Grains Report - Monday, Dec. 14

General Comments: Palm Oil closed higher and made a new high weekly close. The market was supported late in the week by ideas of tight supplies coming down the road. MPOB released its monthly supply and demand report and noted less production. Production of most vegetable oils in the world is less this year due to a lack of production of oilseeds. The production of Palm Oil is down in both Malaysia and Indonesia. Palm Oil prices are relatively high right now so importers are looking at importing Soybean Oil instead due to cost and quality. Soybean Oil and Canola were higher on strong demand ideas. Soybean Oil was a follower. Very strong Palm Oil prices have made buying Soybean and Canola oils the better option. Trends are up in Soybean Oil and in Canola. Demand for Canola has improved in recent weeks and farm selling has been less as farmers have reduced supplies.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 584.00, 576.00, and 571.00 January, with resistance at 594.00, 599.00, and 601.00 January. Trends in Palm Oil are mixed to up with objectives of 3590 February. Support is at 3390, 3340, and 3300 February, with resistance at 3470, 3350, and 3530 February.

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