$549.20 on the March gives us a spot $12.13 bid into Assiniboia. $525.00 on the November gives us an Oct $11.29 bid into Assiniboia for New Crop.
$$CanolaMPU – Take $12.13 Feb Delivery {549-14Bas} on 10% to be 85% sold (28bu on 33bu crop) – should be around half of your remaining unsold bushels. Benchmark is now 85% sold.
I believe 560 Futures and thus another 25c are available but Basis is sure to begin widening and may steal up to 50% of that Futures improvement.
Charts still look good but with a 3 day weekend in the US and a rapid move already, we are due for profit taking. I simply just believe that a small correction will steal too many calendar days for producers to sell properly if the rally does resume after a potentially weeks long break. We are about to become March, and March quickly becomes Seeding, which quickly becomes June.
I am holding 15% now but may sell that on any quick pop, so there is little reason not to go right to 100% for anyone who likes the look of a price well into the $12’s.