Grains Report - Wednesday, June 24

CANOLA AND PALM OIL
General Comments: Palm Oil closed lower on weaker Crude Oil prices. Higher world petroleum prices helped with ideas of increased bio fuels demand Palm Oil has been hoping for better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Canola was mostly lower. Canola fell initially on improved growing conditions in the Canadian Prairies and the stronger Canadian Dollar The weather has been warmer the past couple of weeks after weeks of cold and wet weather.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 470.00, 468.00, and 466.00 July, with resistance at 477.00, 478.00, and 482.00 July. Trends in Palm Oil are mixed to up with objectives of 2510 and 2650 September. Support is at 2410, 2370, and 2350 September, with resistance at 2470, 2500, and 2580 September.

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