Grains Report - Monday, Sept. 28

CANOLA AND PALM OIL
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 Canola farmers have withdrawn from the market and speculators are selling due to harvest pressure.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.

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