Canola Oil Tumbles Through Support, but Momentum turns Positive

Canola oil prices and most vegetable oils held steady on Thursday after tumbling on Wednesday in the wake of the USDA crop report. USDA shocked the grain markets by raising its forecasts for the U.S. corn and soybean harvests and now estimates soybeans at 3.92 billion. Analysts largely expected USDA to reduce the crop sizes on ideas abundant rain this spring and early summer had…