Canola Whipsaws Looking for Direction

Canola oil prices rebounded slightly moving up to resistance levels near the 20-week moving average at 37.75.  Prices have been buoyed ahead of the release by statistics Canada on its updated acreage estimates on June 29, and any surprises in the data could provide some nearby direction for canola. Trade estimates range from about 21.0 million to 22.7 million, which would compare with the 20.4 million seeded in 2016. …