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Howard Leaman                                                     May 27/19

MIXED TO LOWER

Canola has traded on both sides of unchanged in overnight action with
prices holding close to last Friday's closing levels. Palm oil is showing
some bounce this morning, and European rapeseed is steady to higher. The
soy complex is closed today due to the Memorial Day holiday. The Canadian
dollar is steady against the U.S. dollar. Trading in canola is expected to
be choppy today with the U.S. markets closed. 

BULL SIDE                               BEAR SIDE
1) Farmer selling of canola is apt to   1) Chinese/Canadian tension 
be limited over the short term as they  continues to overhang the canola
focus on field work rather than         market as China continues to 
marketing their crop.                   boycott Canadian canola. Without  
2) Excessive rain in key U.S. crop      Chinese buying, ending Canadian    
areas have disrupted planting. Talk of  canola stocks are expected to be
unplanted soy acreage and/or reduced    huge. 
yields are lending spillover support    2) Canola is facing strong 
to canola.                              competition from soy and palm oil.
3) Dry weather in parts of western      3) There is still concern that U.S.
Canada continue to raise concerns       corn acreage will be shifted to soy
about reduced canola production.        due to this year's late spring.

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