Howard Leaman Mch 20/19
Canola has traded on both sides of unchanged in overnight action, with
prices holding close to unchanged. Palm oil and soy oil are stronger, but
soybeans and meal are lower. The Canadian dollar has dipped below $.75 U.S.
again, down about a tenth of a cent.
BULL SIDE BEAR SIDE
1) Despite yesterday's weakness, 1) Wet weather in the U.S. could
canola's short term technical bias delay field work and shift acreage
remains to the upside. Traders appear intended for corn into soy.
to be using weakness as a buying 2) The more recent independent
opportunity. strength in canola has curtailed
2) Commercial buying of canola has its price advantage.
improved in response to canola's 3) Ample supply of palm and soy
improved competitiveness with other oils is keeping a lid on canola.
vegetable oils. 4) The recent bounce in canola
3) Speculative traders appear to be stalled yesterday, and it appears
taking profits on recent sales of that prices will consolidate near
canola. current levels at best.
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