# November Canola Breaches Resistance

> November canola futures closed above the 61.8% retracement of the January-to-March move at C$485.20 per tonne on March 30, 2020, and above the 100-day moving average at C$485.50. The May contract hit a fresh March high, gaining C$4.30 per tonne. Canadian dollar weakness and gains in global oilseed and vegetable oil futures supported prices.

- Date: 2020-03-30 · published 2020-03-30T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/54240-november-canola-breaches-resistance
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Technical breakouts and firmer vegetable oil and currency moves support canola values, which tightens the meal supply outlook and firms feed costs for buyers in the near term.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bullish ▲

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/Ag/blogs/canada-markets/blog-post/2020/03/30/november-canola-breaches-resistance

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.