Canola Sales Recommendation coming out imminently. Full MPU and Targets out this evening.
FOB Assiniboia, SK (Except for Lentil/Chickpea FOB Farm)
#1Canola: Feb $14.44(0) Sep $12.22(25)
#2Y.Pea: Feb $8.43 Aug $7.49
#1Flax: Feb $14.50 Oct $13.48
#2GrLentil: Feb 19.0c Sep 18.0c
K.Chickpea: Feb 30.5c Oct NB
#EthWheat: Feb $7.44 Aug $6.45
#2AD13.0: Feb $7.70 Sep $7.35
#2HRS13.5: Feb $7.42 Sep $7.34
Select Malt: Feb $6.10 Sep $5.65
– Better pricing may exist in deferred delivery months. See “Deferred Real Values” post coming from time to time. Marketing Plan Updates/Targets (tonight/tomorrow) will often utilize Real Value prices, reflecting Cost of Carry.
*special “limited tonne” price
Perhaps mildly Bearish on Canola – Positive news on Canola by just remaining within expectations and the Production print holding at 13.3, but this offset by an increase to 2011 production of 500k which was somewhat expected.
Wheat stocks surprisingly low with some of the surprise being due to Durum stocks being mildly lower.
Lentils mildly bullish stocks as they are now down 15% year over year but this may not be the specific case for large greens.