Howard Leaman Jan 29/20
Canola has traded above Tuesday's closing levels from the start of last
night's session. Palm oil, European rapeseed, soybeans and soy oil are all
stronger this morning, but soy meal is struggling. The Canadian dollar is
down about a tenth of a cent against the U.S. dollar.
BULL SIDE BEAR SIDE
1) Canola is bouncing strongly after 1) South American crop conditions
four days of sharp losses. The bounce are generally favourable. Record
looks like it could go a long way. large production is possible.
2) Canola could see spillover buying 2) Concern that the coronavirus
from other markets today as they also could damage the world economy
bounce. continues to overhang the markets.
3) The Canadian dollar continues to 3) Technically, the bounce in
weaken against the U.S. dollar, losing canola could stall as quickly as it
another tenth of a cent. started.
For more free DTN information sent right to your email each morning - click here
to sign up for DTN Snapshot.