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Howard Leaman                                                     Sep 20/19

MIXED 

Canola has been mixed in overnight trading. Palm oil and the soy complex 
are on the defensive this morning, but European rapeseed is mainly higher.
The Canadian dollar is little changed against the U.S. dollar. Canola is in
a consolidation pattern, and is apt to remain there today ahead of the 
weekend.

BULL SIDE                               BEAR SIDE
1) This year's late development of      1) Trade tension between China on  
both the Canadian and U.S. crops has    the one hand, and Canada and the
kept some weather premium in the        U.S. on the other, continues to
markets. Though there has not been any  weigh on the oilseed markets.
significant frost damage yet, the       2) Harvest pressure is apt to keep 
potential for damage is being watched   a lid on prices over the short 
closely. Wet weather in parts of        term. Farmers have large supplies
western Canada will likely delay the    of canola that they will have to    
harvest further.                        move in order to find space for 
3) Forecasts are calling for some rain  this year's crop. 
in key South American soy crop areas,   3) Canola's rally has stalled   
but concerns about dry weather remain.  near key resistance on the price
4) Canola crush margins are attractive. chart.

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