Canola Oil Attempts to Form A Bottom

Canola oil prices have edged higher after testing support levels near the Bollinger band low which is 2-standard deviations below the 20-week moving average near 36.50.  Prices have been trading underpressure as robust inventories of bean oil and beans in the U.S. and a strong harvest from South America continue to weigh on canola oil prices.  Resistance on canola oil prices is seen near the 20-week moving average at…