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Howard Leaman                                                     May 21/19

     Canola was mainly stronger on Tuesday, but sold off to end mixed. The
nearby contracts ended lower, but deferred positions starting with the
November 2020 contract ended higher. The market got off to a strong start
due largely to "catch-up buying". Canola was closed on Monday for the
Victoria Day holiday, but the U.S. markets were opened and soy ended
higher. That catch-up buying was compounded by further gains in soy and
European rapeseed early on Tuesday. Concerns about delayed soy planting in
the U.S. supported prices on both sides of the border.
     The buying in canola was curbed by a firmer tone in the Canadian
dollar, ample Canadian canola supply and soft demand. The Canadian dollar
gained about a tenth of a cent against the U.S. dollar on Tuesday. Dry
weather in western Canada is aiding planting, but more rain will be needed
soon. The selling in canola intensified later in the day, when soy prices
turned lower. 

                                   Resistance     Support
               Jly Canola          451.80         440.40
               Nov Canola          464.40         452.80

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