Howard Leaman Sep 17/19
MIXED TO LOWER
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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