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Howard Leaman                                                     Jan 19/18

LOWER

Canola has been mainly on the defensive in overnight action. Palm oil is
also weaker, but European rapeseed is steady and the soy complex is firmer.
The Canadian dollar gained about a tenth of a cent against the U.S. dollar
early this morning, but has held steady since then.

BULL SIDE                               BEAR SIDE
1) There are still enough areas of      1) South American soy crop 
concern in South American soy growing   conditions are generally favourable
areas to keep some weather premium in   and concerns about hot and dry 
the market.                             conditions in some Argentine 
2) Traders are becoming concerned       crop areas are fading.
about dry conditions in western         2) Canola is becoming expensive    
Canada. There is still lots of time     relative to soy. 
to change that situation before the     3) The technical bias in canola is
spring, but traders are nervous.        to the downside.

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