Howard Leaman Aug 20/19
Canola was mainly stronger on Tuesday, ending higher. The market was
supported by spillover buying from palm oil, European rapeseed and the soy
complex, concerns about potential frost damage to the canola crop in
western Canada, and technical buying as the market bounced off support near
the bottom of its consolidation pattern. Forecasts are calling for
temperatures in western Canada dipping just below freezing in some areas,
and with crop development behind normal this year traders are very nervous
about potential frost damage.
The buying in canola was curbed by a downturn in soy oil and continued
concern about China's boycott of Canadian canola. The Canadian dollar
dipped below $.75 U.S. on Tuesday, but could not build on the violation of
that support. The dollar then posted a small gain.
Nov Canola 453.50 448.50
Jan Canola 460.80 456.90
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