Grains Report - Tuesday, Aug. 17

CANOLA AND PALM OIL
General Comments: Palm Oil closed higher yesterday, but lower today on less than expected exports as reported by the private sources. Futures are still a trading range market on ideas of tight supplies due to labor problems. There are just not enough workers in the fields due to Coronavirus restrictions. Production has also been down to more than offset the export losses so prices have trended higher. Canola closed higher on damaging weather continues in the Canadian Prairies and northern Great Plains. Production ideas are down due to the extreme weather seen in these areas. It remains generally dry and warm in the Prairies. The Prairies crops are in big trouble now due to previous hot and dry weather and the rains are coming too late.
Overnight News:
Chart Analysis: Trends in Canola are mixed to up with objectives of 961.00 November. Support is at 888.00, 867.00, and 859.00 November, with resistance at 932.00, 949.00, and 953.00 November. Trends in Palm Oil are up with objectives of 4690 November. Support is at 4430, 4400, and 4320 November, with resistance at 4520, 4580, and 4640 November.

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