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Howard Leaman                                                     Dec 13/19


Canola has traded on both sides of unchanged in overnight action, with the
bias turning solidly to the upside. Palm oil is lower this morning, but
European rapeseed, and the soy complex are stronger. The Canadian dollar is
flirting with a move above $.76 U.S., up about fifteen one-hundreds of a

BULL SIDE                               BEAR SIDE
1) Soy is rallying this morning, and    1) South American crop conditions
lending spillover support to canola,    are generally favourable. Record 
in response to reports that the U.S.    large production is possible this   
and China have reached an agreement to  year. 
pause their trade war.                  2) The Canadian dollar is 
2) Canola has penetrated key            threatening to rally above $.76   
resistance on the price charts and is   U.S.
testing the major downtrend line.       3) There is ample supply of 
3) Canola is competitively priced       Canadian canola in commercial 
relatively to other vegetable oils.     positions.

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