Canola is stuck at 20
Monday, January 9, 2023 at 3:43:00 p.m. UTC
Top 3 – Things to Watch this week:
1. Thursday USDA report is an important one. It gives us a good indication of things to come.
2. Slow Start to Brazil’s soy harvest and Argentina’s wheat crop is pretty much past the point of no return so forecasted rains shouldn’t improve crop.
3. Lethbridge barley is still strong @ $430/mt ($9.36/bu) del. This is a good sign as the price has only slipped a 20 cents/bu from it’s high.
This week’s Action Item:
Canola is having a very tough time breaching $20/bu. It seems that the elevators are reaching out to achieve this price. This means that $20/bu is an extremely important level and it will take a significant event to push the market higher.