Canola Prices Edge Higher but Face Negative Momentum

Canola oil prices have been under significant pressure but have steadied in February after declining nearly 10% in January.  With strong harvest of bean oil, and a rising dollar generating headwinds for vegetable oils, canola prices should continue to face resistance.

The weekly charts of canola shows that prices have pushed through support levels near the Bollinger band low (2-standard devations below…