Howard Leaman Feb 18/20
Canola has traded on both sides of unchanged in overnight action with the
bias clearly turning to the upside. Palm oil is lower this morning,
European rapeseed and soybeans are higher, while soy oil and soy meal are
mixed to mainly higher. The Canadian dollar is down about a tenth of a cent
against the U.S. dollar.
BULL SIDE BEAR SIDE
1) Though South American soy crop 1) South American crop conditions
areas are generally enjoying are generally favourable. Record
favourable weather, there are areas of large production is expected.
concern. 2) The Wet'suwet'en protest is
2) Canola appears to have found disrupting canola movement to the
support on the price charts, and is west coast which could hurt export
apt to bounce up towards the top of sales.
its consolidation pattern today. 3) Concerns that the coronavirsus
3) The Canadian dollar appears to have will hurt the world economy
run into resistance against the U.S. continue to weigh on many markets.
dollar and could drift lower. 4) There is ample supply of canola
in commercial positions.
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