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Howard Leaman                                                     Dec 06/19

     Canola was mainly firmer again on Friday, ending higher. The market
was supported by a lower than expected Stats Can estimate of Canadian
canola production, weakness in the Canadian dollar and spillover buying
from palm oil, European rapeseed, soybeans and soy oil. Soy meal was lower
on Friday. Stats Can pegged Canadian canola output at only 18.649 million
tonnes, down from 20.343 million produced last year. It was the smallest
crop since 2015. In the other market mover on Friday, a disappointing
labour report released by Stats Can drove the Canadian dollar down by about
half of a cent against the U.S. dollar.
     The buying in canola was curbed by reports of ample Canadian canola
supply in commercial position, and by talk that the actual size of this
year's Canadian canola crop will prove to be larger than the Stats Can
projection. The late harvest has increased the uncertainty about actual
output. 

                                   Resistance     Support
              Mch Canola           474.10         461.00
              May Canola           484.10         464.10

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