Click here for this week’s J-MAS Technical Report.
Market Notes – Canola gave back some of the last week’s gains today. We are still looking for a true retracement back to around 450 Mar futures before pulling the pin. Durum still near its low for the year, but holding it’s small gains this week again. Lentil are anecdotally higher this week by a quarter cent but are holding at the lows on the year as an average bid. For more on this week’s prices, click here for the Local Best Bid page updated today. Deferred Real Pricing and New Crop Bids also updated today.
Report Notes
Canola Highlights – $9.12 is nearest strong resistance and we rate that as a 70% chance to be hit. We rank $9.41 at 45% and $9.98 at 34% – from a purely technical standpoint. Looking at $8.60 spot pricing, there is only moderate value in holding out for $9.12 unless you are comfortable with your sales position – which we would be above 60% sold.
Durum Highlights – $5.35 is nearest strong resistance and we rate that as a 60% chance to be hit. We rank $6.00 at 41% and $6.60 at 31% – from a purely technical standpoint. Looking at $4.95 spot pricing, there is only incremental value in holding out for $5.35 unless you are comfortable with your sales position – which we would be above 70% sold.
Gr. Lentil Highlights – 19.5c is nearest strong resistance and we rate that as a 64% chance to be hit. We rank 22.5c at 43% and 25.5 at 31% – from a purely technical standpoint. Looking at 17.8c spot pricing, there is good value in holding out for 19.5c but you must be comfortable with your sales position – which we would not be below 25% sold.
