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Howard Leaman                                                     Jan 21/20

LOWER

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

BULL SIDE                               BEAR SIDE
1) Canola remains cheap relative to     1) South American crop conditions
other vegetable oils.                   are generally favourable as the
2) Canadian canola exports have picked  Brazilian soy harvest starts to   
up somewhat.                            pickup.                           
3) Though South American crop           2) This week's Meng Wanzhou        
conditions are generally favourable,    extradition hearing will highlight
traders are watching dry conditions in  the strained Chinese/Canadian 
some areas.                             relations.
4) The Canadian dollar is turning       3) Yesterday's weak close has 
lower against the U.S. dollar.          canola's technical bias turning to
                                        the downside.

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