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Howard Leaman                                                     Nov 16/18


Canola has been on the defensive from the start of overnight action. Palm
oil, European rapeseed, soybeans and soy oil are all lower this morning,
but soy meal is showing some independent strength. The Canadian dollar is
up about five one-hundreds of a cent against the U.S. dollar as it
approached $.76.

BULL SIDE                               BEAR SIDE
1) There is some optimism on the        1) South American crop weather is
U.S./China trade front, which is        generally favourable. The stage is
providing spillover support to canola.  set for large production.          
2) There continues to be some           2) The technical bias in canola is 
uncertainty surrounding the size and    clearly to the downside, and any   
the quality of this year's Canadian     bounce is apt to be widely seen as
canola crop.                            a selling opportunity. 
3) Technically, canola appears to be    3) The Canadian dollar is          
trying to hold support on the price     threatening to rally above $.76.  
charts and some traders are looking     4) Canola could see spillover       
for a bounce.                           selling from other markets today.

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