October has been the cruelest month, breeding brief hopes out of the dead land, mixing memory of July’s peak prices and the desire for more, stirring dashed hopes with cold rain.
Well, it ain’t exactly what T.S. Eliot said about April, but October feels sorta that way. The month is ending still way far down for crop, overall commodity and stock market prices and there isn’t too much chance left in the next couple of hours for a mega-rally to recoup the month’s crippling drop. A couple of times – like a couple of days ago – it seemed like ag commodities were about to break out of the downward swoon, but while the tumbling has stopped, there’s no consistent move upwards yet.
Over the month canola was close to flat – which was great news compared to the other crops. Most crops fell dramatically, with futures and Canadian Wheat Board Pool Return Outlooks offering big reductions for all the big crops.
So let’s say BOO! to October, shoo it away, and bring in a year-end rally.
