September 12, 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 13.96 on Nov Futures, about 5c above the recent high. They almost completely filled the gap down to 13.30 touching 13.32 which should be close enough. Real potential for them now to take off if they can hold above this key “previous high” resistance level on the new crop chart.
Local Bid Canola is $10.48, about 95c/bu off recent Futures high and 20c down on Basis. We had a near exact 68.2% Retracement and thus technically still in an Uptrend but – by not holding 38.2% – indicating a grind higher rather than continuation of the previous pace.
Today we are recommending the following Actions Items and you will notice that Catch-up and Exceedance levels have been adjusted from their normal ranges due to the “near bottom” pricing we feel is prevalent today … Customers click here for more.