Grains Report - Monday, Sept. 28

General Comments: Palm Oil closed lower last week on ideas of increasing production. It was unchanged to firm today. 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. Soybean Oil was lower and Canola was lower. Canola farmers have withdrawn from the market and speculators are selling due to harvest pressure. The Canadian Dollar has weakened and this has helped support Canola.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 514.00 and 476.00 November. Support is at 515.00, 510.00, and 505.00 November, with resistance at 524.00, 528.00, and 534.00 November. Trends in Palm Oil are down with no objectives. Support is at 2850, 2790, and 2760 December, with resistance at 2930, 3000, and 3050 December.

1 2 3
View single page >> |

Disclaimer: Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.