The markets broke today sharply because stats Canada released the crop estimates. The Canola crop was upped considerably. In addition a few more specs of rain are predicted. The longer term will still remain dry at least at present. The funds bought meal going home and drove it back up towards unchanged. The South American crop is important and a good crop will ultimately be bearish. It is a long growing season however. And we will see a lot of volatility between now and harvest. The palm oil stocks are on the rise and this has contributed to the bearish feel. The oil share is now approx. 32.5 percent. The market will eye the long term weather and a dry forecast will send meal and beans higher. The technical aspect is very important at present.
