August 30, 2013 – Before today’s Target or Action, J-MAS is 30% sold new crop Canola (13 bushels of a 42 bushel crop) with an $11.69 sales average.
Beans are 13.56 , about 35c off the recent high. They have a gap to fill down to 13.30 and should find support there and if no rain in the next 10 days, should go significantly higher once filling it. Retracement so far is only 17% of the run from 11.65 and therefore still completely in “Uptrend” territory.
Canola is 11.07, about 35c off on Futures and 20c down on Basis. This is only 25% Retracement and thus still in an Uptrend but absolutely need Beans to find Gap support as the Canola crop is much too big to hold $11.00 off the combine otherwise.
Today we are recommending the following Actions Items based on the extreme volatility we will see when the market comes back on Tuesday – after a 3 day, weather induced break – and a risk-managed way to play it today:
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