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Howard Leaman                                                     Jly 20/18

     Canola traded on both sides of unchanged again on Friday, ending
lower. The market got off to a stronger start, but the buying subsided and
trading became choppy as traders positioned themselves ahead of the
weekend. The market was initially supported by continued concerns about hot
and dry conditions in parts of western Canada despite reports of overnight
rain in Manitoba and Alberta. Early strength in other vegetable oil markets
also lent support to canola as the recent bounce in price continued.
     The buying subsided and prices fell into negative territory, however,
due largely to a rally in the Canadian dollar. The dollar gained about
eight-tenths of a cent against the U.S. dollar, rallying above $.76
following the release of the Stats Can inflation report. The report showed
Canadian inflation was at its highest level in more than six years. That
increases the chances of an increase in interest rates. Other vegetable oil
markets also turned mixed as the day wore on, further dampening the rally
in canola. Soybeans and soy oil ended higher, but soy meal, palm oil and
European rapeseed struggled.

                                   Resistance     Support
               Nov Canola          496.50         484.20
               Jan Canola          501.90         488.40

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