Grains Report - Monday, April 19

Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1344, 1387, and 1400 May. Support is at 1417, 1399, and 1378 May, and resistance is at 1446, 1456, and 1460 May. Trends in Soybean Meal are mixed. Support is at 395.00, 390.00, and 385.00 May, and resistance is at 406.00, 409.00, and 418.00 May. Trends in Soybean Oil are up with objectives of 5900, 5920, and 6440 May. Support is at 5490, 5340, and 5090 May, with resistance at 5920, 5980, and 6040 May.


General Comments: World vegetable oils prices were higher last week with the most strength in Soybean Oil and Canola. Palm Oil closed higher last week on reports of good demand from the private sources for the first part of April. It was lower today on hopes of increasing supplies. Ideas of tight supplies are still around but MPOB did show higher than expected ending stocks in its March data released last week. The production of Palm Oil is down in both Malaysia and Indonesia. Canola was higher on ideas of tight supplies combined with a drought in the Canadian Prairies. Soybean Oil was higher and closed at the highs of the week. Worries about South American production are supporting both markets. Demand is thought to be great with crush margins favoring a lot of production of vegetable oils to feed the demand. The demand for biofuels is about to increase and is one reason to see much stronger Soybean Oil prices.
Overnight News:

Chart Analysis: Trends in Canola are up with objectives of 840.00 and 878.00 May. Support is at 816.00, 805.00, and 796.00 May, with resistance at 842.00, 848.00, and 854.00 May. Trends in Palm Oil are up with objectives of 3860 July. Support is at 3650, 3600, and 3540 July, with resistance at 3720, 3780, and 3830 July.

Midwest Weather Forecast: Rain or snow off and on this week. Temperatures should average below normal.

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