Grains Report - Monday, Oct. 5

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on crude oil price action and nes that the president had contracted the COVID-19. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest has been hard, though, and the lack of labor has been a big problem. At least some of the plantation owners have asked for more migrant workers to cover the lack of workers that can be sourced locally. Demand reports from the private surveyors are stronger this month. China has been a major buyer as vegetable oils prices inside the country have been very strong. Most importers seem to have enough stocks on hand due to the Coronavirus pandemic. Canola was lower. Canola farmers and speculators are selling due to harvest pressure. There is still a lot of uncertainty over the Canola yields. The Canadian Dollar was higher.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 514.00, 508.00, and 505.00 November, with resistance at 521.00, 524.00, and 528.00 November. Trends in Palm Oil are mixed. Support is at 2700, 2670, and 2590 December, with resistance at 2830, 2870, and 2920 December.

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