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Howard Leaman                                                     Aug 21/19


Canola has been mainly stronger in overnight action, but the gains have
been relatively small. Palm oil and the soy complex are higher this
morning, while European rapeseed is steady to higher. The Canadian dollar
is up about a tenth of a cent against the U.S. dollar. Canola remains in a
consolidation pattern as traders wait for new developments to give the
market direction.

BULL SIDE                               BEAR SIDE
1) Canola is competitively priced in    1) Trade tension between China on  
the oilseed market.                     the one hand, and Canada and the
2) There are still enough areas of      U.S. on the other, continues to
concern to keep some weather premium    weigh on the oilseed markets. 
in the markets. The late development    2) North American crop conditions 
of this year's crops has raised         are generally favourable. Though  
concerns about the potential for frost  there is some talk of the risk of 
damage.                                 frost damage to late developing
3) Canola could see spillover buying    canola, it is mainly just talk.
from soy and palm oil today.            3) The Canadian dollar has bounced
                                        off the $.75 U.S. level.

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