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Howard Leaman                                                     Jul 20/18


Canola has been mainly firmer in overnight action. Palm oil, European
rapeseed and the soy complex are all stronger as well this morning. The
Canadian dollar is up about a fifth of a cent against the U.S. dollar.
Statistics Canada will release its monthly inflation report this morning
which could influence the Canadian dollar and subsequently canola. 

BULL SIDE                               BEAR SIDE
1) Hot and dry conditions in parts of   1) North American crop conditions 
western Canada are keeping some         are generally favourable, despite  
weather premium in the canola market.   some areas of concern.             
2) The technical bounce in canola       2) Canola remains expensive 
looks like it could go a bit further.   relative to soy. 
3) Canola could see spillover buying    3) The Canadian dollar is retracing
from other markets today.               some of yesterday's large losses.

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