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Howard Leaman                                                     Mch 26/19


Canola has traded on both sides of unchanged in overnight action with the
bias turning to the upside. Palm oil and the soy complex are on the
defensive this morning. The Canadian dollar is up about five one-hundreds
of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) The very short term technical bias   1) Concerns that China has stopped  
in canola is to the upside as prices    buying Canadian canola continues to
bounce off key support on the price     overhang the market. The action is
charts.                                 believed to be political with no
2) Spring road bans in western Canada   resolution in sight.
could limit deliveries of canola.       2) Wet conditions in key U.S. crop
3) Canola crush margins have improved,  areas have raised concerns that 
making it more competitive with other   acreage intended for corn will be
vegetable oils.                         shifted to soy. 
4) There is talk that Canadian canola   3) The bounce in canola is apt to 
acreage will decline this spring.       stall soon.

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