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Howard Leaman                                                     Apr 20/18

LOWER

Canola has been on the defensive from the start of last night's session. 
Palm oil is higher this morning, European rapeseed is steady to lower, soy
oil is narrowly mixed, soybeans and soy meal are lower. The Canadian dollar
is virtually unchanged against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Canola rallied sharply yesterday     1) Canola's rally yesterday,   
despite weakness in other markets as    especially compared to other
short sellers bought back some of       markets, looks overdone, and   
their positions. That shifts the        traders are realigning prices today. 
technical bias to the upside. Any       2) Despite concerns about the 
weakness is apt to be seen as a buying  possibility of delayed spring
opportunity.                            planting, many traders are still 
2) The looming CP Rail strike, and      looking for record large Canadian
spring road bans are limiting           canola acreage and large U.S. soy 
available canola supply.                acreage this year.
3) Traders remain concerned that        3) Canola is expensive relative to
unfavourable weather in western Canada  soy.
will limit canola acreage.

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