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Howard Leaman                                                     Sep 18/19

MIXED TO LOWER

Canola has traded on both sides of unchanged in overnight action, with the
bias to the downside. Palm oil, European rapeseed and soy oil are lower 
this morning, but soybeans and soy meal are firmer. The Canadian dollar is
down about a tenth of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) This year's late development of      1) Trade tension between China on  
both the Canadian and U.S. crops has    the one hand, and Canada and the
kept some weather premium in the        U.S. on the other, continues to
markets. Though there has not been any  weigh on the oilseed markets.
significant frost damage yet, the       2) Harvest pressure is apt to keep 
potential for damage is being watched   a lid on prices over the short 
closely.                                term. Farmers have large supplies
2) South American soy crop areas need   of canola that they will have to    
rain heading into the planting season.  move in order to find space for 
3) There is talk that China will buy    this year's crop. 
more U.S. soy.                          3) Canola's rally has stalled   
4) The Canadian dollar is weaker        near key resistance on the price
against the U.S. dollar this morning.   chart.

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