$532.5 on the November gives us a Sep $11.39 bid into Assiniboia for New Crop.
$$CanolaMPU – Take $11.39 Sep Delivery on 5% to Standardize at 30% sold (8bu on a 28bu crop) as I know that most operations did not take my $12.15 on 15% recommendation last fall. Benchmark is now 30% sold. At current $11.39 be 25+% sold.
Upside does remain and our own local weather must remain in the mix but too many operations are undersold the New Crop market. Risk of a general precipitation event or an overdue correcting move in the Outsides is too great right now.
Beans have clawed back to a comfortable level in the US Acre Battle an should not need to appreciate too much more without a move higher in Corn, which is struggling right now.
Canola Fundamentals in a vacuum lend themselves towards a $14 handle for New Crop, but Canola does not trade in a vacuum and neither should you.