Grains Report - Thursday, Nov. 5

Overnight News: India bought 33,000 tons of US Soybean Oil.

Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1086 January. Support is at 1063, 1057, and 1045 January, and resistance is at 1088, 1100, and 1112 January. Trends in Soybean Meal are mixed to up with no objectives. Support is at 380.00, 375.00, and 372.00 December, and resistance is at 392.00, 394.00, and 397.00 December. Trends in Soybean Oil are mixed. Support is at 3360, 3290, and 3270 December, with resistance at 3440, 3480, and 3500 December.

CANOLA AND PALM OIL

General Comments: Palm Oil closed higher on ideas of tight supplies available to the market. Ideas are that MPOB can show lower ending stocks this month. Chart trends are trying to turn up again. It is seasonally a time for trees to produce more due to more regular rains. Getting workers to do the harvest remains hard 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. Canola was higher on the rally in Soybeans and products and a weaker Canadian Dollar. Canola farmers are selling due to harvest pressure, and industry and speculators are starting to sell now. Harvest in the Prairies is almost done and yields are reported to be very strong.

Chart Analysis: Trends in Canola are mixed. Support is at 540.00, 533.00, and 529.00 January, with resistance at 547.00, 553.00, and 556.00 January. Trends in Palm Oil are mixed to with objectives of 3260 and 3440 January. Support is at 3020, 2990, and 2940 January, with resistance at 3150, 3180, and 3210 January.

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