Big Rains coming.
Monday, June 13, 2022 at 3:16:59 p.m. UTC
Money Making Mondays
Top 3 – Things to Watch this week:
1. Very Large rain event for western Canada this week. Perfect timing for much of Alberta and Saskatchewan.
2. The s&p 500 has broken below the support level of 3900 next major support is at 3500. This is important as S&P 500 can be an indicator to overall economic sentiment.
3. July Canola has dropped below 1100/mt and is most likely not going back up. Time to watch new crop futures. The spread is narrowing in rapidly and doing exactly what I thought it would do way back when I called the spread trade on April 8.
This week’s Action Item:
With this rain coming expect elevators to widen out their basis for crops like canola. A rain event like we are having this week should adjust local supply and demand conditions.