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Howard Leaman                                                     Jul 19/18


Canola has been mainly on the defensive in overnight action, though the
losses have been small. Palm oil, soybeans and soy oil are also lower this
morning, but European rapeseed and soy meal are firmer. The Canadian dollar
is down about a third of a cent against the U.S. dollar.  

BULL SIDE                               BEAR SIDE
1) The Canadian dollar is on the        1) North American crop conditions 
defensive against the U.S. dollar this  are generally favourable, despite  
morning, and the price chart suggests   some areas of concern.             
further losses are possible.            2) The technical bias in canola is 
2) There are enough areas of concern    to the downside, and any bounce is 
to keep some weather premium in the     apt to be widely seen as a selling
canola market.                          opportunity.
3) Technically, the bounce in canola    3) U.S./Chinese trade tension 
could go significantly further as the   continues to overhang prices.
market still looks oversold.

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