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Howard Leaman                                                     Nov 19/19

MIXED TO HIGHER

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 stronger this
morning, while European rapeseed is steady to higher. The Canadian dollar
is steady against the U.S. dollar. Canola remains in its consolidation
pattern on the price charts. 

BULL SIDE                               BEAR SIDE
1) Canola is holding in a               1) Crop conditions in South 
consolidation pattern on the price      American soy growing areas are    
charts, and traders appear to be        generally favourable.        
reluctant to sell aggressively.         2) CN Rail is on strike, which 
2) Canadian canola usage is ahead of    could curtail canola shipments to 
last year's pace as it is attractively  export positions. 
priced relative to other oils.          3) The North American harvest is    
3) Canola could see spillover buying    nearing completion, removing
from other vegetable oils today.        reports of harvest delays as a      
4) The Australian Oilseed Federation    supportive factor.    
pegged the Australian canola crop at    4) Canadian/Chinese tension 
1.9 million tonnes versus the official  continues to overhang canola 
ABARES estimate of 2.4 million tones.   exports.

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