Grain Report Chart of the Day

 

Soybean Oil

 

Daily Nearby

 

The price is being pinched between the green 50-day and purple 200-day Moving Averages.

 

The 50 is in decline, while the 200 is advancing.

 

One of these will break.

 

Which one will it be?

 

What will it mean for Canola?

 

Time will tell.

A close below the 200, and things could get slippery.

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Trent Klarenbach, BSA AgEc, PAg, publishes the Klarenbach Grain Report,  Klarenbach Special Crops Report, The Daily Board and The Daily Kernel newsletters.                                                                                                                                                                                                                                                                                                                                                                                                   

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Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.