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Howard Leaman                                                     Feb 18/20


Canola has traded on both sides of unchanged in overnight action with the
bias clearly turning to the upside. Palm oil is lower this morning,
European rapeseed and soybeans are higher, while soy oil and soy meal are
mixed to mainly higher. The Canadian dollar is down about a tenth of a cent
against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Though South American soy crop       1) South American crop conditions
areas are generally enjoying            are generally favourable. Record 
favourable weather, there are areas of  large production is expected.     
concern.                                2) The Wet'suwet'en protest is 
2) Canola appears to have found         disrupting canola movement to the
support on the price charts, and is     west coast which could hurt export
apt to bounce up towards the top of     sales. 
its consolidation pattern today.        3) Concerns that the coronavirsus  
3) The Canadian dollar appears to have  will hurt the world economy 
run into resistance against the U.S.    continue to weigh on many markets. 
dollar and could drift lower.           4) There is ample supply of canola
                                        in commercial positions.

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