Howard Leaman Jul 19/18
MIXED TO LOWER
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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