Howard Leaman Nov 21/18
MIXED TO HIGHER
Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the upside. Palm and soy oils are firmer this morning, but
European rapeseed, soybeans and soy meal are on the defensive. The Canadian
dollar is up about a tenth of a cent against the U.S. dollar. Trading could
be choppy today ahead of Thursday's U.S. Thanksgiving Day holiday. The ICE
Futures Canada market will have regular trading hours this week, but
traders are apt to be cautious with the U.S. markets closed.
BULL SIDE BEAR SIDE
1) Canola apparently found support on 1) South American crop weather is
the price charts yesterday which may generally favourable. The stage is
encourage further technical buying. set for large production.
2) Forecasts are calling for heavy 2) The technical bias in canola is
rain in some Brazilian soy crop areas still to the downside, and further
and traders may add some weather bounces are apt to be widely seen
premium to the market. as a selling opportunity.
3) The Canadian dollar lost about 3) The Canadian dollar is retracing
eight tenths of a cent against the some of yesterday's losses against
U.S. dollar yesterday. the U.S. dollar this morning.
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