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Howard Leaman                                                     Sep 17/19


Canola has been mainly on the defensive in overnight action. Palm oil is 
firmer this morning, but European rapeseed and the soy complex are lower.
The Canadian dollar is down about a tenth of a cent against the U.S. 

BULL SIDE                               BEAR SIDE
1) This year's late development of      1) Trade tension between China on  
both the Canadian and U.S. crops has    the one hand, and Canada and the
kept some weather premium in the        U.S. on the other, continues to
markets. Though there has not been any  weigh on the oilseed markets.
significant frost damage yet, the       2) Harvest pressure is apt to keep 
potential for damage is being watched   a lid on prices over the short 
closely.                                term. Farmers have large supplies
2) South American soy crop areas need   of canola that they will have to    
rain heading into the planting season.  move in order to find space for 
3) Dry conditions in France have        this year's crop. 
raised concerns about a poor start to   3) Canola's rally has stalled   
the winter rapeseed crop.               near key resistance on the price

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