Howard Leaman Jul 19/19
Canola traded on both sides of unchanged again on Thursday, ending
higher. The buying was mainly attributed to spillover support from soy.
After some initial hesitation, canola followed through on Thursday's strong
close as the market continued to rally up from support on the price charts.
Crop concerns continue to provide underlying support. Talk of potential
damage from an early frost this fall, given the late crop development this
year, added to the concerns on Friday. Further, canola gained support on
Friday from a quarter cent drop in the Canadian dollar against the U.S.
The buying in canola was curbed by reports of improving North American
crop conditions and the on-going trade tension between China and Canada.
The market approached resistance on the price charts, and traders appeared
to be reluctant to break prices out of their consolidation pattern ahead of
Nov Canola 451.60 441.60
Jan Canola 458.30 449.20
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