You are going to get another event in the coming days by the looks of it. 5-15mm here. Not enough really. Looks like another 2 weeks dry ahead (at least). Forward selling will dry up on 12-13. Need another 150mm to get this crop across the line. If spring ain't kind it could get brutal here.
Canola hit $630 here yesterday. Noodle wheat $317. WA to East Coast basis is starting to broaden again and should continue with our dry and your rain JC.
Some 13-14 cash bids out there too at $310/t but SWAPS are only a couple of bucks under. Think it is better to use SWAPS and manage basis later. WA cash price should carry a $20-30/t premium over East Coast price.
All eyes to the fraudsters in Chicago tonight. They will either kill it or fire it right up.
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