday drive south east towards Vulcan. Combines moving and most canola swathed. Don't know what the yield monitors say but things look good from the road.

[Burbert]

Yup nother bin buster for gool ole
Albertie. Framers'll be bying new
pickemups and smilin, curlin, drinkin,
braggin bout or great Gag Dept and all
the heros that work there. No f'n oil
company work this winter, we got the
bull by his teats this year. Ya
Albertie all the way, ta the Grey Cup,
wes winnin this season. No seriously,
charlie thanx fer all your expert
marketing advice, trashing of the
wheatie bored, hirin Bergie back and
spendin Albertie into the Red agin, we
loves more of the same old, same old!!!

[charliep]

Your welcome. Glad to help you deal with your stress when you have time on your hands and nothing to do.

[errolanderson]

interesting week Charlie as equity
markets appear wary of Bernanke's
promises of stimulus.

Believe prospect of QE3 is already built
into these markets, so it had better
happen or commodities will come under
pressure (including grains). Crude oil
is a sitting duck in my eyes unless
middle east tensions heighten.

Alberta budget is truly out-to-lunch
(IMO) as Alberta surplus has placed our
oil at a $6 per barrel discount to world
prices.

Unemployment numbers are out Friday.

Is the loonie now overbought?

[charliep]

I should learn never to comment on an up market in the morning. Usually means it will close lower based on my track record. One day does not a market make but soybean oil ended up a penny/lb.

Part of the reason I posted is to ensure everyone is following the market. My time is the first thing in the morning. Also watching the charts carefully to watch for the ebb and flow of the market. As Errol as highlighted, lots of risk factors as we go forward with risk being both opportunity for improved prices and the potential pain of lower prices. No one gets to brag until they pull the trigger and deposit the money in the bank.

[boarderbloke]

soybeans, particularly soy oil did well in the CBoT pit today, even meal was up,,,,,,,,,,but canola wacked! I guess "they" had to pad their margines a little more! Little change in the CAN$ BTW.

[cottonpicken]

Imo,short term pull back to 16 coming here and now.

[errolanderson]

cotton . . . agree. Beans could be toppy
right here.