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Howard Leaman                                                     Oct 15/19

LOWER 

Canola opened last night's session on a firm note, but fell from there to
trade in negative territory. Palm oil and soybeans are stronger this
morning, but European rapeseed and soy meal are mixed, while soy oil is on
the defensive. The Canadian dollar rallied sharply against the U.S. dollar
last Friday, retraced some of the gains on Monday, and is up slightly this
morning. 

BULL SIDE                               BEAR SIDE
1) Winter weather in western Canada     1) Canola looks like it has formed 
is disrupting the harvest with a large  a spike top on the price charts.
portion of the crop still in the        2) Trade tension with China,
field.                                  especially between Canada and
2) There is talk that tight South       China, continues to overhang 
American soy stocks are forcing China   canola.      
to buy from the U.S. which is lending   3) The weather in Brazilian soy 
spillover support to canola.            crop areas is turning more  
3) Canola could see catch-up buying     favourable as dry areas start to
today. It was closed yesterday, but     receive some rain.
soy was opened and traded higher.

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