Canola Prices Poised to Break Through Resistance

Commodity prices are showing resilience despite market fluctuations, according to David Derwin, portfolio manager of Ventum Financial. Speaking on canola and wheat prices, Derwin notes that while they have experienced significant swings, they remain on track to increase over the long term.

The canola market has been trending positively since the beginning of this year, with the November contract trading between $810 and $840 a metric tonne over the last two weeks. This resistance level has been consistently tested but not yet broken, Derwin explains.

While the market is still uncertain, Derwin believes that with all grain markets pointing higher, it wouldn't take much for canola to break through this barrier.