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Howard Leaman                                                     Dec 10/18

LOWER

Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the downside. Palm oil is firmer this morning, but European
rapeseed and the soy complex are on the defensive. The Canadian dollar is
up about seven one-hundreds of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Last week's lower than expected      1) Optimism surrounding the 
estimate of Canadian canola production  U.S./China trade truce is fading as
has resulted in talk of tightening      political tension increases. 
ending stocks.                          2) The South American soy crop is
2) Though the South American soy crop   off to a good start this year and 
is enjoying generally favourable        output is expected to be 
conditions, there are enough areas of   significantly above last year's 
concern to keep some weather premium    levels.
in the market.                          3) Canola looks vulnerable to     
3) The technical bias in canola is      profit taking after its rally over
turning to the upside.                  the last two weeks.

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