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Howard Leaman                                                     Oct 23/17

HIGHER

Canola has traded on both sides of unchanged in overnight action with the
bias turning to the upside. Palm oil and soy meal are on the defensive this
morning, but European rapeseed, soybeans and soy oil are firmer. The
Canadian dollar is steady to lower after losing eight tenths of a cent
against the U.S. dollar last Friday.

BULL SIDE                               BEAR SIDE
1) The Canadian dollar fell sharply     1) Harvesting conditions in western
against the U.S. dollar last Friday     Canada and the U.S. are improving.
and is holding the losses this          As the harvest wraps up, the 
morning.                                potential for bullish news 
2) There are enough areas of concern    subsides. 
in key South American soy crop areas    2) Though there are areas of 
to keep some weather premium in the     concern in key South American soy  
markets.                                growing areas, current crop 
3) Canola could see spillover buying    conditions do not appear to warrant
from soy oil as traders continue to     a significant weather rally.
react to news that the EPA will not     3) The Canadian dollar could show
lessen veg oil requirements in fuel.    some bounce today.

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