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Market Highlights – Canola continues to look for a bottom with action over the last 2 weeks indicative of at least a short-term bottom with our continued idea that a bounce to $450 is imminent – nothing too sexy as it’s only a $9.02 price, a 56c move from here. Durum into the US still a viable outlook for our top grades but the drop off is very significant. Durum drop off at port year over year is $5/mt that’s 14c per bushel. Elevator bids are down $2.50/bu, well over 90/mt less. Ask your grain buyer why this extra $90/mt is not going towards outbidding Oil and Potash units. It’s bad enough to see a price deterioration but if it was buying extra grain movement it would make sense – that $90/mt adds $8000 to a bid on a single rail car. That should out-compete an Oil car bid.
Report Highlights
Canola – J-MAS remains 57% sold at an $11.19 sales average (Liquidation value of $9.99 – 43% of the Move to date. Analysts are 82% sold at a $10.47 sales average (Liquidation value of $10.09 – 45% of the Move). Customers are 66% sold at a $10.94 sales average (Liquidation value of $10.08 – 45% of the Move). Customers Liquidating with a $10.08 average are putting $182/acre in the coffers for 2013’s crop.
Durum – J-MAS remains 75% sold at a $7.00 sales average (Liquidation value of $6.49 – 53% of the Move to date. Analysts are 73% sold at a $6.77 sales average (Liquidation value of $6.29 – 47% of the Move). Customers are 64% sold at a $6.92 sales average (Liquidation value of $6.21 – 45% of the Move). Customers Liquidating with a $6.21 average are putting $171/acre in the coffers for 2013’s crop.
Gr. Lentil – J-MAS remains 15% sold at an 18.5c sales average (Liquidation value of 17.0c – 4% of the Move to date. Analysts are 67% sold at an 18.4c sales average (Liquidation value of 17.8c – 18% of the Move). Customers are 32% sold at a 19.7c sales average (Liquidation value of 17.7c – 15% of the Move). Customers Liquidating with a 17.7c average are putting $83/acre in the coffers for 2013’s crop.