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$$CanolaWatch – Price Action Getting a little Parabolic here

$547.80 on the March gives us a spot $12.12 bid into Assiniboia.
$528.50 on the November gives us an Oct $11.37 bid into Assiniboia.

Canola closed up $6.50/mt today right near the high.

I knew that breaking through 538 was a key level and should give us 550-560 but I would much rather be seeing a measured move higher than the Parabolic one we are seeing now. Canola is leading the Grain market and that is typically not a good sign.

A close on the high is Bullish but we are moving into Overbought territory though some wiggle room there as well for a higher open again tomorrow.

I am quite possibly an Intra-day seller tomorrow but will not blame anyone from pulling the pin on 10% Old or New Crop right here this afternoon.

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