Grains Report - Friday, July 9

CANOLA AND PALM OIL
General Comments: Palm Oil futures were sharply higher today on a lower Ringgit and in sympathy with Chicago. Trends are mixed on the daily charts. The private surveyors showed more demand for last month in reports issued last week and ideas are that the stronger demand can continue as India has cut its import taxes. Canola closed higher on rumors of export buying and on weather concerns. Some showers are in the forecast for the Prairies this week and it remains generally dry. The showers have a chance to be very beneficial as the Prairies crops are in big trouble now due to previous hot and dry weather. Demand has improved a little bit with the recently weaker prices.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 796.00, 762.00, and 757.00 November, with resistance at 836.00, 838.00, and 844.00 November. Trends in Palm Oil are mixed to up with no objectives. Support is at 3700, 3680, and 3590 September, with resistance at 3840, 3880, and 3930 September.

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