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Howard Leaman                                                     Oct 22/18


Canola has traded on both sides of unchanged in overnight action, with the
market holding close to last Friday's closing levels. Palm oil, soybeans
and soy oil are all slightly firmer this morning with European rapeseed and
soy meal mixed. The Canadian dollar is up about fifteen one-hundreds of a
cent against the U.S. dollar.  

BULL SIDE                               BEAR SIDE
1) Though harvesting conditions are     1) The harvest in western Canada is
improving, there is still concern       resuming, and farmers are quick to 
about how much damage to the Canadian   deliver canola rather than store it
canola crop was done by the wet and     on their farm. 
cold weather this fall.                 2) South American crop weather is
2) Canola could see spillover buying    generally favourable, and many     
from other markets today.               traders are looking for large soy
3) The technical bias in canola is      production this year.
shifting to the downside, but traders   3) Canola is expensive relative to
appear to be reluctant to sell too      soy, and large soy supply/soft 
aggressively just yet.                  demand does not bode well for soy.

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